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Tax Return Checklist

Tax Return Checklist for your 2019 Personal Tax Return

It's that time of the year again, April 30th, 2020 is the deadline to file your personal tax return. This checklist will help you ensure you're collecting all relevant information.

Tax Slips

List of federal tax slips, you may receive depending on your individual situation:

  • T3 - Allocations or distributions from trust (including segregated funds, mutual funds, and exchange traded funds)
  • T4 - Employment Income
  • T4RSP - Registered Retirement Savings Plan (RRSP) Income
  • T4RIF - Registered Retirement Income Fund (RIF) Income
  • T4A - Pension, Retirement, Annuity, and other income (including Registered Education Savings Plan (RESP) and Self-Employed Commissions)
  • T4A(P) - Canada Pension Plan Benefits
  • T4E - Employment Insurance Benefits
  • T5 - Investment Income (including distributions from corporate class mutual funds and interest received from bank accounts)
  • T5007 - Workers' Compensation/Social Assistance Benefits
  • T5013 - Partnership Income
  • T101 - Resource Expenses

Deductions & Credits

Deductions and credits are key to reducing your annual tax liability. To support your claims, be sure to compile your documentation for:

  • RRSP Contributions (Up until March 1, 2020)
  • Investment Expenses
  • Investment Loan Expenses
  • Moving Expenses
  • Medical Expenses
  • Charitable & Political Donations
  • Child Care Expenses
  • Adoption Expenses
  • Child Support & Alimony Payments
  • Tuition OR Examinations Fees
  • Student Loan Interest
  • Professionals & Union Dues
  • Car/Travel Logbook & Expenses

Carryforward Amounts

Deductions and credits are key to reducing your annual tax liability. To support your claims, be sure to compile your documentation for:

  • RRSP Contributions
  • Moving Expenses
  • Charitable Donations
  • Tuition, Education, and Textbook Amounts
  • Student Loan Interest
  • Capital Losses

Other Planning Opportunities

You may need additional information if you answer "yes" to any of the following:

  • Did your marital status change?
  • Did you hold more than $100,000 of "specified foreign property" at any time during the year (including bank accounts, shares, or real property)?
  • Did you sell stocks, bonds, or real estate (including your principal residence)?
  • Did you have business income/expenses (i.e. sole proprietorship)?
  • Do you support a spouse or common-law partner, or a dependent with a physical or mental impairment?
  • Do you work on commission?
  • Do you have a home office?
  • Do you have farm or fishing income /expenses?
  • Do you have rental income/expenses?
  • Are you a volunteer firefighter?
  • Are you eligible for the Disability Tax Credit?

It is important to note that with hundreds of deductions and credits available in the Canadian Tax System, this checklist is not intended to be a complete list of all potential available deductions and credits or the possible documentation that you may need. It is strongly recommended that you seek the advice of a professional in order to ensure you have the information and documentation appropriate to your specific situation so you're minimizing your tax liability and not leaving any money on the table.

Consult with Your trusted financial advisors and  they can help you make strategic financial decisions throughout the year that can result in a reduced tax burden and maximum tax return.

For Professional Service at Sharma Wealth Management,  Book an appointment now!

Get all your answers! - Call us at 9056029991 or send us email at sharmawealth@manulifesecurities.ca

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