Personal Tax Time Checklist

Organizing all your tax information for the coming tax season beforehand can surprisingly save you ample time. When you collect all the necessary forms, receipts, documents, etc., to prepare your tax returns, you make the whole process as convenient and hassle-free as possible. At Advize Inc., we know how challenging tax time can be, and we want to assist you in this process to ensure you handle your taxes quickly and easily with a bit of preparation.

As experts in accounting and taxes, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to ensure your personal tax returns are filed accurately and on time so that you can get back to the other important things in life.

1. Make sure you have the following (most common) T-slips ready including, T3, T4, T4A, T4AP, T4E, T4RIF, T4RSP, T4OAS, T5, T5007, T5008.

2. Gather medical slips paid from personal funds. You can click on this link to see a comprehensive list on CRA’s website.

3. Collect property tax bills, rent receipts, or accommodation summaries in a nursing home.

4. Make sure to keep your Registered Retirement Savings Plan (RRSP) contribution slips.

5. You will need to save a statement of investment expenses.

6. Did you work from home in 2020? Expenses related to working from home can be deductible.

7. If you sold your personal residence in 2020, we would need the year it was purchased and the selling price. If you sold or disposed of any other property, we will need its original purchase details, the improvements made over its lifetime, and the documents related to the sale.

8. When it comes to rental property (if applicable), we will need you to keep the rental income and expenses such as insurance, property tax, mortgage statement, repair and maintenance, advertising, office expenses, accounting, legal fees, utilities, and in some cases, mileage or auto expense and salaries or wages.

9. Save details about your small business income and expenses (if applicable).

10. Gather all your tax installments made for 2020.

11. Get T2202 or TL11 tuition and education for individuals and families with students. These forms can be found in the student portal on most college and university websites.

12. Look for special deductions such as union dues, professional, or like dues.

13. Maintain proof of child care expenses (if applicable).

14. Keep proof of changes in information like name, marital status, dependents, address, direct deposit info, phone number, etc.

15. Moving expenses counts too. If you have moved to start a new job or for education purposes, your expenses may be deductible.

16. If you have special deductions, like a disability amount, volunteer firefighter amount, home buyers amount, home accessibility amount, caregiver amount, keep track of them.

17. Donations and gifts are receipts that must be accompanied by a charitable receipt to qualify.

18. Get your student loan statement.

19. Direct deposit information, PAD form, or void cheque should also be stored.

20. If you are registered for My Account at CRA (Canadian Revenue Agency), you can access all of your important information by a secure portal. The CRA will even notify you when you have new items to review. All it takes is an email to register.

If you have any concerns or doubts about filing your taxes or you’re looking for tax and business advisors to help simplify the process, reach out to the experts at Advize Inc. serving in Sudbury, ON. We specialize in cloud accounting services and stay on top of the latest tax technology and industry trends. We are a team of diverse professionals with a knowledge base of various industries. We offer tax, accounting, cloud, business, and payroll solutions to multiple industries like franchises, restaurants, rental properties, service-related businesses, automotive businesses, retail stores, beauty salons, spas, tattoo parlors, trades, and construction, and medical services. Our services extend to clients across Sudbury, North Bay, Parry Sound, Manitoulin Island, Elliot Lake, Timmins, and virtually all across Ontario.

To learn more about our services and pricing, please click here. If you have a question, we’d love to hear from you. Please contact us here.