Whether you are preparing your first tax return or you are a seasoned tax preparation professional, a checklist of what is required to prepare a tax return is essential to make sure you are not leaving any money on the table.
Whether you hire a tax accountant or do it yourself, you need certain information and documents to file your tax return. We are here to guide you to determine what documents you need to file your taxes. Save time and money by having these things ready when it is time to do your taxes. You can also choose an accounting firm to help you solve any issues.
Use the checklist below to find the tax documents and forms you’ll need to get started.
Personal Information
Let’s begin with the obvious items on any tax prep checklist. Tax identification numbers are mandatory items. All taxpayers will need them to do their taxes. Below is the list:
- Social Insurance numbers for you, your spouse/ common-law partner, and any dependents (if applicable)
- Marital Status
- Dates of birth of yourself, your spouse/common-law partner, and any dependents (if applicable
- Bank account number and routing number, if you want to set up or update your direct deposit with Canada Revenue Agency (CRA).
- Mailing Address.
- Phone numbers.
Documents Declaring Your Income
Put together all the documents that confirm the money you received during the year.
- T3 Statement of Trust Income Allocations and Designations
- T4 Statement of remuneration paid.
- T4A Statement of Pension, Retirement, Annuity, and Other Income.
- T4A (OAS) Statement of Old Age Security
- T4A (P) Statement of Canada Pension Plan Benefits.
- T4E Statement of Employment Insurance and Other Benefits.
- T4PS Profit Sharing Income
- T4RSP (RRSP income withdrawal)
- T5 Statement of Investment Income
- T5007 Statement of Benefits– Workers Compensation or Social Assistance Benefits
- T5008 Statement of Securities Transactions
- T5013 slips Partnership Income
- Tips and gratuities not already on your T4 or T4A
- Rental Income (and expenses as a part of your T776 – Statement of Real Estate Rentals Form)
- Self-employment (and expenses as a part of your T2125 – Statement of business or professional activities for each business – fishing, farming, small business, freelance work, and contractors)
- Support payment received
- Taxable Capital gains (Purchase date and cost, sale date and proceeds, T5008 slip)
- Amounts for carrying charges and interest expenses related to your investment. This includes fees for managing your investments.
- Home Buyer’s Plan and Lifelong Learning Plan repayment amounts.
- Interest on a joint account with a spouse
- Interest Treasury bills
- Foreign interest or dividends
- Interest expense on investment loans
- Other income
Documents to help you claim Expenses and Credits
Deductions help reduce your taxable income, which generally means a lower tax bill. For this, it is a must that your documents should be given to a bookkeeper. The key to claiming deductions is documentation– gathering these records may take time, but it can pay off.
- RRSP contributions
- T2202 Forms (Tuition receipts)
- Union, professional dues receipts not included in your T4 slip
- Childcare expenses (SIN, name, and address of caregiver)
- Moving expenses
- Medical expenses (summary from the pharmacy)
- Employment expense (Form T220, completed by the employer to claim employment expenses, and a T777 form mentioning those expenses)
- Home office expenses (complete list)
- Amount of property tax/ rent paid in year (include landlord’s name and address of property)
- T2201 Slips (Disability deductions – self or dependants)
- Charitable donations and political contributions
- Student loan interest statement
- Eligible support payments
- Other deductions (carrying charges, interest)
- Adoption expenses (if applicable)
- Receipts for classroom/ school supplies (Teachers and early childhood educators)
In order to claim these credits and deductions, you need evidence of your expenses. Throughout the year make sure that you track your expenses vigilantly and accurately.
Additional Documents
- Form T1032 if you split pension income with your spouse
- Copy of 2019 Notice of (Re) Assessment
- Income Tax installments, Final statement indicating current year’s total
- List of Foreign Property owned if cost > $100,000 (Form T1135)
- Copies of last year’s tax return for you and spouse/ common-law partner (good refreshers of what you filed last year, but not required)
- CRA correspondence
When you mail a paper copy of your tax return, you need to attach all documents and forms that support your claims. Depending on your province of residence, you may also need a few other amounts for certain provincial credits.
If you still feel a bit overwhelmed trying to make sure you have everything reach out to Filing Taxes. We want to make sure you get every tax credit and deduction you are entitled to, reduce your tax burden, and help you breeze through the stressful tax season. feel free to reach out to Filing Taxes at 416-479-8532? Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.