Please note that some tax slips and statements may not arrive until late March 2026. Providing complete and accurate documentation is essential to avoid delays and ensure compliance with CRA requirements.

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

Top Tax Highlights for 2025

Underused Housing Tax (UHT) Eliminated

The Federal Budget 2025 proposes to eliminate the UHT starting in 2025. This means no UHT returns or payments will be required for2025 and subsequent years.

RRSP Contribution Deadline

You have until March 1, 2026 to make RRSP contributions for the 2025 tax year. 

Principal Residence Reporting

If you sold your home in 2025—even if it was your principal residence for the entire ownership period—you must report the sale. Failure todo so can result in substantial penalties. Provide details such as:

− Property address

− Year purchased

− Selling price

− Names of all owners and ownership percentages

Key Compliance Reminders

Declare All Income

Report income from all sources, including employment, investments, pensions, and any foreign income. This includes overseas pensions and income from foreign investments.

Foreign Property Reporting

If you own foreign property or investments with a total cost exceeding $100,000 CAD, you must file Form T1135 (Foreign Income Verification Statement).

Sale of Principle Residence

Mandatory reporting applies even if the property was your principal residence throughout ownership.

Tax Credits to Reduce Your Taxes

You may be eligible for several credits and deductions, including:

− Medical Expenses

− Charitable Donations

− Tuition and Education Amounts

− Disability Tax Credit

− RRSP Contributions

− Moving Expenses (if you moved40 km closer to work or school)

− Home Office Expenses (if applicable)

Important dates to remember

March 1, 2026 --- Final date for 2025 RRSP  contribution

March 15, 2026 --- Payment  due date for first quarterly 2026 tax installment

March 31, 2026 --- Payment  due date for 2025 HST on business income

April  30, 2026 --- Payment  due date for 2025 taxes owing

April 30, 2026 --- Filing  deadline for your 2026 income tax return

June  15, 2026 --- Filing  deadline for your 2025 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 #)

- 2024 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

Income

- 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 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

- 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 a private business, activity or profession where a related person who is resident in Canada has a significant interest or is actively involved in:

1.     Dividends or shareholder benefits from a private corporation

2.     Partnership or 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

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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.