Do you need an Income Tax Checklist? We have one!

Income tax checklist

Do you need an Income Tax Checklist? We have one!

Income tax season is back! It snuck up on me again at the exact same time this year as the last 15 or so. To help people ease the possible pains of their tax returns I’ve prepared this checklist that will hopefully keep track of the majority of items you might need. 

Family Information

A few questions you’ll want to ask yourself before getting started. If you answer yes to one of these your income status would have changed and filling will be slightly different than last year.

Has your marital status changed? Yes No
Are there any changes to your dependants?
(provide SIN, name and birth date)
Yes No

Other/new income sources

❑ First year for CPP, OAS?
❑ T4E for employment insurance payments
❑ RC 62 for universal child care payments
❑ Alimony and/or maintenance received
❑ Rental property revenue & expenses
❑ Business, self-employed income & expenses

Receipts

There are always different credits and deduction you should keep track of. While I don’t know any particulars of your situation here are a few general items you may want to look into. All of these items can either be deducted or have a credit associated with them to help reduce your income. This means a bigger return for yourself!        

❑ RRSP contributions and withdrawal
❑ Union or professional dues
❑ Donations
❑ Medical expenses, including plan premiums
❑ Child care
❑ Child fitness/sports
❑ Child arts
❑ Student loan interest
❑ T2202 tuition fees
❑ Moving expenses
❑ Transit pass
❑ T2200 Employment expenses
❑ Investment expenses (interest, mgmt. fees)
❑ Alimony and/or maintenance paid

That hopefully helps you before you bring your taxes to get done or even better helps you get organized to do you own income tax filing. It doesn’t cover everything possible but it does cover the basics for the majority of you. If you’re considering filing your taxes on your own Reviews.com has an article comparing several different online tax software options

If you need more information on income tax, might I suggest one of the following articles?

3 WAYS I DISCOVERED HOW TO REDUCE MY TAXES

9 GREAT TAX DEDUCTIONS FOR INCOME PROPERTIES

INCOME TAX SEASON: IS IT REALLY THAT SCARY?

 

Or if you’re just wondering how to spend your income tax return:

7 WAYS TO SPEND YOUR TAX RETURN

 

 

 

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