Quote:
Originally Posted by Wormius
Any interest from a non-registered account gets you a T5. RRSP contributions also need to be accounted for. I guess the banks could just automatically send this all to CRA instead of the account holders. It’s all tied to SINs anyway.
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The do send all that in. If you file your taxes and miss a T5 for example, they're going to tax you on that. That's the point here...CRA has all those documents and you're telling them anything new by collecting it and sending it back to them.
And yeah, they can scrap the boutique tax credits, which are garbage anyway. Put the GST up to 10%, cut taxes across the board, have people file automatically and make life easier.