Personal Tax Checklist

When preparing for your Personal Taxes, be sure to have the following:

All information slips such as T3, T4, T4A, T4A(OAS), T4A(4PT), T4A(P), T4E, T4F, T4PS, T4RIF, T4RSP, T5, T10, T2200, T2202, TFA1, T100, T101, T600, T1163, T1164, CTB, TL11A, T5003, T5007, T5008, T5013, T5018 (Subcontractors) and corresponding provincial slips.

Details of other income for which no T slips have been received such as:

• other employment income (including stock option plans and Election Form T1212)
• business income
• partnership income
• rental income
• alimony, separation allowances, child maintenance
• pensions
• interest income earned but not yet received - example Canada Savings Bonds, Deferred Annuities, Term Deposits

Treasury Bills, Mutual Funds, Strip Bonds, Compound Interest Bonds

• professional fees
• director fees
• scholarships, fellowships, bursaries
• replacement properties acquired

Details of other expenses such as:

• employment related expenses - Provide Form T2200 "Declaration of Conditions of Employment"
• tools acquired by apprentice vehicle mechanics
• business and employment purchases like vehicles, supplies, etc.
• interest on money borrowed to purchase investments
• investment counsel fees
• moving expenses - including costs of maintaining a vacant former residence
• child care expenses
• alimony, separation allowances, child maintenance
• safety deposit box fees
• accounting fees
• pension plan contributions
• film and video production eligible for tax credit
• mining tax credit expenses
• business research and development
• clergy residence deduction information, including Form T1223

Details of other investments such as:

• real estate or oil and gas investments - including financial statements
• labour-sponsored funds
• Registered Education Savings Plans

Details and receipts for:

• Registered Retirement Savings Plan (RRSP) contributions
• professional dues
• tuition fees - including mandatory ancillary fees, and Forms T2202, TL11A and TL11D
• charitable donations (including publicly traded securities)
• medical expenses (including medical related modifications to new or existing home and travel expenses)
• political contributions.

Details of capital gains and losses realized in 2004.
Also, new rules now permit rollovers for foreign share spin-offs and various foreign share reorganizations.

Details of previous capital gain exemptions claimed, business investment losses and cumulative net investment loss accounts.

Name, address, date of birth, S.I.N., and province of residence on December 31, 2004.

Marital/common-law status and spouse/partner's income, S.I.N. and birth date.

List of dependents - including their incomes and birth dates.

If you or one of your dependents was in full time attendance at a college or university, details concerning name of institution, number of months in attendance, tuition fees, income of dependent, Form T2202.

Are you disabled or are any of your dependents disabled?  Provide Form T2201 - disability tax credit certificate.  This also includes extensive therapy such as kidney dialysis and certain cystic fibrosis therapy.  Also, the transfer rules include relatives such as parents, grandparents, child, grandchild, brothers, sisters, aunts, uncles, nephews or nieces. 

Details regarding residence in a prescribed area which qualifies for the Isolated Area Deduction.

Information regarding child tax credit receipts.

Details regarding RRSP - Home Buyers' Plan withdrawals and repayments; RRSP - Lifelong Learning Plan repayment.

Receipts for 2004 income tax installments or, payments of tax.

Copy of 2003 personal tax returns, 2003 Assessment Notices and any correspondence from Canada Customs and Revenue Agency (CCRA).

2004 Personalized Tax information which CCRA may have sent you.

Do you want your tax refund or credit deposited directly to your account in a financial institution?  Yes/No.
To start direct deposit, or to change banking information, attach a "void" personalized cheque or your branch, institution and account number.

Details of carry forwards from previous years including losses, donations, forward averaging amounts, registered retirement savings plans.

Details of foreign property owned at any time in 2004 including cash, stocks, trusts, partnerships, real estate, tangible and intangible property, contingent interests, convertible property, etc..

Details of income from, or distributions to, foreign entities such as foreign affiliates and trusts.

Details of your "Pension Adjustment Reversal" if you ceased employment and were in a Registered Pension Plan or a Deferred Profit Sharing Plan.  (T10 Slip)

If you provided in-home care for a parent or grandparent (including in-laws) 65 years of age or over, or an infirm dependent relative, a federal tax credit may be available.
Also, the caregiver may claim related training costs as a medical expense credit.

Interest paid on qualifying student loans is eligible for a tax credit.

Retroactive lump-sum payments

• Individuals receiving qualifying retroactive lump-sum payments over $3,000 may be allowed to use a special mechanism to compute the tax

Changes in family circumstance that could affect the Goods and Services Tax Credit, such as births, deaths, marriages, reaching the age of 19 years, and becoming or ceasing to be a resident in Canada.

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