Personal & Tax

Serving businesses and families since 1982

Desy’s Bookkeeping & Tax Services of Niagara

Personal Tax Preparation Guide

Tax preparation can be handled in numerous ways, but, it boils down to two basic options. Do it yourself, or have someone do it for you. On this page I have provided a list of what information you will need, for yourself, or for your tax preparer.

You can print this page and use it as a check list if you like. It may help organize your paperwork and your thoughts. It may also help you investigate and discover tax savings you may not have thought of.

A thorough list will be helpful but, a good tax preparer will have numerous questions depending on what your answers are to these general questions, especially, if you are in an area where a little further investigation might provide a tax savings for you. The challenge is to find a professional tax preparer who knows what questions to ask, (like myself), and will take the time to make sure you get all the deductions you are entitled to.

· Your name

· Address

· Social insurance number

· Date of birth

· Marital status

· Home phone number

· E-mail address

· Spouse’s name

· Social insurance number

· Date of birth

· Processing returns together or separate. More questions may be asked in this area.

· Income splitting. More questions may need to be asked in this area.

· Dependents names

· Dependents’ relationship

· Dates of births

· Social insurance numbers

· Dependents’ incomes

· Tuition for yourself, spouse, dependents. More questions may be asked in this area.

· Interest on student loans. More questions may be asked in this area.

· Child care expenses

· Spousal support payments

· Child support payments

· Child day care payments

· Disability credits. More questions may be asked in this area.

· Property tax

· Rental receipts

· Landlord’s name

· Date of change of marital status if applicable

· Date of a death effecting your return

· Have you filed for bankruptcy during the current year. More questions may be asked in this area..

· Have you changed citizenship during the year. More questions may be asked in this area.

· Donation receipts. More questions may be asked in this area..

· Home buyers plan repayment

· Safety deposit box

· Income tax installments

· Medical receipts including modifications to home and vehicles. There could be much more that would be useable here but a more in depth investigation with your tax planner would be necessary.

· Prior year’s notice of assessment

· There are numerous “T” slips which may be needed for a tax return. Listed here are some of the most common. Any or all of these could prompt further questions from your tax preparer.

· T4 Income Slips

· T4A Pension, Annuities

· T4P Canada Pension

· T4OAS Old Age Security

· T4E Employment Insurance

· T4RRSP Registered Retirement Savings Plan

· T4RIF Registered Investment Fund

· T3 Income from trust allocation or the sale of capital property other then residence

· T4RPS Income from Employee Retirement Income Fund

· T5 Investment Income

· T600 Interest on Bonds

· T2201 Disability Amount

· T2202 Tuition and Education Amount

· HBP Home Buyers Plan

· T5007 Workers Compensation/ Social Assistance

· RC62 UCCB Universal Child Care Benefit

· TL2E Claim for Meals and Lodging for Truckers, etc.

· T2200E Declaration of Conditions of Employment

· Union Dues not shown on a T4

· Will you allow Elections Canada census to use your name and address to collect census information rather then send you a census package or visit your home

· Do you want to E-file