Ah tax season, everyone’s favorite time of year…
For those of us who aren’t accountants, filing an income tax return can be confusing – especially for those of us who have various incomes or qualify for multiple credits or deductions. Luckily for us we have accountants to handle the complicated things for us, but that doesn’t mean we don’t still need to do our part.
In order for our accountants to complete our returns accurately and (hopefully) maximize our refunds, there are a few important things your accountant will need from you.
Below, we’ve outlined what to bring with you when getting your taxes done and why they’re necessary.
What You’ll Need
While there are a few staples that every individual will need to turn into their accountant when having their taxes done, the majority of required items will vary from person to person, depending on employment situation, various expenses incurred throughout the year, charitable donations, location of residence, etc.
Some individuals will have incredibly simple tax returns, dealing only with essentials such as a singular income and little to no additional expenses, investments, etc. Oppositely, certain individuals will have extremely complex returns, including more unique situations such as home businesses, property sales, volunteer credits, investment incomes, various medical expenses, dependents, and so on.
It can easily become a lot to take in and try to comprehend, so in order to not overwhelm you, lets start with the basics.
The following are probably the most common of the required forms that your accountant may need when doing your taxes:
- T4 Slips – showing your employment income.
- T4A Slips – for your Old Age Security and CPP Benefits
- RRSP Contribution Receipts
- Child or Spousal Support Receipts
- Medical Expense Receipts
- Charitable Donation Receipts
- T2202A – detailing your post-secondary tuition costs (for students/former students)
- Proof of Interest Paid on Student Loans
- Rental Income/Expense Receipts/Documentation, and
- Your previous Notice of Assessment/Reassessment
As mentioned before, these are probably the most common forms that individuals provide for their tax returns – but once again, that doesn’t mean you will have to hand in these exact forms, or that these are the only forms that will be required of you.
There are an endless amount of situations and circumstances that can affect what will be required on your tax return. This is why it’s so important to consult with a professional, or at minimum use a checklist, such as this one, if you plan on filing your own return, so as to not forget anything necessary or that may be of benefit to you.
Make The Most Out of Tax Season
As tedious as they may be, our income tax returns are not something we can escape from. To ensure that you get the most out of your return, talk to your accountant beforehand to see what you need to bring. As with most tasks we carry out, preparation is key in having everything run smoothly – speak with your accountant about your income tax return requirements today.