Detail documents to get your income tax return done

DETAIL DOCUMENTS TO GET YOUR INCOME TAX RETURN DONE

Bring these following documents to Perilla and Partners, we can review your information, analyze it and give you the best advice; so, you can achieve the greatest benefit on your return, maximizing your refund or minimizing your payment.

  • Notice of Assessment 2022
  • All Tax slips T4, T4A, T4E, T50XX, RC 210 etc.
  • T3, T5, T50XX those are if you have investments in GIC, trusts or participations
  • Investment Receipts in RRSP.
  • Donation payment receipts.
  • Participations on Tax shelters T5003.
  • Payment receipts for children daycare.
  • Child adoption receipts when the adoption is approved by an entity linked to the Government of Canada.
  • Membership payments to technical or professional associations or unions. When they are not discounted by payroll.
  • Total medical expenses (children, parents, grandparents), if total amount is more than 3% of income.
  • If you purchased your first home during 2023, Report cost of purchase.
  • T2202, TL11 (A, B, C), postsecondary education expenses (Generally obtained from the websites of colleges and universities), when more than $ 100 has been paid for a course, in postsecondary educational centers registered with the Ministry Education.  You can apply education for children who are in college or post-secondary schools.
  • Interest paid by yourself for educational credits.
  • Students and people with very modest income amount of rent or property tax paid tax paid on 2023 and to whom were paid.

EMPLOYMENT EXPENSES

Employees who use their house, car, tools or equipment for the performance their work, can have similar treatment to independent workers. They must obtain the conditions of employment Form T2200. Additionally a list of expenses related to their activity like self-employee persons is required.

SELF–EMPLOYEES OR INDEPENDENT WORKERS OR PERSONAL BUSINESSES

For self-employees, independent workers, contractors and personal businesses it is necessary to have financial statements if those are not available:

  • A list of amounts (for the year 2023) of income.
  • A summary of expenses directly linked to such activity, which can be supported such as: Advertising, registries, fees or memberships, subscriptions, stationery, printer inks, CDs, telephones (if you use an exclusive one for the business), transportation, meals, materials or supplies purchased for the provision of the service.
  • Cost of equipment: such as Computer and peripherals, software, automobile, machinery, or telephones.
  • If the business or contract is based on your residence, we need values for the entire year of rent or interest mortgage, property tax, Public Services (water, electricity, gas) condo fee and telephone.
  • In case of an automobile used for business, total km of the year and total for the business. Total expenses of: Parking, gasoline, maintenance, washing, interest or rent, insurance, permits and other expenses related to the car(s).

INVESMENTS AND RENTAL INCOME

This section corresponds to income NOT reported in any T- (3, 5, 5008, 5013). We require:

  • The total amount for the entire year of the financial income and/or the rent received.
  • In the case of financial income, all bank charges and commissions paid
  • For rent related like mortgage interest (not capital payments), maintenance and property tax, water, electricity, gas, administration, internet and telephone. If everything was used and not paid by the tenant.
  • For investment or property sales give description of the transaction; amounts of sales and cost related. Base on that further information will be require.

FOREIGN ASSETS AND INCOME

Tax returns filed in another country/countries is required, if the return has not been submitted the draft or forecast. Whether it is not obligation to declared abroad or the information is not available:

    • List of assets owned abroad by country and valued at December 31, 2023 in home currency
    • List of source of income and amount earned abroad
    • List of expenses related to the income earned
    • Tax payments in foreign countries.

Once you have compiled the information, please prepare your taxes with Perilla and Partners Consulting International Inc. Follow the link to maximize your return or minimize your payment.

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