Preparing your personal income tax return can be a complex task, but staying organized and ensuring you have all the necessary documents can make the process smoother and help you maximize your tax savings. Our Canadian Personal Income Tax Preparation Checklist for the 2023-2024 tax year is designed to assist you in gathering essential information, tax slips, and receipts to ensure you claim every credit and deduction you deserve. Whether you have employment income, self-employment income, own a personal residence, or rental property, this checklist will help you stay on top of your tax obligations.
Canadian Personal Income TAX PREP CHECKLIST 2023-2024
Income Tax Slips Checklist:
☐ Employment income (T4)
☐ Fees for services (T4A)
☐ Contract payments (T5018)
☐ Partnership income (T5013)
☐ Interest and mutual funds (T3, T5008)
☐ Dividends (T5)
☐ Old age security (T4A-OAS)
☐ CPP benefits (T4A-P)
☐ Pension and annuity income (T4A)
☐ RRSP and RIF income (T4RSP, T4RIF)
☐ Employment insurance benefits (T4E)
☐ Advanced Canada workers benefit (RC210)
☐ Social assistance payments (T5007)
☐ Workers' compensation benefits (T5007)
☐ Research grants, scholarships (T4A)
☐ Other income not reported on a tax slip
Receipts for General Expenses - Deductions:
☐ RRSP contributions
☐ Tuition receipts (T2202A)
☐ Union dues and professional membership
☐ Exams for professional certification
☐ Teacher's school supplies
☐ Employment costs (T2200)
☐ Home office expenses for employees
☐ Childcare expenses and support payments
☐ Disability supports for self or dependents
☐ Medical expenses
☐ Personal attendant/facility care expenses
☐ Charitable donations
☐ Political contributions
☐ Home accessibility expenses
☐ Moving expenses for study/job
☐ Student loan interest amounts
If You Own a Personal Residence:
☐ Mortgage interest, insurance, property tax
☐ Secondary unit home renovation (MHRTC)
☐ Energy-efficient upgrades
☐ Sale or purchase of primary house
If You Own Rental Property:
☐ Rental income
☐ Insurance premium, professional fees
☐ Receipts for repairs and maintenance
☐ Mortgage interest, property tax paid
Carry Forward Amounts:
☐ The amount of tuition carried over from prior years
☐ Leftover unused RRSP from the previous years, RRSP contribution limit amount
☐ Tax installments paid
☐ Any balance owing amount to CRA
☐ Other carry-forward amounts (donation, investment loss, moving expense, student loan)
Additional Information:
Have your last year's Notice of Assessment or
Notice of Re-assessment ready.
For Self-Employed Individuals:
Include self-employment income details and expenses, such as office, supplies, utilities, sub-contracts, maintenance, meals, fees, interests, and insurance.
Prepare a list of capital goods, including motor vehicles, equipment, furniture, etc.
Maintain records of vehicle expenses and miles traveled for self-employment purposes, including logbooks for mileage.
Personal Information:
Gather personal information such as name, social insurance number, date of birth, mailing address, residency status, and location.
Collect information about your spouse/common-law partner, children, and other dependents.
Determine the net income of your spouse/common-law partner/dependents.
Prior Tax Years' Information:
Keep track of any carry-forward amounts
from previous years, including tuition, RRSP contributions,
and other deductions.
When it comes to Canadian personal income tax, having guidance from an Income Tax Specialist can make all the difference. These professionals help ensure that you understand the intricacies of tax laws, deductions, and credits that can be easily overlooked. They provide personalized advice on how to maximize your tax refund, optimize RRSP contributions, and prepare for potential tax audits.