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 2024 to receive all documents relating to your 2023 tax return. To prepare your income tax return accurately, please make sure you provide us with all documents, receipts, and income records.

Reporting the sale of your principal residence

If you sold your home, it must be reported on your tax return, even if it was your principal residence for the whole time, you owned it. There are substantial penalties for not reporting the sale. If you sold your home in 2023. Provide the following details:

·        Property address

·        Year it was purchased

·        Selling price

·        Names of all owners and percentage of ownership

·        Number of years the property was the principal residence

Underused Housing Tax (UHT)

Non-residents and certain Canadian residents, including trustees of a trust and partners in a partnership, who owned residential property in Canada as of December 31, 2023, may need to file an additional UHT tax return, even if the property is exempt from paying the Underused Housing Tax. This applies even if you owned the property jointly with other individuals. The requirements are complex. There are significant penalties for failing to file or pay tax owing by the deadline. Please consult with us to determine if you have a filing or tax obligation.

Important dates to remember

February 29, 2024 - Final date for 2023 RRSP contribution

March 15, 2024 - Payment due date for first quarterly 2024 tax  installment

March 30, 2024 - Payment due date for 2023 HST on business  income

April 30, 2024 - Payment due date for 2023 taxes owing

April 30, 2024 - Filing deadline for UHT return

April 30, 2024 - Filing deadline for your 2023 income tax return

June 15, 2024 - Filing deadline for your 2023  business income

General items

·        A copy of last year’s return, including spouse’s return if not being processed together

·        Contact details (address, email, Phone #)

·        2022 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

·        Installment 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


·        Employment income (T4)

·        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 including principal residence, cottage, vacation home, vacant land, investment property, etc.

·        Income from foreign investments

·        Foreign pension – if you received a pension from a country other than Canada, provide details of amount of pension, country, currency, amount, exempt portion, foreign tax paid, and pension start date

·        Spousal support payments received (Alimony)

 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 moved40km 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

·        Rent or property tax

·        Public or non-profit long-term care

 Deductions- 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

 Deductions – 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

 Other Income

If you received any of the following types of income from aprivate business, activity or profession where a related person who is residentin Canada has a significant interest or is actively involved in:

1.     Dividendsor shareholder benefits from a private corporation

2.     Partnershipor Trust income from a related business

3.     Rental income(including through a trust or partnership) where a related person is involved

4.     Interest on loans to a private corporation, partnership, or trust

5.     Income or gains from the disposition of private share or other property


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.



contribution room


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


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

carry forward of unused contribution room


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


Unused contribution room carried forward indefinitely

require earned income to contribute





age qualifications to make contributions


Any age until you reach 71


Must be over 18 and no maximum age

are contributions tax Deductible


Yes – reduces taxable income



tax implications on income growth


Tax deferred (not taxed until withdrawn)


Tax free (never taxed)

tax implications on withdrawals


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


Withdrawals are tax free

can i withdraw savings for any reason


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


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


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



are there over-contribution penalty tax?


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


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