The final days of April are upon us, and that means one thing for many people. The pressure is on to submit your return to the CRA by April 30th if you have not already done so. Business owners and entrepreneurs also need to remit any amount owed to the CRA by April 30th to avoid penalty or interest. So if you are among those who haven’t pressed send yet, here is a handy checklist to run through before you do.
□ Investment Income T3, T5, T5008
□ Employment IncomeT4
□ Pension Income, Commission Income Self-employed (Contractor) T4A □ COVID-19 Benefits received T4A
□ Canada Pension Plan and Old Age Security T4A (OAS), T4A (P)
□ Employment Insurance Benefits T4E
□ RRSP and RIF Income T4RSP, T4RIF
□ Tuition T2202
□ Social Insurance and Worker’s Compensation T5007
□ Partnership Income T5013
□ Any other tax slips
□ Charitable donations and political contributions
□ Medical expenses
□ Business income (along with related expenses) Self-employment and Sole Proprietorship
□ Child Care expenses
□ Rental income (along with related expenses)
□ Student loan interest payments
□ Professional or Union Dues not included on T4
□ Investment advisor fees
□ Employment expenses including working from home due to COVID-19 (T2200/T2200S “Declaration of Conditions of Employment”)
□ Examination fees for professional designations
□ Rent or Property tax
□ Name of spouse and list of dependents – including their incomes, birth dates and S.I.N.
□ Details regarding your RRSP Home Buyers’ Plan withdrawals and repayments; and RRSP Lifelong Learning Plan repayment.
□ Receipts for income tax instalments or, payments of tax (or CRA statement of account).
□ Copy of Notice of Assessments and any correspondence from Canada Revenue Agency (CRA) from the previous tax year.
□ A copy of the previous year’s tax return.
□ Details of carry forwards from previous years including losses, donations, forward averaging amounts, registered retirement savings plans.
□ Disability Tax Credit certificate (T2201).
For more information, or if you have any questions about this years tax return, reach out to Susan Ivanovics, CPA at firstname.lastname@example.org