Summary

To make sure you get every tax credit and deduction that you are entitled to, we put together a handy checklist to help you prepare all documents and information you need to prepare your tax return. Please note that it could take to end of March 2022 to receive all documents relating to your 2021 tax return. To prepare your income tax return accurately, please make sure you provide us with all documents, receipts, and income records.

General items

  • A copy of last year’s return, including spouse’s return if not being processed together
  • Contact details (address, email, Phone #)
  • 2020 Notice of Assessment
  • Other years’ reassessments (if any)
  • Details of changes to your personal status such as dates of marriage, separation, divorce or widowed, births and deaths
  • Names of spouse, dependents and dates of birth
  • Instalment tax payments
  • Custody Arrangement documentation and separation agreement
  • Details of foreign property holdings (if any) including cost and type of property held
  • Any correspondence from CRA

Income

  • Employment income (T4)
  • COVID-19 benefits you received (T4A)
  • Pension income (T4A, T4A(P), T4RIF, T4RSP)
  • Old age security (T4OAS)
  • Investment income (T5, T3)
  • Income from employment insurance (T4E)
  • Income from partnerships (T5013)
  • Workers compensation/social assistance payments (T5007)
  • Details of the sale of securities such as stocks and bonds (e.g. trading summary from your broker) (T5008)
  • Details of real estate sales
  • Income from foreign investments
  • Spousal support payments received

Deductions

General

  • RRSP contributions
  • Medical, dental, prescription drugs, nursing home expenses
  • Payments to a private health insurance plan
  • Charitable donations
  • Tuition fees/education amount (T2202, TL11A, TL11C, TL11D) for yourself or transferred from a dependent such as a child or grandchild
  • Interest paid on student loans
  • Interest on loans assumed to purchase investments
  • Professional dues, union dues
  • Professional consultant fees
  • Professional certification exams
  • Legal fees paid to establish child or spousal support or to enforce a pre-existing agreement
  • Legal fees paid to recover wages from your employer
  • Details of people you support and their medical status
  • Moving expenses if you moved 40km or closer to work or school
  • Political contributions receipts
  • Disability tax credit claim form completed by authorized health practitioner (T2201)
  • Spousal support payments paid
  • Adoption expenses

Employment

  • Declaration of conditions of employment form (T2200, T2200S)
  • Details of expenses not reimbursed by your employer including travel expenses (e.g. parking, taxis, bus fare), supplies and salaries of assistants
  • Office rent if required as a condition of employment

Home office expenses if it is your principal workplace or used exclusively, on a regular or continuous basis for activities such as business-related meetings; include details of rent paid, repairs and maintenance costs, utilities and if you are a commissioned salesperson also property taxes and home insurance. Indicate the total area of your home and the area used for your workspace.

  • If you are a commissioned salesperson, details
  • supporting advertising expenses, promotion, meals and entertainment
  • Motor vehicle expenses and km log

Motor vehicle (if eligible)

  • Vehicle, purchase invoice/lease agreement
  • Total kilometers driven, and kilometers driven just for work and km log
  • Details of total expenses incurred for gasoline, maintenance and repairs, insurance, license and registration, loan interest and lease payments

Business Income (Sole Proprietor and Partnership)

  • Total sales revenue for the year
  • Total expenses listed by category for the year
  • Capital assets acquired (e.g. computers, furniture and equipment)
  • Home office expenses — include details of rent paid or if you own your home, details of repairs and maintenance, utilities, property taxes, insurance, mortgage interest, square footage of both home and office space
  • Motor vehicle expenses

Rental Income

  • Address and number of units
  • Rental income by unit
  • Rental expenses by unit and by category of expense
  • Motor vehicle expenses
  • Partners’ names, addresses and SINs
  • Legal fees

Please note that above list may not apply to everyone and some situations may require more information that is not listed above. We will be happy to advise you of what additional information may be required once we know your situation.

rRSP

tFSA

contribution room

rRSP

18% of previous year’s earned income, less any pension adjustment

tFSA

$5,000 / year, subject to inflation adjustment after 2009 as stated by Revenue Canada

carry forward of unused contribution room

rRSP

Unused contribution room carried forward until the year the contributor turns 71

tFSA

Unused contribution room carried forward indefinitely

require earned income to contribute

rRSP

Yes

tFSA

No

age qualifications to make contributions

rRSP

Any age until you reach 71

tFSA

Must be over 18 and no maximum age

are contributions tax Deductible

rRSP

Yes – reduces taxable income

tFSA

No

tax implications on income growth

rRSP

Tax deferred (not taxed until withdrawn)

tFSA

Tax free (never taxed)

tax implications on withdrawals

rRSP

Withdrawals are added to your taxable income in the year funds are withdrawn

tFSA

Withdrawals are tax free

can i withdraw savings for any reason

rRSP

Yes – but depending on kind of investment. Tax will be withheld at time of withdrawal

tFSA

Yes – but depending on kind of investment. No tax will be withheld at time of withdrawal

am i required to change my plan at a certain age

rRSP

Yes – RRSP must be converted to RIF or an annuity by end of the year you turn 71 or you can choose to close the plan

tFSA

No

are there over-contribution penalty tax?

rRSP

Yes – excess contributions are subject to a penalty tax of 1% per month. Penalty tax only applies if you exceed the $2,000 lifetime over-contribution amount

tFSA

Yes – excess contributions are subject to a penalty tax of 1% per month