What to Gather Before You File Your Personal Tax Return
A smooth tax season starts with good paperwork. Having everything together before you meet with your accountant means fewer follow-up questions, fewer missed deductions and less stress for you. Here is a simple checklist to work from.
Income slips. Gather every slip you receive from employers, pension plans, government benefits and financial institutions. Most arrive by the end of February, and many are also available in your CRA My Account.
Self-employment and rental income. If you run a business on the side or rent out a property, bring a summary of your income along with receipts for expenses such as supplies, vehicle costs, a home office, repairs, insurance and property taxes.
Retirement and savings contributions. Include receipts for RRSP and FHSA contributions, and let your accountant know about any TFSA withdrawals or home purchases during the year.
Family and household expenses. Childcare, medical and dental costs, charitable donations, tuition and moving expenses can all reduce your tax. Keep the receipts, even small ones, since they add up.
Changes in your life. Tell your accountant about a marriage or separation, a new baby, a move, a new job or a property sale. These events can change which credits and benefits you qualify for.
Last year’s return and any CRA letters. Your previous Notice of Assessment shows carry-forward amounts and your RRSP room, and any letters from the CRA help make sure nothing is overlooked.
Not sure whether something applies to you? Bring it anyway. It is always easier to set something aside than to amend a return later. If you would like help with your return this year, book a free consultation and we will walk you through exactly what we need.
