Tax Return Checklist

2008 Tax Return Checklist

To make this year's income tax filing as easy as possible, use this checklist and you'll be sure you have everything you need.

Personal Information:

Employment Information:

Seniors:

Students:

• T4 - Income from Employment
• T4A - Scholarship, Student Grant
• T2202A - Tuition Fees
• Student Loan Interest

Other Information needed If applicable:

1. Details of other income for which no T slips have been received such as:

• other employment income (including stock option plans and Election Form T1212),
• business income,
• partnership income,
• rental income,
• alimony, separation allowances, child maintenance,
• pensions,
• interest income earned but not yet received - example Canada Savings Bonds, Deferred Annuities, Term Deposits, Treasury

Bills, Mutual Funds, Strip Bonds, Compound Interest Bonds

• professional fees,
• director fees,
• scholarships, fellowships, bursaries,
• replacement properties acquired.

3. Details of other expenses such as:

• employment related expenses - Provide Form T2200 - Declaration of Conditions of Employment,
• tools acquired by apprentice vehicle mechanics,
• business and employment purchases like vehicles, supplies, etc.,
• interest on money borrowed to purchase investments,
• investment counsel fees,
• moving expenses - including costs of maintaining a vacant former residence,
• child care expenses,
• alimony, separation allowances, child maintenance,
• safety deposit box fees,
• accounting fees,
• pension plan contributions,
• film and video production eligible for tax credit,
• mining tax credit expenses,
• business research and development,
• adoption related expenses,
• clergy residence deduction information, including Form T1223,
• disability supports expenses (speech, sight, hearing, learning aids for impaired individuals and attendant care expenses),
• trade person’s tools acquired by an employee after May 2, 2006,
• public transit passes acquired on or after July 1, 2006.

4. Details of other investments such as:

• real estate or oil and gas investments - including financial statements,
• labour-sponsored funds,
• Registered Education Savings Plans.

5. Details and receipts for:

• Registered Retirement Savings Plan (RRSP) contributions,
• professional dues,
• tuition fees - including mandatory ancillary fees, and Forms T2202, TL11A and TL11D,
• charitable donations (including publicly traded securities),
• medical expenses (including certain medical related modifications to new or existing home and travel expenses),
• political contributions.

6. Details of capital gains and losses realized in 2006.

Also, new rules now permit roll overs for foreign share spin-offs and various foreign share reorganizations.

7. Details of previous capital gain exemptions claimed, business investment losses and cumulative net investment loss accounts.

8. List of dependents - including their incomes and birth dates.

9. If you or one of your dependents was in full time attendance at a college or university, details concerning name of institution, number of months in attendance, tuition fees, income of dependent, Form T2202.

10. Are you disabled or are any of your dependents disabled? Provide Form T2201 - disability tax credit certificate. This also includes extensive therapy such as kidney dialysis and certain cystic fibrosis therapy. Also, the transfer rules include relatives such as parents, grandparents, child, grandchild, brothers, sisters, aunts, uncles, nephews or nieces.

Persons with disabilities also may receive tax relief for the cost of disability supports (eg. sign language services, talking textbooks, etc.) incurred for the purpose of employment or education.

11. Details regarding residence in a prescribed area which qualifies for the Isolated Area Deduction.

12. Information regarding child tax credit receipts.

13. Details regarding RRSP - Home Buyers’ Plan withdrawals and repayments; RRSP - Lifelong Learning Plan repayment.

14. Receipts for 2006 income tax installments or, payments of tax.

15. Do you want your tax refund or credit deposited directly to your account in a financial institution? Yes/No.

To start direct deposit, or to change banking information, attach a void personalized cheque or your branch, institution and account number.

16. Details of carry forwards from previous years including losses, donations, forward averaging amounts, registered retirement savings plans.

17. Details of foreign property owned at any time in 2006 including cash, stocks, trusts, partnerships, real estate, tangible and intangible property, contingent interests, convertible property, etc..

18. Details of income from, or distributions to, foreign entities such as foreign affiliates and trusts.

19. Details of your Pension Adjustment Reversal if you ceased employment and were in a Registered Pension Plan or a Deferred Profit Sharing Plan. (T10 Slip)

20. If you provided in-home care for a parent or grandparent (including in-laws) 65 years of age or over, or an infirm dependent relative, a federal tax credit may be available.

Also, the caregiver may claim related training costs as a medical expense credit.

21. Interest paid on qualifying student loans is eligible for a tax credit.

22. Retroactive lump-sum payments

Individuals receiving qualifying retroactive lump-sum payments over $3,000 may be allowed to use a special mechanism to compute the tax.

23. Changes in family circumstance that could affect the Goods and Services Tax Credit, such as births, deaths, marriages, reaching the age of 19 years, and becoming or ceasing to be a resident in Canada.

24. Children of low or middle income parents may be entitled to a Canada Learning Bond of $500 in the initial year and $100 per year until age 15. Please ask us for details.

25. Do you have any personal interest expense - such as on a house mortgage or vehicle?

If so, it may be possible to take steps to convert this into deductible interest.

*31. Have you received the Universal Child Care Benefit of $100 per month for each child under 6 years of age available to lower and middle income people? This commenced on July, 2006. (Form RC62)