Preparing for year-end taxes is crucial for both individuals and businesses in Canada. Below is a thorough checklist for Canadian individuals, including key deadlines and essential documentation.

Canadian Individual Tax Checklist (T1)

This list focuses on income earned during the calendar year (January 1 to December 31).

1. Key Deadlines & Preliminary Tasks

• Gather Personal Data: Social Insurance Number (SIN), date of birth, and current address.
• Spouse/Common-Law Partner: Gather their SIN, date of birth, and net income (even if they are filing separately), as this impacts many credits.
• CRA Access: Ensure you have access to your CRA My Account to check for unfiled slips, Notice of Assessment (NOA) details, and available contribution room.

2. Income Information Slips

Gather all official slips that report income, generally available by late February or early March.

• Employment Income: T4 (Statement of Remuneration Paid)
• Government Benefits:

• • T4A (Pension, Retirement, Annuity, and Other Income – includes scholarships, RESP payments, etc.)
  • T4A(OAS) (Old Age Security)
  • T4A(P) (CPP/QPP Benefits)
  • T4E (Employment Insurance and Other Benefits)
  • T5007 (Workers’ Compensation, Social Assistance)
  • RC62 (Universal Child Care Benefit – now discontinued, but check for old slips)

• Investment Income:

• • T5 (Investment Income)
  • T3 (Trust Income – Mutual funds/Estates)
  • T5008 (Securities Transactions)
  • T4RSP/T4RIF (RRSP/RRIF Income)
  • T4FHSA (First Home Savings Account Statement)

• Self-Employment/Business Income:

• • T2125 (Statement of Business/Professional Activities) – Requires a detailed summary of revenue and expenses.

3. Deductions and Credits

Collect all receipts and supporting documentation for any amounts you wish to deduct or claim as a credit.

• Registered Plan Contributions:

• • RRSP contribution receipts (for contributions made in the year and in the first 60 days of the following year).
  • FHSA contribution receipts.

• Health and Wellness:

• • Medical expense receipts (prescription drugs, dental, vision, travel medical, etc.).
  • Confirmation of eligibility for the Disability Tax Credit (Form T2201).

• Dependants and Family:

• • Childcare expense receipts (must include caregiver’s SIN or Business Number).
  • Adoption expenses.
  • Spousal/Child support payments paid or received.

• Education:

• • T2202 (Tuition and Enrolment Certificate).
  • Receipts for interest paid on student loans.

• Employment/Business Expenses:

• • T2200 (Declaration of Conditions of Employment) signed by your employer, if claiming work-related expenses.
  • Union/professional dues not listed on T4.
  • Home office expenses (simplified or detailed method receipts/calculations).
  • Tradesperson’s tool expenses.

• Other Major Deductions/Credits:

• • Charitable donation receipts.
  • Moving expenses (if moving for work or school).
  • Records for any sale or deemed sale of stocks, bonds, or real estate (Capital Gains/Losses).
  • Interest and carrying charges on loans to earn investment income.

Disclaimer: This checklist is for organizational purposes only and should not be considered legal or professional tax advice. Always consult with a qualified Canadian tax professional (e.g., a CPA) to ensure you meet all your specific tax obligations and maximize your benefits.