Are you ready for the tax season? Here is a convenient list of important documents you may need for tax preparation:

Slips

– Employment Income [T4]
– Employment Insurance Benefits [T4E]
– Interest, Dividends, Mutual Funds [T3, T5]
– Tuition / Education receipts [T2202A]
– Universal Child Care Benefit [RC62]
– Old Age Security/CPP Benefits [T4A-OAS, T4AP]
– Other Pensions and Annuities [T4A]
– Social Assistance Payments [T5007]
– Workers’ Compensation Benefits [T50007]
– All Other Information Slips

Receipts

– RRSP Contribution slip(s)
– Support for child, spouse or common-law partner
– Professional or Union Dues
– Tool Expenses (Tradespersons)
– Medical / Dental Expenses
– Transit Pass Receipts
– Charitable Donations
– Political Contributions
– Child Care Expenses
– Adoption Expenses
– Children’s Sports and Arts Programs
– Interest Paid on Student Loans
– Carrying Charges and Interest Expenses
– Office – In-Home Expenses
– Exams for Professional Certification

Other Documents

– Notice of Assessment/Reassessment/prior year
– Canada Revenue Agency Correspondence
– Sale/Deemed Sale – Stocks, Bonds or Real Estate
– Northern Residents Deductions
– Rental Income and Expense Records (see below)
– Business, Farm or Fishing Income/Expenses
– Automobile/Travel Logbook and Expenses
– Disability Tax Credit Certificate
– Declaration of Conditions of Employment [T2200]
– Volunteer Firefighters Certification

Rental Property

– Advertising your rental property
– Insurance
– Interest on money you borrow to buy or improve your rental property
– Interest you paid to tenants on rental deposits
– Some fees you have when you get a mortgage or loan to buy or improve your rental property such as:

  • mortgage applications, appraisals, processing, and insurance fees;
  • mortgage guarantee fees;
  • mortgage brokerage and finder’s fees; and
  • legal fees related to mortgage financing

– The cost of office supplies (pens, paper, etc.)
– Legal fees for preparing leases or collecting overdue rents
– Fees for bookkeeping services, record audits and preparing financial statements
– Fees for income tax form preparation and advice
– Property management fees
– Fees for property repairs. (Note that you can only claim fees you have actually paid out; you can’t deduct the value of your own labour.)
– Salaries, wages and benefits for those you employ to take care of your rental property. (Once again, only those to others; you can’t deduct the value of your own services)
– Property taxes
– The cost of travelling to your rental property to manage it
– The cost of utilities (gas, electricity, water etc.) if you pay for them according to your rental agreement
– Lease cancellation payments. Divide the number of days left on the lease into the number of days to the end of the year when payment is made for cancellation payments made in the current tax year.
Important Note: you cannot deduct motor vehicle expenses related to collecting rents unless you own two or more rental properties.

Don’t hesitate to contact us if you have any questions.