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Newsletter - Chartered Professional Accountant Toronto (CPA)

      Newsletter #7 - March 2010

      Tax season is upon us! This newsletter contains a Personal Income Tax Return Checklist. Please use the checklist to
      organize your tax slips and information to facilitate the preparation of your personal income tax return in an accurate,
      efficient and timely fashion.


Personal Income Tax Return Checklist

      Income

  • Employment and Commission Income T4, T4A
  • Old Age Security Pension T4 (OAS)
  • Canada Pension Plan (CPP) Benefits T4A(P)
  • Other Pensions T4A, Registered Retirement Income Fund (RRIF) T4RIF
  • Elected Split Pension Amount (Form 1032 to split up to 50% of your pension income with spouse
    or common law partner)
  • Universal Child Care Benefit RC62
  • Employment Insurance and other benefits T4E
  • Dividends from Investments T5, T3, T5013, T5013A, T4PS
  • Interest and other investment income T5, T3, T5013, T5013A and Foreign Interest and Foreign Dividends
  • Net Partnership Income (limited liability or non-active partners) T5013, T5013A
  • Registered Disability Savings Plan T4A
  • Rental Income and Expenses and renovations/additions for the year
  • Capital Gains from sale of investments T5008, T5, T3, T5013, T5013A, T4PS
  • Capital Gains from sale of real estate (purchase and sale documents, costs relating to purchase such as legal, commission, advertising, renovations/ additions to real estate)
  • Support payments received for yourself or child
  • Registered Retirement Saving Plan (RRSP) Income T4RSP
  • Other Income T4A (Registered Education Savings Plan RESP, Tax-Free Savings Account, scholarships, apprenticeship incentive grant, lump sum payments from pensions and deferred profit-sharing plans, retiring allowance paid as severance pay, death benefit from employment service), Foreign Income and Pensions
  • Self-Employment Income: Business, Professional, Commission (receipts from income earned and expenses incurred, capital assets such as equipment, furniture, computers purchased)
  • Social Assistance Payments T5007
      Deductions
  • Registered Pension Plan T4, T4A
  • Registered Retirement Saving Plan (RRSP) contribution slip
  • Deduction for Elected Split Pension Amount
  • Union and professional dues receipts
  • Child Care Expense receipts for children under 16 (daycare, boarding school, sports school, camp)
  • Disability support expense receipts (devices or services)
  • Business Investment Loss from disposition of shares or debt of a small business corporation
  • Moving expense receipts (moved to work or run a business or study full-time post-secondary)
  • Support payments made for spouse or child
  • Carrying charges and interest expenses (fees to manage your investments, accounting fees for business or property, safety deposit box rental, interest you pay on money borrowed for investment purposes)
  • Exploration and development expenses T5, T101, T5013, T5013A
  • Employment expenses your employment contract required you to pay such as home office, automobile, travel, supplies , tradespersonís tools (Form T2200 must be completed by employer)
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