Things you should have for Tax season

Welcome to the tax season!

Some of us have gotten our tax returns already, some of us are stressing about it or some of us just simply don’t want to deal with it. Whether you are going to do it on your own or have someone do the number crunching for you, it’s a good to know exactly what you will need in order to have a hassle-free tax season.

First things first!

Having your last year’s documents are helpful. Yup, that’s right start digging up for your prior year’s notice of assessment and prior tax return. This will make life easier. If you did it online such as TurboTax, etc. then you should have it saved on your computer (try saving it on an USB and another backup).

Great you found it! So here’s the next step, try to round up these documents for 2016:

• T4s for employment income
• T3s for trust and dividend income
• T5s investment income
• RRSP paid during the year up to the End of February
• Universal child care benefit
• Pension income
• Support for a child, spouse or common-law partner
• Child care payment
• Children’s arts and sports programs
• Adoption expenses
• Charitable donations
• Public transit passes
• Medical Expenses
• Tuition fees
• Moving expenses for which you were not reimbursed
• Interest on loans paid to earn investment income

Are you a sole proprietor/ self-employed?  Well, you are going to be required to provide additional information to be able to complete your return. This includes receipts of any income (sales or revenues) or expenses you accumulated in the year. You would be surprised with the expenses you can include:

• Home offices expenses
• Transportation expenses
• Meals and entertainment expense
• Travel expenses (Business-trips only)

Do you have Rental properties?  You’ll need additional information as well! Be sure to keep the required documents for your rental income. Also your receipts of your expenses such as:

• Repair & maintenance
• Advertising
• Interest payments
• Insurance
• Property taxes

So your necessary tax slips should have been sent to you by now, if not contact your employer, school, and etc. to clarify when they will be sent to you. Remember you’re responsible for providing all the relevant information to CRA when you’re filing your tax return. If you happen to omit information, THEY WILL FIND YOU!!!!! (kidding, but no really don’t try to short-cut the government).

I’ll provide advice on maximizing your tax returns next time. I hope everyone gets a lovely return. Enjoy ladies and gents.