Note: This page is for Canadian return information entry only. Access our U.S. Tax Notebook at this link.
The Canadian on line data entry system has been discontinued. Please refer to the following checklist and upload details of all income and expense items to your secure folder.
It’s Tax Time! Once again it is time to begin the process of collecting information for the preparation of your individual income tax returns.
Over the past year, Canada Revenue Agency has stepped up efforts to ensure compliance, and have increased audit activity for more sensitive return areas. In response to this increased audit risk, we have introduced our "Prepaid Audit Assurance Program" under which we will cover any audit responses required without additional cost.
We are here to assist you and provide you with optimal income tax solutions. If at any time you require further information concerning what should be collected to send us, please do not hesitate to call us.
General Tax Information Checklist:
(Please contact us for any clarification or question)
In order that we may expedite the processing of your individual income tax returns, we have prepared the following checklist of items which we normally need to have on hand to complete the returns. Please note that many of the items may not specifically apply to you, since this intended to be a checklist for many people to follow. We ask that you provide information for yourself and/or your spouse and dependent children in all instances, since filing status may change depending on the income or other issues pertaining to your family members.
FOR CANADIAN RETURNS:
The deadline to file your tax return and pay your taxes is April 30, 2021.
If you are self-employed, the deadline to file your tax return is June 15, 2021. However, all taxes owed must be paid by April 30, 2021.
Did you receive COVID-19 benefits this year? These benefits are considered taxable income.
If you received Canada Emergency Response Benefit (CERB) or Canada Emergency Student Benefit (CESB) you will receive a T4A from CRA.
No tax was withheld with these payments, accordingly, you may owe tax when you file your 2020 tax return.
If you received Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB) payments you will receive a T4E from Service Canada.
Generally, 10% tax was withheld at source, however, this may not be all the tax you need to pay on this income.
Please ensure that we have the following information in our files.
1. Social Insurance Number (SIN) for all persons in your family.
2. Dates of birth for all persons in the family.
3. Are you (and family members) Canadian citizens? Would you like to be added to the voters list?
4. Current address.
5. Prior year income tax return(s) (if filed).
6. If you were not present in Canada for the entire year, please provide the number of days you were in Canada, include specific dates.
7. During 2020, did you sever residential ties with Canada? If so, please provide the date of departure.
When you are no longer a resident of Canada, you are deemed to have disposed of certain types of
capital properties at fair market value the date you left, thus triggering capital gains or losses.
For more information, please contact our office.
8. Principal residence: If you sold your principal residence during the year, please provide the selling price, year of acquisition and period occupied as principal residence.
Sources of Income
-All income for the year as outlined on forms T4, and Form W-2(s)
-Income as outlined on T4A's and/or Form 1099(s)
-Income records for amounts not included on T4A's and Form 1099(MISC)
-Expense records paid in 2018 which relate to your self-employment business
-Business-use asset information for amortization purposes (Cost, date placed in service)
SAVINGS & INVESTMENT OR DIVIDEND INFORMATION
-Interest and dividend income (T3, T5 and other sources)
-Income from sale of stocks or other property
-Date of acquisition and records of cost or basis in property you sold
-Record or estimated tax payments made
-Details of capital transactions for the year (sales of stocks, bonds, other capital property)
-Record of gross income and expenses
-Purchase date and cost of rental property
-Rental asset information for amortization purposes (Cost, date placed in service)
-Record of estimated tax payments
-Pension/RRSP, RRIF and IRA/Annuity income as outlined on Form 1099-R(s) or T4A's
-Social security or Canada Pension Plan income as outlined on Form 1099-SSA(s) or T4A(OAS)/ T4A(CPP)
-Gambling income (records showing income and expenses)
-Hobby income and expenses
-Prizes and awards
-Royalty or trust Income
-Record of alimony paid/received with Ex-spouse name
Types of Deductions
-Amounts paid for medical insurance, medical expenses for yourself or each dependent
-Fees paid to a child care service provider. day nursery schools. day camp and daycare centre - receipts are required
-Fees paid to a independent caregiver - receipts are required and it must include care-givers SIN (Social Insurance Number)
-Full time and part time post-secondary - T2202A from educational institutions
-Outside Canada - Form TL11A tuition slip
-Records of any scholarships or fellowship you received
-Student loan interest slip
RETIREMENT & OTHER SAVINGS
-RRSP contributions receipts
-Details of contributions to Tax Free Savings Accounts. (TFSA)
Foreign Financial Information reporting - T1135
If you are a resident of Canada, do you have assets outside of Canada with a value over $100,000? If so, please provide:
a) Nature and value of each asset or group of assets;
b) For each of the above investments, please indicate:
- Bank or investment name;
- Account number (if any)
- Maximum investment value during the year
- Income earned from this investment in 2019.
Do NOT include personal real estate. Only business, rental property and/or other foreign investments are reportable.
The above list is not intended to be comprehensive, but should serve as a general checklist for you. In many situations, other income or expense items may be relevant, as well as moving expenses, tuition fees and other issues.
If you require more information, please contact us at any time.