Getting Ready for Tax Preparation
Are You prepared? The single most critical step in getting ready to file the tax return, is the collection and accumulation of all the proper and relevant documentation. Hundreds of dollars are lost each year by taxpayers through the omission of relevant documents.
The Canadian system is a self-assessment system in which the tax payers are responsible for declaring their income from all sources and any deductions and credits to which they may be entitled.
It is therefore of the utmost importance that proper documentation be maintained and that all claims can be substantiated. Below is a checklist of the more common items and the information required.
Tax Documentation Checklist
|
Type of Income |
Documents, Information |
| Employment | T4, T4a |
| Self-employment | T4A, Financial Statements |
| Business | Receipts, Financial Statements |
| Investment | T3, T5, T5013 |
| Employment benefits | T4E |
| Company Pension | T4A |
| Old Age pension | T4A(OAS) |
| Canada pension | T4A(P) |
| Social Assistance | T5007 |
| Rental Income | Receipts |
| Child benefits | RC62 |
|
Deductions |
|
| RRSP | Receipts |
| RPP | T4 |
| Employment expenses | T2200 |
| Professional and Union Dues | Receipts |
| Interest charges on Investment loans | Receipts or traceable records |
| Child Care expenses | Receipts |
|
Credits |
|
| Tuition | Receipts, T2202A |
| Medical | Receipts |
| Dependents | Receipts, Fitness amount |
| Charitable Donations | Receipts |
| Disability certificate | Disability |
In order to properly prepare yourself to manage your taxes, it is of the utmost importance that you know where you are now. What is your situation as we speak?. If you don't know, wouldn't you want to find out NOW rather than later?.
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