It is important that you report on your tax return all your income as per tax law. Therefore, you should make sure you have all your income slips and other relevant tax documents before starting to file your tax return. Likewise, you also want to gather your expense receipts to take advantage of deductions and credits you may be entitled to. With over 400 deductions and credits, Canadian tax system has something for everyone!
Following is the checklist of income slips and deductions receipts/documents to gather before filing your taxes:
Income slips
- Employment income: T4
- Interest or dividends: T5
- Pension, retiring allowance, scholarship, other income: T4A
- Old age security: T4A(OAS)
- Canada or Quebec pension: T4A(P)
- Registered retirement income fund: T4RIF
- Withdrawal from RRSP: T4RSP
- Worker's compensation, social assistance: T5007
- Employment insurance benefits: T4E
- Profit sharing plan: T4PS
- Partnership income: T5013
- Canada savings bond interest: T600
Note: these slips can also be accessed through CRA My Account
Deductions/Credits
- RRSP contribution slips
- Professional fees or union dues (if not reported on T4)
- Charitable donations
- Medical expenses (drugs, dental, glasses, therapy, private health plan premiums)
- Child care expenses
- Post-secondary tuition fees
- Interest on money borrowed to earn investment income
- Safety deposit box fee (if you own investments)
- Moving expenses
- Spousal or child support payments
- Political contributions receipts
- Home office expenses
- Vehicle expenses
- Rental property income and expenses
Contact us to find out which slips/documents are required for your specific tax situation.