Tax Return Checklist

IT’S THAT TIME OF YEAR AGAIN……TAX TIME!

You must file your taxes by April 30, 2018 if you are an employee and receive a salary. You can file your taxes until June 15, 2018 if you are self-employed or a business owner. However, if you owe tax money to the Canada Revenue Agency (CRA), you must pay the balance owing by April 30, 2018.

Use this Tax Return Checklist to help make sure that you are providing your accountant with everything he or she needs, so you do not miss opportunities to save taxes.

TAX SLIPS	RECEIPTS
Here are some of the federal tax slips’ you may receive. Most will arrive by the end of February ✓ T3 – Allocations or distributions from trusts (including segregated funds, mutual funds and exchange-traded funds) ✓ T4 – Employment income ✓ T4RSP – Registered Retirement Savings Plan (RRSP) income ✓ T4RIF – Registered Retirement Income Fund (RRIF) income ✓ T4A – Other sources of income (including pensions, annuities, payments from Registered Education Savings Plan, Self-employment commissions, scholarships and more) ✓ T5 – Interest, dividends, mutual funds	Deductions and credits can significantly reduce your tax bill. Make sure to these receipts to your accountant ✓ RRSP & Pension contributions ✓ Child care expenses ✓ Carrying charges and interest expenses (e.g., investment loan) ✓ Moving expenses ✓ Medical expenses ✓ Charitable & political donations ✓ Annual professional membership and union dues (e.g., association fees) ✓ Exams for professional certification ✓ Accounting & legal fees ✓ Interest paid on student loans

TAX SLIPS

RECEIPTS

Here are some of the federal tax slips’ you may receive. Most will arrive by the end of February

✓ T3 – Allocations or distributions from trusts (including segregated funds, mutual funds and exchange-traded funds)
✓ T4 – Employment income
✓ T4RSP – Registered Retirement Savings Plan (RRSP) income
✓ T4RIF – Registered Retirement Income Fund (RRIF) income
✓ T4A – Other sources of income (including pensions, annuities, payments from Registered Education Savings Plan, Self-employment commissions, scholarships and more)
✓ T5 – Interest, dividends, mutual funds

Deductions and credits can significantly reduce your tax bill. Make sure to these receipts to your accountant

✓ RRSP & Pension contributions
✓ Child care expenses
✓ Carrying charges and interest expenses (e.g., investment loan)
✓ Moving expenses
✓ Medical expenses
✓ Charitable & political donations
✓ Annual professional membership and union dues (e.g., association fees)
✓ Exams for professional certification
✓ Accounting & legal fees
✓ Interest paid on student loans

Resources:
1. Understanding your tax slips
2. Canadian income tax rates for individuals
3. Payroll Deductions Online Calculator
4. BC Non-refundable tax credits, other credits, and reduction
5. Federal tax brackets and rates
6. Tax deductions and Tax credits (non-refundable and refundable)

Our team works with other business professionals to help our clients meet their needs. Ask us about our team of business professionals, we would love to introduce you to great accountants that we work with.