A Complete Personal Tax Document Checklist

Author: SD GOLD ACCOUNTING SERVICES | | Categories: Payroll , Payroll Services , Tax Accountant , Tax Preparation


If you dread filing your taxes, it’s good to remember that the sooner you file, the sooner you’ll get your refund, and the happier you’ll be that you don’t have to worry about taxes. To make the filing process quicker, gather your forms and documents before you begin. The experts at SD Gold Accounting Services have prepared a checklist of some basic forms and records you’ll need to make slaying your taxes easier this year.

1. Personal information
The CRA (Canada Revenue Agency) needs to know exactly who is filing and who is covered in your tax return. To do this, you will need to provide them with your name, address, date of birth, SIN (new clients only), primary phone number, and email address. You will also need to provide the same documents for your spouse and children.

2. Life events
Everyone loves big tax deductions, and more deductions equal to fewer taxes paid or a larger refund. Often life-changing events, such as a new marriage or a baby, can have a considerable impact on the taxes you have to pay. Events like marriage, divorce, change of address, new additions to the family, selling or purchasing a home, job changes, etc., can all play a significant role in the amount of taxes you are expected to pay. As your life evolves, it may be possible to save thousands of dollars each year by keeping up with deductions that may become applicable to you.

3. Receipts
The receipts you are presented with after purchasing a product or service are your ticket to a hassle-free refund or exchange. They are the only proof-of-purchase many companies accept when you want to cash in on a warranty. Furthermore, they will help you figure out your tax deductions when “that time of year” rolls around once again. Receipts such as rent paid (including address and landlord name), RRSP contribution or withdrawal, tuition, union dues, professional membership dues, medical expenses, donations, property tax paid, etc., should all be saved and kept. Large transactions should also be accounted for and kept safe. Receipts for child care expenses, attendant care expenses, moving expenses, etc., are equally important but are subject to limitations.

4. T-Slips
T-slips are prepared by your employer, payer, or an administrator. The important T-slips you should ensure you have before the tax man comes knocking are T4, T4A, T4RSP, T4 RIF, T4AP, T4OAS, T3, T5, T2200 (Declaration of the terms of Employment signed by employer), T5007 (WSIB), T5008 (Securities Transactions), and T5013 (Statement of Partnership Income).

5. Investment-related paperwork for non-registered investments
A non-registered account is a type of investment account that is subject to tax when income is earned on investments held in the account. A non-registered account is sometimes called a taxable or open account. Your contributions to a non-registered account are not tax-deductible. Investments in a non-registered account can earn interest or dividend income which is taxed as it is earned or generates capital gains that are taxed as they are realized. This investment income is taxed as it is earned, but withdrawals are not. You need to provide documents like annual investment reports, annual interest statements for funds borrowed to purchase non-registered investments, investment consultation fees, gains and loss reports, and information on business investment losses so that you can accurately figure out your financial position.

6. Other essentials
Expenses are not tax-deductible unless a specific provision in the Code allows their deduction. When an expense is connected with taxable income, taxpayers are highly motivated to find ways to deduct the expense. This is particularly true of legal fees because the income they are associated with might never have materialized without legal assistance, and the legal fees may be substantial. Possible favorable treatments for deducting legal fees include either above-the-line deductions or adjustments to basis or selling price in a property transaction. You will need to provide proof of legal expenses (with limitations) incurred to establish a right to collect salary or wages, retiring allowance, unlawful dismissal, etc.

If you are looking for tax accounting and bookkeeping services in Grimsby, ON, then reach out to SD Gold Accounting Services. Our focus is on small businesses. We provide our clients with peace of mind by offering accurate and timely bookkeeping services. We take care of your books so you can focus on building and managing your business. To learn more about our services, please click here. If you have a question, we’d love to hear from you. Please contact us here.