Home Personal Tax Checklist

The below listing will help you to gather documents and information needed to prepare your and your family members’ tax returns. Above all, please have your prior year’s Notice of Assessment ready.

 

INCOME – STATED ON SLIPS

a) T3 – Trust income

b) T4 – Employment income

c) T4A – Pension, retirement, annuity, and other income

d) T4A (OAS) – Old Age Security

e) T4A (P) – Canada Pension Plan

f)  T4A (RCA) – Payments from a RCA

g) T4E – Employment insurance benefits

h) T4F– Fishing income

i) T4PS – Employee profit sharing plan

j) T4RIF – Income from a Registered Retirement Income Fund

k) T4RSP – RRSP income

l) T5 – Investment income

m) T5007 – Worker’s compensation or social assistance

n) Canada Savings Bond withdrawal slips

o) Other tax slips reporting income

 

INCOME – NOT ON SLIPS

Prepare details of any employment income received that was not reported on a T4 slip, such as management or directors fees or tips.

 

INCOME FROM PROPERTY AND / OR INVESTMENTS

If you sold any assets (such as real estate, depreciable property, bonds, stocks, mutual funds, farm property, personal use property), prepare the following, as applicable:

a) The amount of the sale proceeds,

b) The selling costs (including commissions, legal fees, etc.),

c) The date of purchase and the original cost of the property,

d) Details of any changes to the adjusted cost base of the property (such as carrying   costs, any return of capital, capital gains elections claimed in 1994, any reinvestments of income, any deductions for losses claimed in previous years),

e) The valuation day value if the property was purchased before January 1, 1972,

f) Detailed schedules of transactions and distributions from investment advisors, and

g) T5008 – Statement of Securities Transactions.

 

INCOME FROM SELF-EMPLOYMENT AND RENTAL

If you have income from the following sources, prepare revenue & expense information and details of any additions or disposals of capital assets:

a) Rental income

b) Business income

c) Professional income

d) Commission income

e) Farming and fishing income

 

INCOME FROM FOREIGN SOURCES

Prepare information regarding any foreign income, including:

a) Foreign pensions or social security, including those exempt under a treaty;

b) Any other foreign income;

c) Tax slips or tax returns reporting foreign taxes withheld or paid.

 

INCOME FROM PARTNERSHIP OR JOINT VENTURE

If you are a member of a partnership or joint venture, prepare:

a) a copy of the financial statements;

b) a summary of drawings and contributions;

c) details of additions and disposals of capital assets;

d) T5013 – Statement of partnership income, if applicable; and

e) details of any expenses incurred that were not reimbursed by the partnership.

 

INCOME FROM OTHER SOURCES

Prepare information regarding all other income, including:

a) Support payments received whether taxable or not, including alimony, separation allowances, and child maintenance,

b) Home Buyer’s Plan or Lifelong Learning Plan withdrawals from an RRSP,

c) Interest income earned but not yet received, for which no tax slip was received,

d) Scholarships, fellowships, or bursaries for which no tax slip was received, and

e) Any other income

 

DEDUCTIONS FROM TOTAL INCOME - MOST COMMON

a) RRSP contribution receipts and documentation of any transfers from pensions or retiring allowances.

b) Union or professional dues receipts,

c) Following child care expense information: name, address, and SIN of caregiver or daycare, and receipts for amounts paid to each caregiver or daycare

d) Details of attendant care expenses for a disabled dependent.

 

DEDUCTIONS FROM TOTAL INCOME – BUSINESS INVESTMENT LOSSES

Prepare the following for allowable business investment losses:

a) Details of the investment, and information supporting the bankruptcy or insolvency of the corporation.

