A Complete Checklist To Filing your Taxes
At Centrosome Inc., we understand that filing tax returns is something not everyone loves to do, especially with a looming tax deadline (April 30, 2019) fast approaching. Without professional help, it can also be viewed as a stressful or laborious task, but with a little preparation, you can manage your income tax returns quickly and easily.
As experts in tax filing, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. To help you get organized and file your taxes accurately and on time, we have put together this checklist, so that you can get back to the other important things in life.
1. You will need a minimum of the following information:
- Social Insurance Numbers for you, your spouse, and any dependents (if applicable).
- Dates of birth for family members.
- Net income amounts for your spouse and any dependents for whom you’re claiming credits such as the Canada Caregiver Amount.
- If you plan to accept a tuition transfer, you’ll also need a copy of the student’s return to complete yours.
- The total amount of any installment payments that you have made to the CRA throughout the year (if applicable).
- A copy of your previous tax return.
- A copy of your previous year’s notice of assessment.
2. Gather your income slips.
An important part of your tax return is declaring all of your income and any money that you have received throughout the course of the year. You will need to assemble all of your slips from the various sources. Some of these slips are mailed to you and some are available through secure sites provided by the issuer. Here is a pretty comprehensive list of the different kinds of slips that you will need to complete your return.
- T3: Statement of Trust Income.
- T4: Employment Income, Tips.
- R1: Relevé 1 (QC only).
- T4A: Pension, Annuity, Other Income.
- T4A (OAS): Old Age Security Income.
- T4A (P): CPP Benefits.
- T4E: Employment Insurance Benefits.
- T4RIF: Proceeds from RRIF.
- T4RSP: Proceeds from RRSP.
- T5: Bank Interest or Taxable Dividends.
Receipts & Other:
- T600: Bond Interest Coupons.
- T5007: Statement of Benefits (Worker’s comp).
- T5008: Investment Income.
- T5013: Statement of Partnership Income.
- T2200: Declaration of Condition of Employment.
- T2201: Disability Tax Credit Certificate.
- T2202: Education Amount Certificate.
(For Self and/or Dependants)
- Other Income Slips or details.
- Tips and gratuities.
- Rental income.
- Self-employment income including fishing, farming, small businesses, freelance work, and contractors.
- Support payments received.
- Capital Gains including the sale of your principal residence.
3. Keep track of your deductions and credits.
In order to reduce the amount of taxes you have to pay and get credit for the amounts you have already paid, here are some of the deductions and credits that you may be eligible to use.
- Receipts for childcare expenses.
- Union dues not included on your T4 slip.
- Moving expenses.
- Form T2200 (completed by your employer) to claim employment expenses.
- The amount for carrying charges and interest expenses related to your investments. This includes fees for managing your investments.
- RRSP contributions.
- Home Buyers’ Plan, and Lifelong Learning Plan repayment amounts.
- Support payments made.
- Medical expenses: If you’re claiming any medical expenses for other dependent family members (other than you, your spouse, and your minor children), the dependent’s net income is required.
- Tuition slips (T2202A, TL11A, TL11B, Tl11C).
- Tuition amounts received via transfer. You’ll need a few numbers from the transferor’s return.
- Unused tuition, education, and textbook amount from previous years.
- Student loan interest amounts.
- Home accessibility expenses.
- Adoption expenses.
- Personal attendant care expenses.
- Charitable donations.
- Receipts for classroom/school supplies (teachers and early childhood educators).
Depending on your province of residence, you may also need a few other amounts for certain provincial credits such as:
- Rent receipts.
- Property tax amounts.
- RL Slips (Quebec).
- Seniors’ activity receipts.
If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Centrosome Inc. We are a small business bookkeeping and accounting company based in Ottawa, Ontario. With over twenty years of experience, we offer bookkeeping/accounting, business consulting, IT Services across Ottawa, Kanata, Nepean, Orleans, Rockland, Limoges, Casselman, Embrun, St. Albert, Kemptville, Arnprior, Ontario, and Gatineau, Quebec as well as provide virtual services across Canada and the US.