As tax season approaches, it’s important to start gathering all the necessary documents and information to file your income tax return accurately and efficiently. If you plan on visiting a tax professional to help you file your taxes, it’s important to consider what items you should bring to ensure a smooth and successful tax preparation experience.
Here is a checklist of items to consider locating and bringing when filing income tax with a tax professional:
Income
- All T Slips: T3, T4, T4A, T4AP, T4E, T4OAS, T5, T4RIF, T4RSP, T5018
- Business Income and Expenses
- Capital Gains T5008
- CPP benefits
- Employment income
- Employment insurance benefits
- Farming Income and expenses
- Fishing Income and expenses
- Foreign income and expenses
- Mining Income and expenses
- Pensions and annuities
- Rental Income and expenses
- Social assistance payments
- Workers’ compensation benefits T5007
Receipts:
- Accounting fees
- Adoption expenses
- Carrying charges and interest expenses
- Charitable donations
- Childcare expenses
- Clergy deduction
- Declaration of conditions of employement T2200 signed by employer
- Disablility tax credit T2201
- First Home savings account statement T4FHSA
- Home office expenses
- Home Renovations (seniors and people with disabilities)
- Interest and dividend payments
- Investment records that show capital gains or losses, bonds or property
- Medical expenses and logbooks (Prescription drugs, RMT, Kinesiologist, Therapist, Psychologist, Dentist, out of town medical including travel, hotel, meals, and more.)
- Motor vehicle expenses
- Moving expenses
- Northern resident deductions
- Political contributions
- Professional fees
- RRSP contributions
- Sale of real estate (including principal residence), stocks and bonds
- Student loan interest payments
- Spousal support payments
- Teacher’s school supplies
- Tradesperson tool expenses
- Travel expenses and logbooks
- Tuition/Education
- Union dues
- Volunteer fire fighter or search and rescue
Additional Documentation:
- Previous years Notice of Assessment or Reassessment
- All correspondence from Canada Revenue Agency (CRA)
- Any PST or GST correspondence
- Home Buyers Plan
- Life Long Learning Plan
- Information on sale of personal property
It’s important to note that bringing these items will depend on your specific tax situation, so it’s always a good idea to consult with a tax professional to determine what documents and information are necessary for your individual case.
Filing your income tax return can be a complex and time-consuming process, but with the help of a tax professional and the proper documentation, it can be a stress-free experience. So, before visiting your tax professional, take the time to gather all your slips, receipts, and additional documentation to ensure that you’re prepared for your appointment.
Here at Switzer & Co. we offer two easy ways for you to get your information to us either in person at our Kelowna location or online. We file personal income tax, small business and partnership business tax and corporate income tax.
Ready to take your finances to the next level? Contact our Kelowna team of experienced consultants today to learn how we can help you achieve your financial goals. We offer a range of services, including accounting, information technology and management consulting to help businesses and individuals optimize their financial performance.Get in touch with us today.
