Canadian Personal Income Tax Checklist and Filing Due Dates for Your 2016 Tax Return

The personal income tax deadline for filing your return is typically April 30, however, because this date falls on Sunday this year, the CRA will consider you on time if it is received on or before Monday, May 1, 2017.

Self-employed individual returns are due Thursday, June 15, 2017, however if any amounts are owing, they must be paid by May 1, 2017.

Contact Tesia today to file your 2016 Personal Income Tax Return.

Our 2016 Personal Income Tax Checklist will get your started!


Here’s an overview of what you need to file your return.

NEW CLIENTS

  • If you made income tax installments for 2016, please provide us with the balance in your account.
  • Please provide us with your spouse’s 2016 net income (unless we prepare his/her return) and names and birth dates of your children
  • Please provide a copy of your 2015 notice of assessment and any notice of reassessment of other years, if received in 2016
  • Please provide a copy of your 2015 personal tax return

INFORMATION T-SLIPS

INCOME

  • T4 Employment and commissions
  • T4A (OAS) Old Age Security
  • T4A Other Income
  • T3 Investment Income
  • T5 Investment Income
  • T4E Employment Insurance Benefits
  • T5007 Worker’s Compensation
  • T4RSP, T4RIF
  • UCCB payments
  • T5013 Partnership

DETAILS OF OTHER INCOME

  • Please provide details of any disposal of capital property (shares, bonds, real estate, etc.) in 2016, provide broker’s summaries and year end holdings where applicable
  • Summary of income and expenses for rental properties
  • Details of self-employed business, revenue and expenses
  • Any other unusual items received in the current year
  • Foreign exchange gains/losses on currency transactions (when a previously purchased foreign currency is converted to Canadian currency, this activity can create a foreign exchange gain/loss)
  • Copy of your non-registered investment broker statement as of December 31, 2016
  • If you do not receive broker statements and it is convenient, forward a summary of your investments as of December 31, 2016, by name, quantity held and cost paid

DEDUCTIONS & CREDITS

  • RRSP Contributions
  • T2202 for tuition for yourself, spouse and/or dependents
  • Interest paid on investment loans (a letter from the lending institution(s) stating the purpose of the loan and the amount of interest should be obtained)
  • Interest paid on loans under the Canada Student Loan Act or provincial equivalent
  • If you are self-employed, a summary of all your business expenses
  • If you are an employee and entitled to deduct employment expenses, Form T2200
  • Declaration of Employment Conditions – Office and Employment Expenses must be signed by your employer and filed with your return. Please provide details of your employment expenses, including details of your home office and vehicle use if applicable
  • Child care expense receipts which must include the name, address and S.I.N. of the caregiver
  • All medical and dental bills for yourself, spouse and dependents paid in 2016
  • Charitable donation receipts
  • Political donation receipts
  • Receipts for professional or union dues paid
  • The cost of public transit passes purchased
  • Receipts for qualifying fitness and children’s art activity programs (2016 is the final year for such deductions)

FOREIGN PROPERTY REPORTING

  • Did you hold or own foreign property at any time in 2016 with a total cost in excess of CAD. If yes, you will be required to file an information return, form T1135, with your 2016 personal tax return.

Tesia Brooks’ training as a Certified Financial Planner (CFP®), Master Financial Advisor (MFA™), Certified Divorce Financial Analyst (CDFA™), Certified Divorce Financial Analyst (CDFA™), Chartered Financial Divorce Specialist (CFDS) and Certified General Accountant (CGA), literally brings a wealth of knowledge to her role as an Income Tax Consultant. Her financial expertise, specifically with regard to financial planning, wealth management, RRSPs, pension and retirement investments will prove to be a strong asset when it comes to preparing both your income tax return, and personal income tax planning throughout the year.

Brooks Financial provides financial planning and income tax services in Winnipeg, Manitoba, Canada. Brooks’ specialties include financial consulting, retirement financial planning, divorce financial planning, wealth management, insurance coverage, accounting and income tax services.

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