Tax season in Canada can be stressful, but being well-prepared with the right documents can make the process smoother and help you maximize your return. Whether you're filing on your own or working with a CPA, having all necessary paperwork in order is crucial. To help you stay organized, we've compiled a checklist of essential documents you need when filing your taxes in Canada.
1. Personal Information
Before getting into income and deductions, ensure you have the following:
- Social Insurance Number (SIN)
- Personal identification (e.g., driver’s license, passport)
- Details of dependents (names, birth dates, SINs if applicable)
- Last year’s tax return (helpful for reference and carry-forward amounts)
2. Income Documents
You'll need to report all sources of income. Common income documents include:
- T4 – Employment income slip
- T4A – Pension, annuity, or other self-employment income
- T5 – Investment income (interest, dividends, etc.)
- T3 – Income from trusts and mutual funds
- T4E – Employment Insurance (EI) benefits
- T4A(P) & T4A(OAS) – Canada Pension Plan (CPP) and Old Age Security (OAS) benefits
- T5007 – Social assistance and worker’s compensation benefits
- Self-employment income – Invoices, receipts, financial statements
- Rental income – Lease agreements, expense receipts, mortgage interest statements
- Cryptocurrency transactions – Records of trades and sales
3. Deduction & Credit Documents
Maximize your tax return with eligible deductions and credits:
- RRSP Contribution Receipts – For contributions made during the tax year and first 60 days of the new year
- Medical Expenses – Receipts for prescription drugs, dental, vision care, and other eligible expenses
- Charitable Donations – Official donation receipts
- Childcare Expenses – Receipts from daycare providers, camps, or nannies
- Tuition & Education Credits – T2202 form for post-secondary education
- Student Loan Interest – Statement of interest paid on government student loans
- Home Office Expenses – For those working from home (utility bills, rent, internet, etc.)
- Union & Professional Dues – Membership fees to professional organizations
- Moving Expenses – If relocating for work or education (distance and eligibility apply)
4. Property & Investment Documents
Ensure you report investment gains and property-related expenses correctly:
- T5008 – Statement of securities transactions
- Capital Gains/Losses – Records of stock and asset sales
- Rental Property Expenses – Mortgage interest, property tax, repairs, and maintenance receipts
- Foreign Income & Assets – If you own foreign property over $100,000 (T1135 form required)
5. Other Important Documents
Depending on your situation, you may need additional forms:
- Notice of Assessment (NOA) – Last year’s CRA assessment for reference
- Direct Deposit Information – Banking details for tax refunds
- Correspondence from the CRA – Any reassessments or outstanding balances
- Spousal & Dependent Support Payments – Records of payments made or received
Stay Organized & File on Time
Keeping your tax documents organized throughout the year can save time and stress. If you’re unsure about what you need, working with a CPA can ensure you claim all eligible deductions and credits while staying compliant with CRA regulations.
The deadline for most individuals to file their tax return in Canada is April 30. Self-employed individuals have until June 15, but any taxes owed must still be paid by April 30 to avoid interest charges.
Need assistance with your tax filing? JMH&Co is here to help! Contact us today to ensure a stress-free tax season.
This blog was written using the assistance of ChatGPT.
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