TABLE OF CONTENTS
1. Personal Information
- Complete name as it appears on your SIN card or last notice of assessment;
- Social Insurance Number - SIN;
- Date of Birth;
- Complete address with postal code;
- Marital status;
2. Fiscal Residency
- Province or Territory of residence on December 31;
- If you became fiscal resident (immigrated) of Canada during the year, and the date, if applicable;
- Total income (in the source country currency) from all sources from Jan 01 until the date you came to Canada, if applicable;
- Claiming principal residence exemption? All information and documents;
3. Elections Canada
- If you are a Canadian citizen and if you allow CRA to share some info with Elections Canada;
4. Foreign Property
T1135 - Foreign Income Verification Statement - This form must be filed by Canadian resident individuals (for the tax return), at any time of the year, own specified foreign property costing more than $100,000.
Some taxpayers might think that the term “foreign property” just refers to real estate when it refers to a lot more. Find below some examples of specified foreign property:
- Funds held outside Canada;
- A life insurance policy you own from a foreign issuer;
- Interest you own in any offshore mutual funds;
- Any real estate you own held outside Canada;
- Shares you own a foreign company;
- Interest you hold in a non-resident trust;
- Bonds or debentures owned from foreign countries, and;
5. Family Dependants
Spouse is not a dependant. Enter here all family dependents, even if they are your spouse financial dependent. Types of dependents: son, daughter, grandparent, grandchild, brother, sister, aunt, uncle, niece, father, mother, son-in-law, daughter-in-law. Information needed: complete name, relationship, date of birth and SIN (if applicable).
6. Direct Deposit
If you want to register to direct deposit or want to change your direct deposit information. Information needed: Branch/transit number, Bank institution number, and account number.
7. Last tax return & Notice of assessment
Only needed if it is the first time preparing your tax return with us.
8. Employment Income & Tuition Credits
T4 – Statement of Remuneration Paid slip - It reports how much employment income, commissions, taxable allowances and benefits, fishing income, or any other remuneration was earned during a given year. It is used to prepare your tax return. This includes your gross income and Canadian Pension Plan (CPP) discounts, EI – Employment Insurance, and Income Taxes, among others. Employers have until the last day of February to send all T4s to CRA and also a copy to all its employees. If you work in more than one company during the year, you will need all your T4s for your income tax return Canadian. T2202 – Tuition, Education, and Textbook Amounts Certificate - Certificate sent by the school you studied in, until the last day of February, showing the amount of tuition, education, and textbook paid to a particular educational certified institution during a given year. This Certificate is required to prepare your tax return to calculate the student credits you will be entitled to deduct. Without it, we can not deduct student credit. Not all schools provide the T2202, only certified educational institutions. With T2202, we calculate the student credits. These credits are non-refundable, i.e., they do not generate income tax refund, they only reduce the amount of tax payable to zero. The maximum amount of tuition credits that can be used per year is 15% of what was paid for tuition and textbook, on the federal side of your tax return. However, this credit will only be used if you have sufficient income. If this credit is not used or partially used, it may be transferred to other years or to your spouse. Therefore, you do not get back the values you paid in education for the educational institutions in which you studied. You will receive a non-refundable credit if you have the T2202.
9. Other T-Slips
T3 – Statement of Trust Income Allocations and Designations - You receive it if you have investment income from mutual funds in non-registered accounts and from certain trusts. In Québec, you receive a relevé 16. The income may come from your own investments or from an estate trust as inheritance tax. T4A – Statement of Pension, Retirement, Annuity, and Other Income - A T4A Canadian tax information slip is a Statement of Pension, Retirement, Annuity, and Other Income. It is prepared and issued by an employer, a trustee, an estate executor or liquidator, a pension administrator, or a corporate director, to tell you and the Canada Revenue Agency (CRA) how much of certain types of income you paid during a tax year and the amount of income tax that was deducted. Use T4As in preparing and filing your Canadian income taxes. T5 – Statement of Investment Income slip - You receive it if you have investment income like dividends, interest, etc. T5008 – Statement of securities transactions - This slip is used to report one transaction (or more than one transaction involving identical securities for the same client) you made for a person. Other T-Slips like T4E, T4P, T4RSP, T4OAS, etc.
10. Other Credits & Deductions
Public Transit Passes - Credit was terminated in 2018. Statements and/or receipts for public transportation. Medical Expenses Receipts - Official receipts of eligible medical expenses. The taxpayer, a Canadian tax resident, may deduct eligible medical expenses from the taxpayer, spouse, and dependents, paid in any period within 12 months ending at the end of the calendar year of which the income tax refers, or those expenses which were not deducted from the previous tax return. Child Care Expenses - Child care expenses are amounts you or another person paid to have someone look after an eligible child so that you or the other person could:
- earn income from employment;
- carry on a business either alone or as an active partner;
- attend school under the conditions identified under the Educational program;
- carry on research or similar work, for which you or the other person received a grant.
11. Other relevant information
Rent or property taxes paid in Ontario or Manitoba (only) - Information needed: complete address with postal code, number of months lived in this address, total rent or property taxes paid, and if it was rent or property tax, the name of the landlord or municipality. First time home buyer - All information needed. Home Buyers' Plan - All information needed.
12. Moving Expenses
You can be eligible when:
- you moved and established a new home to work or run a business at a new location; or
- you moved to be a student in full-time attendance in a post-secondary program at a university, college or -other educational institution.
- You moved within Canada.
- You moved from outside Canada to a new work location in Canada.
- You moved from Canada to a new work location outside Canada.
- You moved between two locations outside Canada.
13. Rental Income
T776 – Statement of Real Estate Rentals form - You use this form if you own and rent real estate or other property. This form is to report all rental income you received from a rented property.
14. Self-employment Income
T2125 – Statement of Business or Professional Activities - The form is used to report your business / self-employed income and expenses, including self-employed commission sales. Your net business income is posted to your general income and benefit return and included in your taxable income. You must complete a separate T2125 for each business/ self-employment you own.
15. Foreign Income
Documents needed: all foreign income information slips and/or foreign tax return and any other relevant document.