Tax Tips

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Important Tax Tips

1. Don't do RRSP if your taxable income is less than $42,961
2. Do spousal RRSP to even up retirement income.
3. Always file on time, even if you can't pay (avoid the late penalties)
4. File all family returns at the same time for optimal return.
5. We need official tuition slips - available on the schools website.
6. Combine all medical, dental, chiro, glasses, and prescriptions, etc. for all family members for the year. Just bring total amount we don't need all the bills.
7. Bring your prior year tax return and assessment notice.
8. RRSP contribution limit= 18% of earned income up to a max of $26,230 + any carry forward room. Please verify notice of assessments.

9. Self employed - HST - elect annual filing and quick method if you are in a service business we will prepare your HST only if its annual filing.

Here’s a great checklist to help you get organized to come see us:


All T4 slips (employment income)

Employment insurance benefits (T4E)

Interest, dividends, mutual funds (T3, T5)

Tuition/ education receipts (T2202A)

Universal child care benefit (RC62)

Old Age Security and CPP benefits (T4A-OAS, T4AP)

Other pensions and annuities (T4A)

Social assistance payments (T5007)

Workers’ compensation benefits (T5007)

All other information slips


RRSP contribution slips

Support for a child, spouse or common-law partner

Professional or union dues

Tool expenses (trades person)

Medical expenses

Transit pass receipt

Charitable donations

Political contributions

Child care expenses

Adoption expenses

Children’s arts and sports program

Interest paid on student loans

Carrying charges and interest expenses

Office- in home expenses

Exams for professional certification

Other documentation

Notice of assessment/ Reassessment

Canada Revenue Agency correspondence

Sale or deemed sale of stock, bonds or real estate

Northern residents deductions

Rental income and expense recorded

Business, farm or fishing income/expenses

Automobile/ travel logbook and expenses

Disability Tax Credit Certificate

Declaration of Conditions of Employment (T2200)

Volunteer Firefighters Certificate

Self Employment tax return

Income and expense summary for the current filing year

Income and expenses summary for the last year you filed

Last year’s tax return (or last year filed) including but not limited to:

Capital Cost Allowance Schedule

Business use of home expenses

Motor Vehicle Expenses

Any correspondence and documents received from the CRA or provincial government, including (but not limited to):

Notice of assessment or Notice of Reassessments for last two years of tax return filing, all HST reports

A copy of all instalments made for income tax, HST and payroll

Also include the following Bookkeeping and Accounting documents:

Bank and credit card account statements

Accounts payable/receivable

Inventory count

Asset list

Capital assets

Loan documents

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