2021 Tax Preparation Checklist
At Rati Raithatha, CPA, CA, we understand that filing for your taxes can be quite a challenge. Preparing for the tax season can be viewed as a stressful or laborious task, but with a bit of preparation, you can handle your taxes quickly and easily.
As experts in tax management, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to prepare your taxes accurately and on time so that you can get back to the other important things in life.
1. General documents
a. Last year’s tax return (if this is our first year)
b. Last year’s Notice of Assessment (NOA)
c. Details of changes to personal status - Marriage, separation, birthdates, children’s birthdates, new address, telephone number, disabilities, death.
d. Amounts paid by tax installments
2. T-Slips
a. T4 Employment income
b. T5 Interest or dividends
c. T3 Mutual fund income
d. T600 Canada Savings Bond interest
e. T4OAS Old Age Security (age 65)
f. T4A(P) Canada or Quebec Pension
g. T4A Pension, retiring allowance, scholarships
h T4RIF Registered Retirement Income Fund
i. T4RSP Withdrawal from an RRSP
j. T5007 Workers compensation, social assistance
k. T5013 Partnership income
l. T4E Employment Insurance Benefits
m. T4PS Profit Sharing Plan
3. Deductions
a. RRSP contribution slips
b. Professional fees or union dues (if not on T4)
c. Donations to Charities
d. Medical expenses (drugs, dental, glasses, therapy, private health plan premiums). Summarize it by a family member and exclude any amounts reimbursed.
e. Child care information
f. Tuition fees (post-secondary)
g. Interest on money borrowed to earn investment income
h. Investment management fees
i. Labor sponsored tax credits
j. Spousal or child support paid
k. Political contribution receipts
4. Investments (excluding RRSP accounts)
a. Stocks - Capital gains summary report (from the broker) or transaction slips/details
b. Mutual Funds - Annual statement showing gains/losses for all investments sold, switched, or exchanged during the year
c. Real estate sales - agreement of purchase and sale (for both original purchase and sale)
5. Other information
a. Spousal or child support received
b. Property tax or rent paid (if family net income is less than $45,000)
c. Employment expenses - Either auto or supplies or home office. Also, form T2200 is required to be signed by the employer.
d. Moving expenses (T1M) if you moved forty kilometers closer to a new place of work.
e. RRSP homebuyer information
f. Details of any foreign income
6. Home office
Electricity, heat, water, maintenance and repairs, insurance, mortgage interest, and percent use of the home for business.
7. Vehicle expenses
Fuel, insurance, license and registration, maintenance and repairs, parking, total kilometers driven for business and personal requirements.
8. Rental properties
Details of owners or partners, gross revenue, advertising, interest, maintenance and repairs, office expenses, property taxes, travel costs, utilities.
If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Rati Raithatha, CPA, CA, serving in Toronto, Ontario. We are a professional accounting firm that provides accounting and tax services and encompasses other areas such as advisory, assurance, and other business-related facilities.
We serve clients across North York, Scarborough, Toronto, Markham, Richmond Hill, Vaughan, Mississauga, Brampton, and the Greater Toronto Area.
To learn more about our services, please click here. Have a question? We’d love to hear from you. Please contact us here.