1. Don't do RRSP if your taxable income is less than $42,961
2. Do spousal RRSP to even up retirement income.
3. Always file on time, even if you can't pay (avoid the late penalties)
4. File all family returns at the same time for optimal return.
5. We need official tuition slips - available on the schools website.
6. Combine all medical, dental, chiro, glasses, and prescriptions, etc. for all family members for the year. Just bring total amount we don't need all the bills.
7. Bring your prior year tax return and assessment notice.
8. RRSP contribution limit= 18% of earned income up to a max of $26,230 + any carry forward room. Please verify notice of assessments.
9. Self employed - HST - elect annual filing and quick method if you are in a service business we will prepare your HST only if its annual filing.
Here’s a great checklist to help you get organized to come see us:
Slips
All T4 slips (employment income)
Employment insurance benefits (T4E)
Interest, dividends, mutual funds (T3, T5)
Tuition/ education receipts (T2202A)
Universal child care benefit (RC62)
Old Age Security and CPP benefits (T4A-OAS, T4AP)
Other pensions and annuities (T4A)
Social assistance payments (T5007)
Workers’ compensation benefits (T5007)
All other information slips
Receipts
RRSP contribution slips
Support for a child, spouse or common-law partner
Professional or union dues
Tool expenses (trades person)
Medical expenses
Transit pass receipt
Charitable donations
Political contributions
Child care expenses
Adoption expenses
Children’s arts and sports program
Interest paid on student loans
Carrying charges and interest expenses
Office- in home expenses
Exams for professional certification
Other documentation
Notice of assessment/ Reassessment
Canada Revenue Agency correspondence
Sale or deemed sale of stock, bonds or real estate
Northern residents deductions
Rental income and expense recorded
Business, farm or fishing income/expenses
Automobile/ travel logbook and expenses
Disability Tax Credit Certificate
Declaration of Conditions of Employment (T2200)
Volunteer Firefighters Certificate
Self Employment tax return
Income and expense summary for the current filing year
Income and expenses summary for the last year you filed
Last year’s tax return (or last year filed) including but not limited to:
Capital Cost Allowance Schedule
Business use of home expenses
Motor Vehicle Expenses
Any correspondence and documents received from the CRA or provincial government, including (but not limited to):
Notice of assessment or Notice of Reassessments for last two years of tax return filing, all HST reports
A copy of all instalments made for income tax, HST and payroll
Also include the following Bookkeeping and Accounting documents:
Bank and credit card account statements
Accounts payable/receivable
Inventory count
Asset list
Capital assets
Loan documents