Getting organized will save you both time and aggravation in the long run. In addition to saving money, using a tax service will also save you money because you will spend less of the time that your advisor is charging you for, resulting in cheaper fees. Furthermore, when you’re well-organized, your tax advisor will be able to devote more time to planning, ensuring that you earn all of the tax benefits that you are entitled to receive.
Prepare for tax preparation by using the checklist provided below.
- Number of social security cards and other personal information
- T-Slips (Tax Receipts) (T4s, T5s, etc.)
- Keep track of any additional sources of income, such as a profit and loss statement from your self-employment.
- Expense receipts for tax deductions such as medical expenditures, charitable contributions, childcare or caregiver expenses, monthly transportation pass, and so on.
- In the past, you may have received information about your Registered Retirement Savings Plan (RRSP) contribution limit, home buyer plan repayment requirements, and lifelong learning plan repayment requirements.
- This includes the tax package that you received from the Canada Revenue Agency (CRA), as well as your access code to submit online or by phone. The Canada Revenue Agency (CRA) did not give you a tax package for the current year; however, you can obtain a general income tax form online or at any post office.
- T4 employment slips or any other taxable
- benefits not reported on the T4
- T5 investment slips
- T4A (OAS) – Old age security
- T4AP: CPP Benefits
- T4RSP (RRSP withdrawals)
- Other information slips (T3, T4A and T4E)
- Summary of capital gains/losses for
investments - Sale of real estate (proceeds and adjusted cost
base) - Rental income/expenses
- Spousal or child support payments received
- GST rebates received
- Foreign income
Provide for the needs of everyone in the family. A common occurrence is for expenses that do not directly benefit one family member to be passed on to another member of the family.
The Canada Revenue Agency has launched a new automated telephone filing service, File My Return, as part of its ongoing efforts to modernize its operations. A series of brief questions and the provision of basic personal information will be required of participants with little income or a consistent source of income who have remained the same from one year to the next in order to file their income tax and benefit returns.