Personal Tax Checklist Canada

BACKGROUND INFORMATION ON YOU:

• Copy of last year’s tax return “Notice of Assessment” from Canada Revenue Agency (CRA)
• Any changes to your address, phone number, SIN, birth date, marital status, dependents information, etc.

INCOME:

• T4 slips (Work, RRSP withdrawals, UIC, OAS, CPP, etc.)
• T5 slips (investments and bank interest)
• T3 slips (investments and mutual funds)
• All other income (i.e. Canada Savings Bond redemptions, alimony and child support)
  
  

DEDUCTIBLE EXPENSES:

• Tuition for you and/or your dependents
• Charity donation receipts
• Political donations
• RRSP contributions
• Tax shelter slips
• Professional and/or Union dues
• Alimony, separation and child support payments
• Moving expenses (if 40 kilometers closer to new work location)
• Child care costs
• Medical expenses (if greater than 3% of your income)
• Safety deposit boxes
  
  

EMPLOYEE AND COMMISSION SALESPERSON EXPENSES:

• Meals and entertainment
• Automobile expenses (total kilometers, work kilometers, gas, repairs and maintenance, parking, insurance, interest on car loan and/or lease costs)
• Equipment not supplied by your employer (i.e. cellular phone, safety equipment)
• T2200 tax form signed by your employer
  
  

RENTAL INCOME:

• Summary of rent received for each property
• Mortgage interest statement for deductible interest
• Summary of property taxes, insurance, repairs and maintenance, utilities and other costs of the property
• Copies of legal paperwork for the purchase or sale of property
  
  

CAPITAL GAINS:

• Purchase price of your investments (stocks, bonds, vacation property, real estate, rare collectible items like paintings, jewelry, stamps, coins, and books)
• Summary from your broker of transactions during the year
• Information on loans taken out to finance investments
  
  

SELF EMPLOYED BUSINESS INCOME AND EXPENSES:

• Summary of revenue during the year (less GST charged)
• Summary of expenses (accounting and legal, advertising and promotion, business licenses, property taxes, insurance, interest and bank charges, office and telephone, meals and entertainment, travel, rent, repairs and maintenance, equipment purchased or leased (less total GST paid on expenses)
• Summary of shared business and personal expenses: Automobile expenses (total kilometres travled, business travel expenses, gas, repairs and maintenance, insurance, interest on car loan or lease on car)
• Home office expenses (rent, utilities, repairs and maintenance, telephone, property taxes, insurance, and % used for office)