Tax checklist for Canadian tax returns

This tax checklist can help you maximize your tax refund, and covers personal/business expenses, investments and income.

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With the tax filing deadline fast approaching (usually April 30 for most people, or June 15 if you’re self-employed), we wanted to help you maximize your tax refund. As you get ready to file, consult this tax checklist to ensure all the documents needed for a tax return are in order.

To be certain of receiving the tax refund you’re owed, you need to make sure that you include every income and expense document.

This tax checklist covers most items you’ll need to collect for your accountant:

Your tax checklist

BASIC INFORMATION

□ Your name, birthday, social insurance number, marital status and province of residency

□ Last year’s tax return and notice of assessment

□ If needed, the same for your spouse and dependents

□ Information related to being a U.S. citizen or green card holder (if applicable)

□ Details related to tax instalments paid in the year

□ List of assets held outside Canada

PERSONAL

□ Child care expense receipts

□ Have you been approved by CRA for the Disability Tax Credit?

□ Spousal support receipts

□ Tuition slips (T2202) for yourself or a child

□ Charitable donation receipts and carry forward information

□ Political contribution receipts

□ Digital news subscription receipts

□ Medical receipts (over any 12-month period ending in 2021)

INVESTMENTS

□ RRSP contribution receipts

□ Investment income tax slips (T5)

□ Other investment income tax slips, such as for trusts (T3) and partnerships (T5013)

□ Information on capital gains or losses related to investments (T5008 or investment statements) and loss carry-forward information

□ Documents related to any disposition of real estate to determine the related capital gain/loss

□ Information on investment counsel fees and carrying charges

□ Information for interest paid on money borrowed for investments

□ Information related to previously filed tax elections

EMPLOYMENT AND PENSIONS

□ Employment income (T4) and employee profit sharing (T4PS) slips

□ Employment insurance slip (T4E)

□ Pension, retirement and annuities income slips (T4A)

□ Registered plan income (T4RSP and T4RIF) slips

□ Old Age Security (T4A-OAS) and CPP (T4A(P)) slips

□ Government income slips for social assistance or workers’ compensation (T5007)

□ Tax slips for COVID-related taxable benefits or repayments (T4A or T4E)

□ Declaration of Conditions of Employment (T2200) signed by the employer, if eligible to claim employment expenses under the detailed method

□ Number of days working from home due to COVID-19 if eligible to claim a deduction under the temporary flat rate method

□ Professional and union dues

□ Moving expenses

BUSINESS AND RENTAL INCOME

□ Tally of business income and expenses

□ Tally of rental income and expenses

□ Home office expenses

□ Automobile/travel logbook

□ Details on the purchase of capital items (for example, computers or other equipment)

Important dates to help you get ready for tax season

After consulting the tax checklist, you need to be aware of important upcoming deadlines and dates, so you file your return with minimal hassle, on time. Here are some key dates and deadlines to help you prepare your tax return in good time. 

Please ensure you report all issued tax receipts on your tax return

Depending on the activity within your account(s) this year, you may receive one or more tax receipts from IG Wealth Management at year-end. These are not duplicate receipts and may look different from past receipts, depending on the account for which they are issued. 

Written and published by IG Wealth Management as a general source of information only, believed to be accurate as of the date of publishing.  Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice.  Trademarks, including IG Wealth Management and IG Private Wealth Management are owned by IGM Financial Inc. and licensed to its subsidiary corporations. Insurance products and services distributed through I.G. Insurance Services Inc. (in Québec, a Financial Services Firm). Insurance license sponsored by The Canada Life Assurance Company (outside of Québec).