Help Your Accountant Help You

As we approach tax season, here is a handy checklist of what your accountant needs from you to complete your tax file efficiently. Having all this information gathered and ready to go can help make this years' tax filing a lot easier for everyone.

(Pro Tip: Making sure you have ALL the necessary documents, as they relate to you, before submitting them to the office can eliminate a lot of back and forth between you and your tax preparer)

Income Statements

  • Any statements starting with T4 (T4, T4A (OAS), T4A (P), T4RIF, T4E & T4RSP)
  • T3 and T5 slips for income earned in non-registered investment accounts.
  • Other Income Statements (e.g. stock options, annuities, research grants & bursaries, social assistance payments, Worker’s Compensation benefits)
  • Capital Gains/Loss summary from investments or form T5008 (did you dispose of any capital properties this year?)
  • Business or Professional Financial Statements or T5013 from a partnership
  • AGR-1 slips (farm income support payments)

Deductions & Credits Receipts

  • RRSP contribution receipts
  • Attendance care expense receipts
  • Medical expense receipts (also, document any travel to medical appointments more than 40km from your home)
  • Disability deduction for you or your dependent
  • Donation Receipts (make sure they are official receipts from a Charitable Organization)
  • Rent receipts and property tax bills (official)
  • Tuition receipts – T2202 slip (if they are from your child, please make sure they sign the back)
  • Federal and Provincial political contributions (receipts)
  • Home renovation receipts for renovation costs to make a home more accessible (applies to those 65+ or for those who are eligible for a disability tax credit)
  • Childcare receipts (for individual providers, must have SIN number; for summer camps, must indicate the number of weeks)
  • Alimony or separation allowance paid (include name & address or recipient and a copy of the agreement or court order)
  • Annual union or professional dues (receipts)
  • Tradesperson tool expenses and signed T2200 form from your employer
  • Commission and employment expenses
  • School teaching supply receipts (applies to “eligible educators” for teaching supplies)
  • Interest paid to National Student Loan Service (official receipt)
  • Moving expense receipts
  • Adoption expense receipts
  • Digital news subscription receipts
  • Canada training credit

New for 2021 & 2022

  • Return of fuel charge proceeds to farmers tax credit
  • Ontario Staycation Tax Credit
  • Senior’s Home Safety Tax Credit

This is not necessarily a fully comprehensive list, but it should help you get a head start. If you need more detail, please refer to the Personal Income Tax checklist that is sent out to our clients each year or consult your team accountant.

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