 

DEDUCTIONS FROM TOTAL INCOME – MOVING EXPENSES

Prepare the following information for deducting moving expenses if the new home is at least 40 km closer to new work or school:

a) Former and new addresses,

b) Date of the move and date employment, business, or school started,

c) Name of the employer, business, or school after the move,

d) Reason for move – employment, business, or school (if for school, scholarships or research grants are required to deduct move),

e) Distance between former home and new work or school, and distance between new home and work or school,

f) Moving expenses – mover and travel costs: auto, meals, and accommodation,

g) Temporary accommodation, including meals, up to 15 days,

h) Costs relating to the former residence, such as lease cancellation costs, carrying costs while vacant, selling costs,

i) Documentation relating to the purchase of a new residence, if former residence owned and sold,

j) Incidental costs incurred due to the move, such as ID replacement and utility connection and disconnection costs, and amount of any reimbursement, with a cross-reference to any reimbursement included on a T4 slip.

 

DEDUCTIONS FROM TOTAL INCOME – ALIMONY AND / OR CHILD SUPPORT

If alimony or separation allowances were paid, prepare details, including the recipient’s name, address, and SIN, and a copy of the court order or legal agreement.  Also consider whether child support is non-deductible due to orders or agreements dated after April 1997.

 

DEDUCTIONS FROM TOTAL INCOME – CARRYING CHARGES AND INTEREST EXPENSES

Prepare the following information for carrying charges and interest expenses:

a) Safety deposit box fees,

b) Investment management fees and custody fees,

c) Investment counsel fees relating to specific investments,

d) Accounting fees relating to investments,

e) Interest on loans incurred for investment purposes, including interest paid in broker accounts, and

f) Interest on debt related to limited partnerships

 

DEDUCTIONS FROM TOTAL INCOME – EMPLOYMENT EXPENSES

Prepare the following for employment expenses:

a) T2200 signed by employer, and details of amounts spent that conform to the T2200 information, such as supplies, meals, lodging, home office expenses, and auto expenses,

b) TL2 signed by employer of transport employee, details of hours per trip and number of trips, and related meals and lodging expenses, and

c) Details of apprentice mechanic tool costs.

*Consider GST rebate availability on employment expenses.

 

For self-employed persons or employees eligible to claim home office expenses, prepare:

a) Details of the portion of the home used for business purposes (square footage of the office compared to the total square footage of the home or the number of rooms in the home),

b) Rent, utilities, repairs and maintenance,

c) For commission sales: all of the above plus insurance and taxes, and for self-employed persons: all of the above plus mortgage interest.

 

DEDUCTIONS FROM TOTAL INCOME – OTHER

Consider availability of other deductions, such as:

a) Legal expenses to collect support payments, or other income,

b) Legal expenses to appeal a tax assessment,

c) Clergy housing

 

DEDUCTIONS FROM NET INCOME – NORTHERN RESIDENTS

Prepare the following for northern residents:

a) Place of qualifying residence,

b) Start and end date of residence in that location,

c) Number of days occupying a self-contained residence without any other persons entitled to claim the Northern Residents deduction,

d) Names and addresses of any other persons sharing that residence, and trip details for trips reported on T4 slips, including dates, purpose, travel expenses, and lowest return airfare to specified city.

 

DEDUCTIONS FROM NET INCOME – OTHER

Consider availability of other deductions, such as:

a) Capital gain deductions,

b) Losses of other years, and Other deductions.

 

TAX CREDITS (NON-REFUNDABLE)

Prepare the following information for non-refundable tax credits, if applicable:

a) T2201 – Disability tax credit certificate for client or dependant, prepared by a physician,

b) Interest receipts for qualifying student loans,

c) T2202A – Tuition and education deduction certificate,

d) Medical expenses,

e) Charitable donation receipts,

f) Overseas employment tax credit information,

g) Political contribution receipts,

h) T5006 – labour sponsored funds tax credit, and Foreign tax credits.

 

TAX CREDITS (REFUNDABLE)

Prepare the following information for refundable tax credits. If applicable:

a) Tax instalments paid, and

b) Provincial tax credit information – rent or property tax paid in the year

 

Note: While great care was taken to ensure the accuracy of the information posted on this webpage, we do not assume liability for financial decisions based solely on it, not for errors and omissions. Please contact your accountant for specific questions and concerns about tax related issues.