As we all know, the tax season is drawing nearer and nearer. In a couple of weeks, the T1 for 2011 will be available for you. So what can you do to make this tax season more bearable than the last? Get organized!
As simple filing system would be a big help this season. Start by gathering all your receipts, T-slips and other required tax documents. Next step is to organize your tax documents. Remember to keep it as simple as possible. It can be in a printed format or you can keep a folder on your computer as well, depending on which format you find most convenient.
Here are some of the documents you will need. This will give you an idea when you are gathering and organizing for this tax season:
- Your previous Notice of Assessment. This will help you confirm if you had any carry-forwards from the last income tax return you filed.
- T-slips such as T3, T4, T4A, T5, etc.
- Donation receipts
- RRSP slips
- Medical Receipts
- Childcare Receipts
- Child fitness and arts receipts. Remember that parents can now claim the Children’s Arts Tax Credit which gives the opportunity for parents of children who participate in paid artistic, cultural, recreational and developmental programs to enjoy the same benefits as parents whose children participate in paid programs of physical activity.
- Transit passes
- Capital gains/losses
- Tax shelter documents (donation slips and T5003)
- Super Flow through’s (T5013, T5018, T101)
- Employment Expenses (T2200)
- Education Amounts (T2202)
- Business (Income & Expenses or Corporate Wages)
- Rental (Income & Expenses)
- Interest on money borrowed to invest
- Other investments
- First time home buyer documents
These are the basic categories of documents you will need for this tax season. We suggest you start early and not wait the last minute!
