What You Need to Prepare to Send Us to File Your Taxes: A Complete Guide from BooBoo Accounting in Richmond Hill
At BooBoo Accounting services in Richmond Hill, our expert accountants understand how overwhelming tax season can be. To make tax filing as simple as possible, we’ve put together a detailed list of necessary documents and information you’ll need to gather. By preparing these items ahead of time, we can ensure a quick and accurate tax filing process, helping you maximize your return and stay fully compliant with the Canada Revenue Agency (CRA).
Whether you’re an individual taxpayer or a small business owner, following this checklist will ensure that we have everything we need for an efficient tax filing.
1. Personal Identification Information
- Social Insurance Number (SIN): Required for filing your tax return with the CRA.
- Driver’s License: To verify your current address and date of birth.
2. Business Information (For Sole Proprietors)
- HST Number for Sole Proprietorship: If you run a business, provide your HST number and the specific name of your business.
3. Previous Tax Filing Documents
- A Copy of Your Last Tax Return: Please send a scanned or photo copy of your most recent T1 General, Notice of Assessment, or any correspondence from the CRA.
4. Income Documentation
- Income Slips (T4, T5, T3, T4OAS & CPP): These are essential documents for tax filing that need to be reported to the CRA. The CRA will upload these slips to your account once received.
5. RRSP Contributions
- RRSP Receipts: Include receipts for RRSP contributions, especially those made in January and February of the current year, to maximize your tax savings.
6. Tax-Free Savings Account (TFSA)
- TFSA Information: If you have a TFSA, provide details on any contributions or withdrawals made during the year.
7. Residency and Marital Status
- Residency Status: Confirm your Canadian residency status for tax filing purposes.
- Marital Status on December 31st: Were you married, separated, or divorced by the end of the year? Provide the date if separated or divorced.
- Spouse’s Address: If your spouse lives at a different address, we’ll need this information.
8. Children’s Information
- Children Under 18: If you have children under 18, provide their details, as there may be additional credits and deductions available during tax filing.
9. CRA My Account Registration
- CRA My Account: If you haven’t already, we recommend registering for CRA My Account. This service helps you track your tax filing progress and access your personal tax information.
- Register here: CRA My Account.
10. Moving Expenses
- Relocation for Employment or Schooling: If you moved more than 40 kilometers for a new job or school, you may be eligible for tax deductions on moving expenses.
11. Medical Expenses
- Medical Receipts: Medical expenses exceeding 3% of your taxable income can be claimed as deductions. Obtain year-end summaries from healthcare providers.
12. Charitable Donations
- Receipts for Charitable Donations: Donations can accumulate for up to five years. Be sure to include all receipts for contributions made during the year for your tax filing.
13. Property, Rent, or Nursing Home Fees
- Property Taxes, Rent, or Nursing Home Fees: Provide details of property tax, rent, or nursing home fees paid for potential deductions.
14. Sale of Principal Residence
- Principal Residence Sale: If you sold your principal residence, provide the purchase year and selling price to ensure accurate reporting during tax filing.
15. Student Tuition
- T2202A Forms: If you or a dependent is a student, provide the T2202A forms from the school’s website. Foreign tuition (TL11A) forms can be found on the CRA website for international students.
16. Employment and Transport Allowances
- Transport or Employment Meal Allowance: If you’re claiming transport or meal allowances, ensure your TL2 or T2200 forms are filled out.
17. Office-in-Home Expenses
- Home Office Expenses: For those who work from home, provide receipts for any office-in-home expenses to claim during tax filing.
18. Vehicle and Business Expenses
- Vehicle Information: Sole proprietors need to provide details about their vehicle (make, model, year) and related expenses (mileage, fuel).
- Other Business Expenses: Include documentation for any business-related expenses, such as office supplies, licenses, and certifications.
Maximize Your Tax Return with Professional Tax Filing Services from BooBoo Accounting in Richmond Hill
At BooBoo Accounting in Richmond Hill, we specialize in simplifying the tax filing process. Our experienced accountants works with individuals and businesses to ensure that all necessary documents are accurately reported to the CRA, helping you maximize your return and minimize tax liabilities.
Our commitment to providing expert tax filing services ensures that you’ll have peace of mind knowing that your taxes are handled by professionals who understand the CRA’s complex regulations.
Free Consultation – Get Started Today!
The sooner you prepare your documents and send them to us, the sooner we can start working on your tax filing. Contact us today for a free consultation with an accountant to discuss your tax filing needs, and let us guide you through the process.
Don’t wait – get started on your tax filing today and ensure your taxes are filed accurately and on time.