ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Preparing for Canadian Income Tax

Updated on December 22, 2015
Currency Stuffed in a Glass Jar Labelled Taxes
Currency Stuffed in a Glass Jar Labelled Taxes | Source

Preparing to File Your Canada Personal Income Tax

This page shows you how to prepare for the annual filing your Canadian Income Tax returns. A Canadian CGA offers tips that will save you time and stress, whether you do your own return or hire an income tax professional to do the task for you.

Filing Taxes! What a Headache!

For many Canadians, getting ready to file our annual income tax returns is not a task we embrace warmly. Most of us have busy lives already. Taking the time and making the effort to sort through our papers and locate the receipts and forms that we need in order to to submit our taxes is a bother and a bore.

This article has a check list of items you need to collect and sort. Whether you are doing your taxes yourself or engaging the services of a tax professional, this list will help reduce the stress.

The information here is provided by Linh Tsiu, CGA.

The annual deadline for filing your Personal Income Tax in Canada is April 30.

Linh Tsiu, CGA
Linh Tsiu, CGA

Tax Tips Courtesy of Linh Tsiu, CGA

The tips and information on this page is provided courtesy of Linh Tsiu, a Certified General Accountant living and working in Metro Vancouver. Linh has accumulated in excess of fifteen years experience as an accountant. She currently operates her own business, Caregiver Tax Services. Linh specializes in family tax benefits, including offering a nanny payroll service, but she also does tax preparation and accounting for individuals and for small to medium sized businesses. Her clients are located across Canada.

Linh believes strongly that no one should ever have to pay more income tax than the law requires. "My greatest rewards come from helping people save money on their taxes," she says.

tax tips canada
tax tips canada

Organizing Your Papers for your Personal Income Tax Return

Collecting Your T Slips and More

Here the the items you will need to locate prior to preparing your Canada personal income tax form. If you are using the services of a tax professional, you will need to take these papers to that person.

1. Your T4 slips from employment

2. Your T slips from other sources, including pensions, RRSPs, charitable donations and more. All T forms, including T4s, should have arrived by the end of February.

3. Your Universal Child Care Benefit Statement -CR62, if applicable. If you have children under the age of six, you will have received a taxable amount of $100 per month, per child.

3. Child activity receipts, if applicable. The Canada Child Fitness Tax Credit allows you to claim $500 per year per child, for eligible activities. For more information about this allowable deduction, please refer to Linh's article: Understanding Canada Child Fitness Tax Credit.

4.Receipts for childcare expenses. For additional information, please refer to Lihn's article: New Baby Tax Credits Canada.

5. If someone in your family has a documented disability, gather up all receipts for eligible expenses. Refer to the link list below for Canada Revenue Agency's information about eligible expenses.

6. Gather up any receipts for eligible medical expenses -- this can include prescription drugs, optometry, dental expenses and more.

7. Lastly, make a list of questions to ask your accountant when you go. This will ensure that you don't forget to ask about something that could save you money.

If You Have a Home Business

You can claim business related expenses

If you have a home business, you may be able to claim additional expenses. Allowable expenses may include a portion of all of the following:

1. Your mortgage interest or your rent

2. A portion of your utility bills (hydro, gas, telephone, etc.)

3. Expenses related to maintaining a home office, such as purchasing office furniture, filing cabinets, etc.

4. A portion of your travel expenses or vehicle costs

5. Insurance

6. Property taxes

8 Business equipment, including computers, business phones and faxes, software, scanners, PDAs and more.

9. Other expenses related to your business

In preparation for tax time, collect all of your receipts and sort them. Avoid throwing everything into a box or envelope and presenting it to your accountant. You are paying by the hour, so its wise to do your own sorting.

Include a list of your tax and financial questions and take this list to the tax professional. For best results, keep a list of questions throughout the year as they arise and simply include this list in your package of information.

© 2010 June Campbell

Please Leave a Comment

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)