Tung Shanghera Accounting Solutions Bookkeeping taxes tax firm

Tung Shanghera Accounting Solutions
Personal Tax Return Checklist

Personal Tax Planning Checklist 

Personal Tax Return Checklist (downloadable version)

Note: It is your responsibility to ensure all information is complete and accurate. We are not responsible for errors or omissions that result from incomplete or inaccurate information.

PREPARE A SEPARATE FORM FOR EACH TAXPAYER

Name:                                                                                                                                                  

Address:                                                                                                                                             

Phone #:                                                                                                                                             

Email:                                                                                                                                                     

Dependent Children (names and birthdates)

                                                                                                                                                               

                                                                                                                                                               

                                                                                                                                                               

Has your marital status changed over the last tax year? (Y/N):                     

If yes, provide date of change and name, birthdate and SIN of spouse:                                                                                                                                                                                                                                                                                    

Were you a first time home buyer in 2016? (Y/N):            

Did you spend significant periods of time in the U.S.A ? (Y/N):                       If yes, how long?                            

Elections Canada is asking for your consent to help keep the National Register of Electors up to date from certain information on your tax return. Do you authorize CRA to provide only your name, address and birth date to Elections Canada? (Y/N):

FOREIGN ASSETS

There are specific reporting requirements for the ownership of foreign property where the total cost exceeds $100,000 CDN.

This includes

  • Foreign bank accounts
  • Rental properties located outside Canada
  • Investments in foreign companies, trusts, partnerships and other foreign entities (even if held by a Canadian broker)
  • Options to acquire any of the above

Did you own a foreign asset with a value greater than $100,000 during 2016? (Y/N):                         

Did you earn income or realize gains on those foreign assets in 2016? (Y/N):                        

Please check each both that applies to your 2016 taxes and provide supporting documentation

INCOME DEDUCTIONS AND TAX CREDITS
T4 employment income Employment expenses (signed T2200)
T4A Other income RRSP contributions
T4A (OAS) Old Age Security Pension Union or Professional Dues
T4A(P) Canada Pension Medical/Dental Receipts
T4RSP/RIF Tuition Receipts/Student loan interest
T4E Employment Insurance Donation receipts
T5 Interest or Dividends Child Care Expenses and Receipts
T5007 WCB Income Political Donations
T5008 Securities Transactions Alimony/Maintenance Payments
T5013 Partnership Income Interest/Carrying Charges
T3 Trust/Estate/Mutual Fund Income Moving Expenses
RC62 Universal Child Care Benefit Living Common-law
Foreign Income Disability Credit
Rental Income and expenses (by property) 2015 T1 fees paid
Self-employment income (see attached checklist) Public Transit Passes
Capital Gains or Losses (transaction details) Children’s Fitness Expenses (up to $500 per child)
Alimony/Maintenance Payments Children’s Arts Expenses (up to $250 per child)

 

Other Miscellaneous Information

  • 2016 Instalment Forms
  • 2015 Notice of Assessment
  • T2125 Business income and expenses (see attached checklist)

 

Checklist for Self-Employment

Income (specify if it includes GST/HST)  
Advertising  
Convention Expenses  
Disability Modifications  
Insurance  
Interest  
Interest and Borrowing Charges  
Health Plan Premiums  
Home office (if place of business)  
·         Square footage of property used  
·         Rent or Mortgage Interest  
·         Property Tax  
·         Home Insurance  
·         Annual utilities  
Heat  
Hydro  
Water  
Sewage  
Repairs and Maintenance  
Leasing Costs  
Meals and Entertainment  
Equipment Purchases subject to CCA  
Office expenses  
·         Telephone & Fax  
·         Internet  
·         Stationary Supplies  
·         New Capital Assets (attach list)  
·         Tools  
Professional Membership Fees  
Professional Fees paid  
Salaries paid  
Travel Expenses  

 

Checklist for Self-Employment – Automobile

Automobile  
·         Own or Lease  
·         If Lease, Cost per Month  
·         If Own, Interest Cost per Month  
·         Odometer reading, beginning of the year

·         Odometer reading, end of the year

 
·         Percentage of Business Use of Car  
·         Fuel Expenses  
·         Car Insurance  
·         Repairs and Maintenance  
·         Parking Expenses  

 

 

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