The Ultimate Canadian Personal Tax Checklist

Another year has come and gone, and it is once again time to file your personal taxes. The team at LedgersOnline wants to make sure that you take advantage of every tax credit and deduction possible, and have created the ultimate preparation guide to help prepare and organize your information. As always, our team is happy to help if you have any questions. Let’s get started!

Slips

  • T4 slips (Employment income)
  • Employment insurance benefits (T4E)
  • Interest, dividends, mutual funds (T3, T5, T5008)
  • Tuition / education receipts (T2202A)
  • Workers’ compensation benefits (T5007)
  • Social assistance payments (T5007)
  • Universal Child Care Benefit (RC62)
  • Old Age Security and CPP benefits (T4A-OAS, T4AP)
  • Other pensions and annuities (T4A)
  • All other information slips

Receipts

  • RRSP contribution receipts
  • Support for a child, spouse or common-law partner
  • Professional or union dues
  • Transit pass receipts
  • Tool expenses (Tradespersons & apprentice mechanics)
  • Office – in-home expenses
  • Charitable donations
  • Political contributions
  • Medical expenses
  • Child care expenses
  • Adoption expenses
  • Children’s arts and sports programs
  • Interest paid on student loans
  • Moving expenses
  • Carrying charges and interest expenses
  • Exams for professional certification

Other documentation

  • Notice of Assessment/Reassessment
  • Canada Revenue Agency correspondence
  • Rental income and expense receipts
  • Sale or deemed sale of stocks, bonds or real estate
  • Automobile / Travel logbook and expenses
  • Business, farm or fishing income/expenses
  • Disability Tax Credit Certificate
  • Declaration of Conditions of Employment (T2200)
  • Search and Rescue volunteers certification
  • Volunteer Firefighters certification
  • Northern residents deductions receipts
  • Custody Arrangement documentation

Personal Tax FAQs

Does CRA need original receipts?

Yes, the Canada Revenue Agency typically requires you to keep your original receipts, invoices, and supporting documents for at least six years after filing your tax return. These documents are used to support the deductions and credits you have claimed on your tax return in case of an audit or review.

What are the steps for filing a tax return?

Filing a tax return in Canada involves the following steps:

  1. Gather Documentation: Collect any income statements, receipts, and supporting documents.
  2. Choose a Filing Method: Choose how you would like to file your taxes:
    • Online using tax software
    • Through a certified tax professional
    • On paper using tax forms (Available on the CRA website or post offices)
  3. Complete the Return: Fill out the tax forms or use tax software to enter your information.
  4. Calculate Taxes Owed and Refund: Once you complete your tax forms you should be able to calculate if you owe any additional taxes or if you are eligible for a refund based on your income, deductions, and credits.
  5. Submit the Return: Send your tax return to CRA before the deadline (April 30 for personal tax returns)
  6. Make a Payment (if applicable): If you owe any taxes be sure to make any payments by the deadline to avoid penalties and interest.

Where can I ask tax questions for free?

Tax-related questions can be asked directly for free by contacting the Canada Revenue Agency directly through their official website or phone lines. They have a dedicated helpline for individuals and businesses to inquire about tax matters.

How many years can CRA go back to audit?

The CRA has the permission to audit your tax returns for the past three tax years, plus the current year. So in total, they can go back up to four years from the current tax year to review your tax filings.

If the CRA suspects fraud or significant tax evasion, they have no limit on how far back they can audit your returns.

Do I have to file taxes if I have no income?

In Canada, if you have no income to report and you’re not eligible for any tax credits or benefits, you should not be required to file a tax return. With that being said, it’s advisable to double check with the CRA to determine if you have an obligation to file.

Is there a penalty for filing taxes late if you owe nothing?

If you do have a filing obligation but owe no taxes because your income is below the taxable threshold, there is generally no penalty for filing your taxes late.

Conclusion

Now that you have your documents organized, you are ready to get started on preparing your taxes. If you need to talk to CRA, check out Efficient Communication with the CRA: Best Ways to Get in Touch and Receive Assistance
As always, our Small Business Bookkeeping team is more than happy to help prepare your personal taxes. Contact Us today to find out more information.

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