Are you prepared for filing your 2018 taxes yet?
Here is a simple checklist to help you get started:
- Gather all your tax slips (T3,T4,T4A,T4A (OAS),T4A(P),T4PS,T4RIF,T5 and so on).
- Review last year’s Notice of Assessment and any CRA government letters to see if there are anything that needs to be resolved (did CRA ask for more information? Income to be reported for 2018? RRSP limits and unused RRPS that you can deduct in 2018?).
- Did you buy or sell any investments in 2018? This may lead to capital gains or losses.
- Any foreign property or shares over $100,000 CAD? You have to disclose it on T1135 form.
- Rental income and expenses – be consistent each year and report this.
- Business income and expenses. Organize and sort the amounts by category. If you are a GST registrant, annual returns are due 3 months after year-end. Don’t forget to include your home office expenses such as mortgage interest, property taxes, utilities, and maintenance.
- Employment expenses – some are deductible, need a signed T2200 Conditions of Employment form.
- Receipts for tax instalments paid.
- Professional and accounting fees paid, investment counsel fees.
- Apprentice tools.
- Interest on money borrowed to buy investments.
- Moving expenses.
- Child care expenses.
- Alimony, separation and child maintenance.
- Tuition slips.
- Medical receipts-2017 and 2018 – any 12 consecutive months with the last one ending in 2018.
- Charitable donation receipts.
- RRSP Contributions slips.
- Pension income – can elect to split with spouse.
- Dependent information (kids, in home care for parents or grandparents, 65 and over).
- Student loans interest.
- First time home buyer?
If you have questions, ask your tax advisor. Happy tax planning.
