| 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. |
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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
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