PERSONAL TAX RETURN PREPARATION
FREQUENTLY ASKED QUESTIONS
QUESTION #1: WHAT INFORMATION SHOULD I COLLECT?
ANSWER:
Because each client's situation is different, this list is a starting point.
Tax Information Package (may include but not limited to):
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Notice of Assessment from the prior year
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Installments paid to Canada Revenue Agency
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T slips (T4 employment, T4A contract/bursary, T4AP CPP Pension, T4AOAS Old Age Security, T4RIF, T4RSP, T4E Employment Benefits, T4PS, T3 Trust, T5 Interest/Dividends, T5013 Partnership, T5007 WSIB/Social Assistance, etc.)
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Investment information
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RRSP slips
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FHSA First Home Savings Account (*withdrawal and contribution information)
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Donation receipts (must be to a charitable organization) (FYI GoFundMe doesn't count!)
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Medical receipts (*ask the pharmacy for a printout of your prescriptions for the year)
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Self-employment - income and expenses
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NFT or Cryptocurrency information
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Rent paid
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Property taxes (for principal residence only)
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Tuition fees (need slip from post-secondary institution)
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Childcare expenses (need slip from daycare)
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Rental property - income and expenses
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anything else you feel may be pertinent that is not listed above!
QUESTION #2: WHAT IF MY PERSONAL INFORMATION HAS CHANGED SINCE LAST YEAR? (ie. marital status, address, phone number, etc.)
ANSWER:
Please contact the office or notify staff when you are dropping off your tax information package.
QUESTION #3: WHAT IS THE DEADLINE FOR FILING A PERSONAL TAX RETURN WITH CANADA REVENUE AGENCY?
ANSWER:
The deadline for filing your personal tax return is April 30th.
If you own a small business, the deadline to file your personal tax return is June 15th.
QUESTION #4: HOW MANY YEARS SHOULD THE CLIENT COPY AND BACK-UP BE SAVED FOR?
ANSWER:
The information should be retained for the client for 7 years from the date of the Notice of Assessment.