At GuYDanS Consulting & Bookkeeping, we understand that tax preparation can be challenging. Without professional help, it can be viewed as a stressful or laborious task.
That’s why we’ve created a handy checklist to help you complete your taxes with as little stress as possible.
Follow our checklist to file your tax returns accurately and on time so that you can get back to the other important things in life.
Want to skip the hassle of filing your taxes?
Your Tax-Prep Checklist
- You should provide your tax preparer with answers to the following questions:
- Do you own foreign property valued at more than CAD $100,000?
- Are you or your spouse claiming the Disability Tax Credit? Does CRA have a valid form T2201 on file?
- Would you like to provide your information to Elections Canada?
- Did you sell a Principal Residence in the current tax year? If yes, was it your principal residence for all the years you owned it? Please provide the address, year sold, and sale proceeds.
- Would you like to receive your Notice of Assessment (NOA) by mail or online? Note that you need to set up a “CRA My Account” in order to receive your NOA online.
- Provide all your T-slips to your tax preparer.
- This includes your employment, pension, interest, trust, and/or dividend income.
- Ensure you submit your Registered Retirement Savings Plan (RRSP) slips with contributions from March of last year to February of this year.
- Submit your Charitable Donation Slips.
- Check the CRA website for examples of slips to make sure yours will not be disallowed because something is missing. (Learn more mistakes to watch out for on our personal-tax filing mistakes blog post.)
- Gather all your medical expense receipts.
- Prescriptions, chiropractic, dental, and physiotherapy (massage therapy is not claimable in Alberta).
- Download form T2202A from your university or college website to claim your tuition credit.
- Provide your Student Loan Interest letters.
- The letters should clearly state the amount of interest paid from January to December.
- Submit your Investment Loan Interest statements that clearly show the total interest paid for the calendar year.
- Gather your child-care payments for the calendar year.
- These will either be in the form of daycare receipts or records of payments from a caregiver showing their name, address, and SIN.
- For the years 2015 to 2017, submit the following:
- Children’s art class receipts (e.g., scouts/guides, dance lessons, tutoring).
- Children’s fitness receipts. For the program to be CRA approved, it should involve significant supervised physical activity over a period of at least 8 consecutive weeks or, in the case of day camps, 5 consecutive days.
- Provide receipts for professional association membership fees/dues.
- If you moved 40 kilometres (or more) closer to your new place of work or school, provide a list of your moving expenses.
- For sole proprietors who have a GST number and would like to file their GST Return, you’ll need:
- Your GST Number
- Your Total Sales (excludes GST)
- Total GST Collected
- Total GST Paid
- Your GST NetFile Access Code
- For sole proprietors (unincorporated self-employed individuals) and those with rental property, submit your Profit and Loss Statement. It should show your total annual income and total expenses broken down like this:
- Vehicle expenses (include total kilometers driven for the calendar year and how many business kilometers were driven)
- Interest and bank charges
- Dues and subscriptions
- Job materials and supplies
- Meals and entertainment
- Office expenses
- Professional fees
- Business phone
- Any other business-related expenses
- For sole proprietors, the 100% annual Home Office Expenses should be broken down in this way:
- Gas & heat
- Water & sewage
- Home insurance
- Mortgage interest or rent
- Property taxes
- Home repairs and maintenance
- Total square footage of your home
- Square footage used for your business
- For employees who’ve worked more than half their time from home due to COVID-19 for at least 4 consecutive weeks, you can claim Home Office Expenses for the 2020, 2021, and 2022 tax years:
- First, make sure you’re eligible.
- Claim $2 for each day you worked from home.
- The maximum amount that can be claimed is $400 per person in 2020 and $500 per person in 2021 and in 2022.
- (Learn more about 2022 tax updates in this 10-minute tax news video.)
- Before your return is transmitted, your tax preparer will need you to sign these forms:
- Form T183 authorizing electronic filing. It must be signed by the taxpayer or legal representative of the taxpayer.
- Form T1135 if you have foreign property costing more than CAD $100,000.
- Form T1013 if this is the first time the tax preparer is filing your return. This form authorizes the preparer to speak to CRA on your behalf and check your tax account(s) online.
Happy Tax Filing!
If you have any concerns about filing your taxes, or you’re looking for a company to help simplify the process,
In your corner,
The GuYDanS Team
Reference: Canada Revenue Agency