Last updated: February 25 , 2015
Income tax time is here. You are viewing this site because you are getting ready to organize and fill your income tax return. I hope this income tax preparation checklist Canada will help you to organize all your documents in order, and save you money and time. Many people usually forget to include some documents for tax return then submit those extra receipts after they have submitted.
Use the following checklist to ensure you have all tax documents are ready and in order: Please kindly let me know if I have missed something here. It will benefit for me as well for others.
* The new Family Tax Cut for 2014 tax year
Please do not forget to include the family income-splitting tax-break which allows couples with children to save up to $2000 by sharing income for tax purposes.Income tax slips
- Work
- RRSP withdrawals
- Daycare income
- OAS
- CPP
- Social assistance
- Canda Saving bond redemptions
- Tutor income
- Other incomes
Dependents (if you have any dependents)
- Daycare cost
- Tuition fees
- Textbook credits
- Fitness
- Recreation and arts
Investment income (if you have invested in stocks or bonds and made more than $50 during the year)
- Dividend income (you may get tax credits if you are in low income margin)
- Capital gains
Rental income (if you have any rental properties)
- Mortgage interest
- Property tax
- Insurance cost
- Repair and maintains
- Utilities
- Advertisement
- Other miscellaneous expensive
Other expensives
- Tuitions fees
- Student loan interest
- Donations (political and charitable donations)
- RRSP contributions
- Medical bills
- Public transit
- Rent payments
- Self-employed
- Self-employed income and expenses (home office expensive)
- Business income & expensive records
- All sales information
- All expenses information
- Car, office rentals, travel
- Miscellaneous expensive
You don’t have to include all tax slips and receipts when you fill your return electronically; however, you will have to keep them for at least six years in case you are selected for audit. So, you should organize your files and tax return documents in yearly bases.
Do you max out your TFSA and RRSP contributions? If not, why not get as much tax benefits as you can? If yes, isn’t it very tight when your monthly expenses are $3K and your monthly net income (disregarding your tax benefits) is $3666? Do you contribute all you can to RRSP right before filing your taxes or after each salary?
Does all of your passive income come from dividends?
Hello Alan
Thank you for stopping by,
Actually, My TFSA is almost max-out, but RRSP account is not. I stopped contributing to to RRSP after my stopped work because our family income cut by 1/3. For my TFSA, I use some debts (either from credit card/margin/HELOC).
Yes, All my passive income come dividends.
Best Regards,