Filing your personal taxes doesn’t have to be stressful if you’re prepared. At GTA Accounting, we want to help you gather everything you need to make your tax filing smooth and easy. This simple checklist will guide you through the key information and documents you should have ready.

1. Basic Information

Before filing, you’ll need to gather some basic personal details:

  • Full Name (Your name and your spouse’s name if applicable)
  • Social Insurance Number (SIN)
  • Date of Birth
  • Contact Information (Phone, email, home address)
  • Marital Status (Married, common law, single, etc.)

If your marital status changed during the year, or if you moved, make sure to note the date of the change.

2. Information for Dependents

If you have dependents, you’ll need their information as well:

  • Name of each dependent
  • Date of Birth
  • SIN Number
  • Net Income (if any)

Make sure to also indicate if anyone in your family qualifies for the Disability Tax Credit, as this can impact your return.

3. Income Information

Collect all your income sources and relevant documents, including:

  • Employment Income (T4 slip)
  • Commission Income (T4A slip)
  • Old Age Security (T4(OAS))
  • Canada Pension Plan (T4AP)
  • Self-Employed Income
  • Rental Income
  • Investment Income (T3 or T5 slips)

Make sure you have the necessary tax slips for each income type. If you have rental or self-employed income, you’ll also need to summarize your income and expenses.

4. Deductions and Credits

You may be eligible for tax deductions or credits. Be sure to have the receipts and documents for any of the following:

  • RRSP Contributions
  • Child Care Expenses
  • Union Dues and Professional Fees
  • Moving Expenses
  • Medical Expenses
  • Charitable Donations
  • Tuition Fees
  • First-Time Home Buyer’s Amount

If you’re unsure whether something is deductible, it’s best to keep the receipts and ask your accountant.

5. Foreign Income and Property

If you own foreign property that costs more than $100,000 or have foreign income, this must be reported. Make sure to provide any relevant information about foreign assets.

6. Direct Deposit Information

If you’d like your tax refund deposited directly into your bank account, don’t forget to attach a void cheque or provide your banking details.

7. Tax Instalments

If you’ve made instalment payments to the CRA throughout the year, have the details of these payments ready so they can be included in your tax return.

8. Other Documents

Finally, ensure you have the following:

  • Last year’s Notice of Assessment
  • Last year’s tax return

These documents will help your accountant review any changes from the previous year and ensure everything is filed correctly.

Get Help with Your Personal Taxes

Filing your personal tax return doesn’t have to be complicated. With the right information and documents in hand, the process can be quick and simple. If you need help with your tax return or have any questions, GTA Accounting is here to assist you. Contact us today to get started!

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