Please bring these following documents to Perilla and Partners, we will review your information, analyze it and with our advice; you will be able to achieve the greatest benefit on your return, maximizing your refund or minimizing your payment.

• Notice of Assessment 2023
• All tax slips T4, T4A, T4E, T50XX, RC 210 etc.
• T3, T5, T50XX these are applicable if you have investments in GIC, trusts or participations
• Investment Receipts in RRSP.
• Donation payment receipts.
• Participations in 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 2024, 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, and it is a postsecondary educational center registered with the Ministry of Education.  You can apply education for children who are in college or post-secondary schools.
• Interest paid by yourself for educational credits.
• Students and individuals with a very modest income amount of rent or property tax paid in 2024 and to whom it was 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 similar to that of self-employee 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 rental income: mortgage interest (not capital payments), maintenance and property tax, water, electricity, gas, administration, internet and telephone; anything that was used and not paid by the tenant.
• For investment or property sales give description of the transaction; amounts of sales and cost related.  Based on this, further information may be required.

FOREIGN ASSETS AND INCOME

Tax returns filed in other countries are required, if the return has not been submitted, please provide the draft or forecast. 

If it is not an obligation to declare 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 sources of income and amount earned abroad
• List of expenses related to the income earned
• Tax payments in foreign countries.

Once you have compiled your information, please get in touch with us, Perilla and Partners Consulting International Inc. Follow the link and we will help maximize your return or minimize your payment.