| PERSONAL INCOME TAX CHECKLIST | NOTES |
| This checklist is not all inclusive, but for most taxpayers, the list will help us complete your tax return with fewer delays. | |
 | Employment income … T4 slips. |
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| Old Age Security Pension… OAS slips. |
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| Commission income…T4 slips. |
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| Canada Pension Plan Benefits … T4AP slips. |
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| Other income …T4A, T4RSP, T4RIF slips. |
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| Other pension benefits…foreign or domestic. |
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| Unemployment insurance earnings…T4U slips. |
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| Limited Partnership income…T5013. |
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| Summary of gains or losses on security transactions … brokers’ statements. |
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| Dividends from Canadian/foreign corporations…T5 slips. |
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| Interest earned …T3, T5, T600 slips, other information. Check your T5 slips carefully. Often companies send out duplicate slips, and even slips that are totally in error. This is particularly true if you have an account with a brokerage firm. Do you have Mutual Funds or Trusts (not RRSP's) these slips (T3) are often delayed until the end of March. |
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| Canada Savings Bonds ... Some things to remember: bonds cashed (T600) but no slip; Did you cash a bond on which you declared interest in prior years?
Do you have compound bonds or GIC's that should be declared every 3 years or every year? Is your list of bonds current? Many clients give us a list of bonds that are inaccurate. This can cause problems. |
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| Capital Gains ... If you have sold stocks, bonds, mutual funds, (not held in an RRSP) land, cottages (not principle residence), farms or business - you must declare the gain or loss in the year of the sale. You must have details of the cost of the assets disposed of as well as the 1994 capital gain election details if applicable. |
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| Carrying Charges ... Costs associated with earning investment income. Consider safety deposit box, brokers’ fees, borrowing costs, bank service fees, investment counseling fees, accounting fees, management fees, interest on money borrowed to buy Investments (not RRSP), Canada Savings Bond payroll deduction charges. Note: Technically income tax preparation is not deductible but accounting fees are. |
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| Rental income with summarized expenses. |
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| Details of real estate transactions. |
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| Summarized expenses to earn commissions. |
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| Summarized details of vehicle expenses, purchase/sale, and personal use %. |
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| RRSP receipts. |
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| Union dues. |
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| Tuition fees... May be deducted by a parent if the child cannot use them. Tuition fees of less than $100 per institution cannot be deducted. |
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| Education deductions. |
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| Interest on student loans. |
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| Tax shelter details. |
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| Charitable donation receipts ... Usually you should declare all donations on one tax return. Make sure that all the slips have an official tax number on them. If they do not they are not deductible. |
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| Child care expenses. |
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| Moving expenses if 40 km closer to new workplace. |
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| Medical expenses, attendant care expenses ... If the medical expenses are greater than $1,855
in Ontario or 3% of the net income a portion may be deductible. Deductible expenses include: Glasses, Dental work, Drugs; Premiums for private insurance i.e. Blue Cross/Travel; Nursing Home expense; Certain renovations to the home of a disabled person. Common problems include: Can the low income spouse claim the deductions? Did you add up the expenses and then deduct the reimbursement from your employer, health insurance plan, or Blue Cross? |
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| Education deductions. |
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| Employment expenses not reimbursed by employer. Signed Form T2200 required. |
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| Details on changes in marital status or dependants. |
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| Property tax and/or rental payment … details. |
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| Contributions to political parties … federal and provincial. |
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| Prior years’ Assessments from Revenue Canada. |
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| Husband/Wife/Children ... Please remember if you are having someone else do one return, we will require information from all returns. Many deductions are lost every year because the left hand does not know what the right hand is doing. This is especially true with low income spouse's, low income children (often with tuition fees). Do you have T5/T3 slips for money that is really your children's. This can be declared as your children's income, not yours. |
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| Other things to check include: alimony, Child Care Expenses, Moving Expenses, Claims for the Infirmed, Disability Deductions, Union or Professional Dues, Business/Rental Income. |
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| Details of income tax installments paid for the current year. |
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| Your private fax number and/or e-mail address. |
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| This is not intended as a complete checklist but we hope it helps. Please call if you need help, or require explanations concerning this information. Edward J. Barker, Chartered Accountant
747 2nd Avenue East, Suite 4
Owen Sound, Ontario N4K 2G9
Tel: (519) 371-1648 Fax: (519) 371-5802
Toll-Free: (800) 634-5537
E-mail: edward@edwardbarker.com |
