Filing your income taxes has to be one of the most dreaded rituals of the year. Gather your tax slips and receipts, complete the tax form and hope you’ve reported everything properly and not overlooked tax credits or deductions you’re entitled to. Americans lack the super-simple tax-filing system they have in countries like Japan and the Netherlands, but there’s hope for we Canadians.
The Canada Revenue Agency has introduced a new service called Auto-fill my return and it can greatly expedite the process of completing a tax return. If you use tax software to complete your return and send it to CRA via Netfile, Auto-fill automatically fills in a lot of the boxes for you using information that employers and financial firms have supplied to CRA via T4s, T5s and more. Yes, CRA gets a copy of the same tax slips as you.
CRA says Auto-fill was used for more than 981,000 returns sent via Netfile as of April 10, well more than double the 425,000 at the same time last year. Click here for a list of free tax software products that are good to go with Auto-fill.
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Today’s featured financial tool
Use the website aretheyregistered.ca to make sure an investment adviser or advisory firm is registered to sell securities.
Ask Rob The question: “Do brokers in Canada have a fiduciary duty to manage their clients’ RRSPs in the best interests of those clients?”
My reply: No. Most investment advisers are bound by suitability standards, which mean recommended financial products have to be suitable for a client’s needs and situation. But there is no broad standard to put client interests first. An exception is a type of adviser for high net worth clients called a portfolio manager.
Do you have a question for me? Send it my way. Sorry I can’t answer every one personally. Questions and answers are edited for length.
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