Plan beforehand so that you can file your taxes easily. A thorough checklist can help you keep track of potential tax deductions and maximize your tax savings. We've put together a comprehensive tax preparation checklist to make sure you don't forget anything when you file your 2022 income tax return. Get started by checking out our checklist before the end of year.
Canadian Personal Tax Preparation Checklist: 2022-2023
what documents do you need to file your
2022 income tax return?
Tax Slips for Income
Employment income (T4)
Fees for services (T4A)
Contract payments (T5018)
Partnership income (T5013)
Interest and mutual funds (T3,T5008)
Dividends (T5)
Old age security (T4A-OAS)
CPP benefits (T4A-P)
Pension and annuity income (T4A)
RRSP and RIF income (T4RSP, T4RIF)
Employment insurance benefits (T4E)
COVID-19 benefits received (T4A)
Social assistance payments (T5007)
Workers' compensation benefits (T5007)
Research grants, scholarships (T4A)
Other income not reported on tax slip
Receipts for Expenses
Receipts for RRSP contributions
Tuition receipts (T2202A)
Union dues and professional membership
Exams for professional certification
Teacher's school supplies
Employment costs (T2200)
COVID-19 home-work expenses (T2200S)
Childcare expenses, support payments
Disability tax credit for self or dependents
Medical expenses
Personal attendant/facility care expenses
Charitable donations
Political contributions
Home accessibility expenses
Moving expenses for study/job
Student loan interest amounts
If You Own Personal Residence
Receipts for mortgage interest payment
Insurance premium, property tax
Energy efficient upgrade
Sale or purchase of primary house
If You Own Rental Property
Rental Income
Insurance premium, professional fees
Receipts for repairs and maintenance
Mortgage interest, property tax paid
If You Self-Employed
The gross amount of self-employment earnings from a business/profession/commission
Expenses - office, supplies, utilities, sub-contracts, maintenance, meals, fees, interests, insurance
A list of capital goods (i.e. motor vehicle, equipment, furniture etc.)
Vehicle expenses, miles traveled for self-employment purposes, logbooks for mileage
Personal Information
Name, social insurance number, date of birth, mailing address, residency status and location
Information about spouse/common-law partner, children and other dependents
Net income of spouse/common-law partner/dependents
Prior Tax Years' Information
Last year's Notice of Assessment or Notice of Re-assessment
The amount of tuition carried over from prior years
Leftover unused RRSP from the previous years, RRSP contribution limit amount
Tax installment paid,
Any balance owing amount to CRA
Other carry forwarded amounts (donation, investment loss, moving expense, student loan)
Absolutely, taking the time to gather all the necessary paperwork and documents for your Canadian personal tax preparation checklist is a crucial step in ensuring that you can make the most of any available tax deductions and credits. Being thorough and organized can potentially lead to significant tax savings and reduce the likelihood of errors or omissions in your tax return. Here are a few additional tips to help you make the process smoother:
Start Early: Begin collecting your tax-related documents early in the year so that you have ample time to review them and seek clarification if needed.
Use Digital Tools: Consider using digital tools or apps to help you organize and store your receipts and documents. Many apps can scan and categorize your receipts, making it easier to track deductible expenses.
Consult a Tax Professional: If you have a complex tax situation, investments, or are unsure about specific tax rules, consulting a tax professional can be a wise investment. They can help you maximize your deductions and ensure compliance with tax laws.
Stay Informed: Keep an eye on changes to tax laws and regulations that might impact your tax return. Find out about changes to tax rules or tax credits by going to the Canada Revenue Agency (CRA) website or talking to a tax pro.
Plan for Future Tax Savings: As you go through your tax preparation process, take note of strategies and opportunities for future tax savings. This might include planning for RRSP contributions, tax-efficient investments, or other tax-minimization strategies.
Set Reminders: Use calendar reminders or digital tools to keep track of important tax deadlines, such as the filing deadline, RRSP contribution deadline, and payment due dates.
Remember that while collecting and organizing your tax documents may require some effort, the potential tax savings and financial benefits make it a worthwhile endeavor. It can also reduce the stress associated with last-minute tax preparation and help you file your taxes accurately and on time.