1. BASIC PERSONAL INFORMATION
Information about you and your spouse and dependents, such as: name, SIN, date of birth, address, and marital status.
Tax forms from previous tax years and the Notice of Assessment sent by CRA.
2. INCOME INFORMATION
The most common forms of income are T forms, such as T4, T4A, T4A(OAS), T4A(P), T4E, T4RIF, T4RSP, T3, T5, T5007, T5008, T5013 which will be received by the end of February, but T3, T5013 will be received by the end of March.
If you do not receive T forms, you can check with your employer, bank or the relevant entity. You can also download them directly from CRA my account. In some cases, if you do have income but do not expect to receive a T form in time, you still need to report that income. You should check your bank statement for your income, keep a record of it, and report truthfully.
3. OVERSEAS INCOME
This includes overseas pensions, salaries, bonuses, interest, dividends, rents, investment income from securities, disposal of overseas properties, etc. If you want to deduct overseas tax, you should prepare overseas personal income tax returns and tax clearance certificates.
4. RENTAL INCOME
The rental income received in the tax year and the percentage of rental space. Deductible expenses include advertising, home insurance, loan interest, management fees, maintenance fees, utilities, gas, professional services, etc.
5. INCOME FROM THE SALE OF PROPERTY
If there is a sale of property including overseas property, you must provide the contract of sale of property and the lawyer’s closing documents, if there are major renovations, you also need to provide invoices and other supporting documents
6. INCOME FROM SELF-EMPLOYED BUSINESS
Compile all of the income ant expense vouchers. If you have a GST account, you must declare it timely. Deductible expenses include advertising, license fees, office supplies, hospitality, rent, staff salaries, travel expenses, telephone expenses, and other business-related expenses.
Car expenses: provide the number of kilometers for the whole year, the number of kilometers used for business, gas fees, car loan interest, insurance fee, maintenance fees, rental car expenses, etc.
7. OTHER INCOME
Such as alimony income, scholarship income, research income and other taxable income, etc.
8. OTHER DEDUCTIONS AND TAX BENEFITS
The following information can reduce the amount of taxable income and reduce the amount of tax you pay.
Education expenses – You will receive either a T2202 or TL11A form.
RRSP Contributions – Receipt for the purchase of RRSP.
Charitable Donations – Official receipts from charities with government registration numbers.
Medical Expenses – Includes medical supplies, dental expenses, travel expenses.
Child Care Expenses – Provide an invoice for child care expenses.
Alimony Expenses – Alimony paid to a spouse by a divorced person.
Moving expenses – Moving expenses for people who work or have a business in Canada.
Tuition fees paid for training at a Canadian educational training institution – For Canadian tax residents between the ages of 25 and 64.
Receipts or invoices for paid subscriptions to online digital news.
Other employment expenses – Prepare a T2200 form signed by your employer, and compile a summary of all receipts for expenses to be reported.
9. OVERSEAS ASSETS DECLARATION
You must file a T1135 for foreign assets over $100,000, including deposits, stocks, debentures, trusts, real estate, etc. A simplified form can be filed for assets under $250,000, while a full T1135 is required for assets over $250,000.
10. OVERSEAS AFFILIATED BUSINESS REPORTING
If you own a subsidiary outside of Canada and have more than 10% of the shares, you need to file a foreign subsidiary. For tax years beginning after 2021, Form T1134 must be filed within 10 months after the end of the filing taxpayer’s tax year.
The collection of documents for Canadian personal income tax returns is really tedious. If you are unsure about anything, you can schedule a consultation with our corporation at 604-232-1070.