Tax return checklists readily available online can serve as a guide to prompt individuals to think about the various items that may affect their taxes
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“An individual could potentially use that return as a bit of a guide for how to do their returns in the future,” he says. “We’ve noticed an uptick in the number of errors that occur on the CRA side when submissions are made by sending in printed forms,” he says. “And, increasingly, the CRA appears to be charging applicable penalties automatically rather than using discretion.”For this reason, clients should have all their documents in order before filing, says Ramanpreet Kaur Rai, financial advisor at Hunjan Financial Group Inc. in Mississauga.
Not all the slips that get sent by mail end up on the CRA site for download, so it’s important to keep all the physical copies so they don’t get missed on the return, Mr. Ambeault says. “With blended families becoming the new normal, individuals leaving and entering Canada, and the emergence of the new gig economy, a ‘simple’ tax situation is not easy to come by.”
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