Even accountants loath tax season. So, it’s not a wonder why the rest of us cringe at the silly little stack of tax forms piling high on our kitchen counters.
Rather than use the forms as a coaster for your coffee mug, gather them up and pop them into a trusty file folder. This will give them a proper home, and you some peace of mind knowing that you’ve contained the annoying stream of tax mail and eDocuments…and yes, you need to print out your eDocuments for your tax folder.
Why you should find out if you’re missing a form
If you miss filing a tax form you run the risk of being reassessed. This can result in a hold-up of your tax refund, or in worse cases, a penalty. Certainly, you can slip through the CRA cracks and the missing forms can go unnoticed, but I wouldn’t recommend taking the risk of being flagged by the CRA.
Hunt for missing forms
Start by referencing your forms from last year. Chances are you’ll have the same forms this year. If you don’t, you may need to follow-up with the company that issued them last year.
Next, check CRA’s My Account. Once logged in, you’ll be able to see electronic versions of your T4s and there are other highly useful pieces of information like your RRSP carry-forward contribution room and tax returns from previous years. While you’re in your account, sign up for direct deposit to expedite your refund process.
Only some of your tax slips will show up in My Account, namely the slips that begin with T4. So you’ll need to call the CRA to see what else they have on file like investment related tax forms. Call the Individual Enquiries line at 1-800-959-8281 and ensure you’ve got your SIN and previous year return handy.
Generally, all T3s, T4s and T5s are processed through the CRA. But investment forms like capital gains and losses or RRSP slips don’t always register with CRA. You need to follow-up with the companies that should have issued these. So, sharpen your memory.