“I haven’t filed my 2019 tax return and I am not sure what to take to my accountant?“
If you are in this position, my recommendation is (if you are utilizing the same accountant as last year) to contact their office ASAP. A good accountant should be able to provide you with a list of what you need to provide.
There are two crucial pieces of information that can help an accountant prepare a thorough tax return for 2019. These two documents are;
- 2018 Notice of Assessment from CRA. This will provide the accountant information on carry forwards, such as Capital Gains Loss, Business Loss, unused Tuition Credits, that can reduce your taxes payable or increase your tax refund. It can also alert the accountant to any amounts that require specific tax forms to be filed out such as HBP (Home Buyers Plan) if you took out any amount from your RRSP for the purchase of your home that requires a yearly repayment. Also, on your Notice of Assessment it can also alert the accountant to other credits to be claimed such as Disability tax credit.
- 2018 Tax Return. This will alert the accountant how the previous years tax return compares to the current one (2019). If there are any gaps or missing information your accountant can make suggestions on what is required to prepare a thorough tax return for 2019.
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