Canadian Tax Checklist: What Do You Need to File a Tax Return?

Before you start filing your tax returns, you’ll need to know a few things. To make sure that you are gathering everything and are making every credit that is needed, we have created a handy checklist to assist you.

A tax return form

 

Remember The Filing Deadlines

Keep the deadlines in mind. Even though last year’s deadlines were pushed back due to Covid-19, there was no grace period allowed. This year, the deadlines have been reverted to the regular schedule, and this year is set for April 30. If you or your spouse is self-employed, the deadline for you is June 15. However, if tax is owed, the deadline is April 30. For a trust, it is December 31, and the tax return date is March 31. In other cases, tax trust returns are due after 90 days of year-end.

Collect Personal Information

Gather all the necessary information about yourself and your dependents. You will need.

  • Social security numbers for you, your spouse, and your dependents.

  • Date of births of your family members

  • Net income for your spouse and dependents

  • Any change in the notice of assessment, including marital status, name change, address, etc.

  • Total installments made to the CRA

Establish Income Sources

The type of income you bring in will decide the income slips you need to present.

Employment

  • T4 Statement of remuneration

  • RL-1 Employment and Other Income(QC only)

  • Other Income Self-employment

  • T2125 Statement of Business or Professional Activities

  • T5013 Statement of Partnership Income

  • Rental income (along with the expenses as a part of your T776- Statement of Real Estate Rentals form)

Savings and Investments

  • T5 Statement of Investment Income

  • T3 Statement of Trust Income Allocations and Designations

  • T5008 Statement of Securities Transactions

  • Capital Gains along with the sale of your principal residence.

  • Amounts connected to carrying charges and interest expenses on your investments. This includes management fees for your assets.

  • Repayment amounts for the Home Buyers’ Plan and the Lifelong Learning Plan.

Retirement

  • T4A Statement of Pension, Retirement, Annuity, and Other Income

  • T4A(P) Statement of Canada Pension Plan Benefits

  • T4A(OAS) Statement of Old Age Security

  • T4RSP Statement of RRSP Income

  • T4RIF Statement of income from a Registered Retirement Income Fund

  • Social Benefits and Employment Insurance

  • T4E Statement of Employment Insurance and Other Benefits

  • T5007 Statement of Benefits – Workers Compensation or Social Assistance benefits

  • T4A COVID-19 Benefits received – CERB, CRB, CRCB, etc.

A tax return form

These recommendations from Accounting Plus can help you effectively prepare for paying your taxes, from organizing all of your documents to understanding your rights if you are audited.

Accounting Plus Financial Services are amongst the best bookkeeping services in Canada. Get in touch with them. They provide bookkeeping services for small businesses Toronto.They also offer accounting and bookkeeping, taxes, and business advisory services.

Contact them today for more details. They are based in Toronto, Canada.

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