Personal Tax Return Checklist

PERSONAL TAX RETURN CHECKLIST

Here is a list of some of the most common items on an income tax return.  Most tax slips will arrive by the end of February. For more detailed information and examples on all of these items, including spreadsheets you can fill out, click on Folders 1 through 6 under “What goes where in my client portal?” of the Personal Tax Return section HERE

Tax Slips

o T3 – Allocations or distributions from trusts (including segregated funds, mutual funds and exchange-traded funds)
o T4 – Employment income
o T4RSP – Registered Retirement Savings Plan (RRSP) income
o T4RIF – Registered Retirement Income Fund income
o T4A – Other sources of income, including pensions,
o annuities, payments from a Registered Education Savings Plan, self-employment commissions, scholarships and more
o T4A (OAS) – Old Age Security
o T4E – Employment Insurance income
o T4A (P) – Canada Pension Plan or Quebec Pension Plan
o T5 – Investment income, including interest from bank accounts
o T5007 – Workers’ compensation/social assistance benefit
o T5013 – Partnership income
o RC62 – Universal Child Care Benefit
o T101 – Exploration and development expenses

Other Income and related expenses

o Did you sell stocks, bonds or real estate?
o Do you have small business income/expenses?
o Do you work on commission?
o Do you use space in your home to work?
o Do you have farm or fishing income/expenses?
o Do you have rental income/expenses?

For spreadsheets you can fill out to prepare your taxes that pertain to some of these items, click HERE

Receipts
Deductions and credits can significantly reduce your tax bill. To back up your claims, you may need receipts for:

o RRSP contributions
o Investment expenses
o Investment loan interest
o Moving expenses
o Medical expenses
o Charitable donations
o Political donations
o Child care expenses
o Children’s fitness and arts programs
o Adoption expenses
o Child support and alimony payments
o Tuition expenses
o Student loan interest
o Professional or union dues
o Professional certification exams
o Transit passes
o Car/travel logbook and expenses
o Expenses for a disabled person’s attendant
o Tool expenses (for tradespeople)
o Rent/property tax (in certain provinces)
o Are you a volunteer firefighter?
o Are you eligible for the Disability Tax Credit?
o Are you a Northern resident?
o Did you sell your primary residence?
o Any other deductions or credits?

Carry-Forwards
These are deductions and credits you can carry forward to use in future years. For example:

o RRSP contributions
o Moving expenses
o Charitable donations
o Tuition, education and textbook amounts
o Student loan interest

Once you have all of your income tax information compiled, continue to follow the steps HERE

What Did You Think?
Leave a Comment

Your email address will not be published. Required fields are marked *