Employment Expenses Income Tax Preparation Checklist

Income Tax Preparation ChecklistPlease use this checklist if your employment contract required you to pay for expenses out-ofpocket and you did not receive an allowance for them, or the allowance you received is included on your income.

General Requirements

  • T2200 (Declaration of Conditions of Employment) from your employer

Employment Expenses

Motor Vehicle Expenses

  • The kilometres you drove in the tax year to earn business income
  • The total kilometres you drove in the tax year
  • Fuel and oil
  • Interest if you are financing your vehicle
  • Insurance
  • License and registration
  • Maintenance and repairs
  • Leasing cost if you are leasing your vehicle
  • Other expenses … [Read more...]

Corporation Tax Preparation Checklist- Income Statement

An income statement is a summary of your company's income and expenses over a specific accounting period. Most common items in an income statement are listed below.

Revenue

  • Sales of goods and services
  • Investment revenue
  • Commission revenue
  • Rental revenue
  • Other revenue

Cost of sales

  • Opening inventory
  • Purchases/cost of materials
  • Closing inventory

Operating Expenses

  • Advertising and promotion
  • Donations
  • Amortization of intangible assets
  • Goodwill impairment loss
  • Bad debt expense
  • Employee benefits
  • Amortization of tangible assets
  • Insurance
  • Interest and bank charges
  • Credit card … [Read more...]

Moving Expenses Checklist

Moving Expenses ChecklistIf you have moved and established a new home closer to work or to your business, you may be eligible to claim moving expenses.

To qualify, your new home must be at leas 40 kilometres closer to your new place of work or school.

Calculation of distance in kilometers

  • Distance between your old home and your new place of work or educational institution
  • Distance between your new home and your new place of work or educational institution
  • Address of your old residence
  • Address of your new residence
  • Day of Move
  • Day you started your new job or business, or your studies
  • Name and address of your employer, business, or educational institution after the move.

Allowable Moving Expenses

Corporation Tax Preparation Checklist

Corporation Tax Preparation Checklist

Corporation Information

  • Corporation year-end bank account balance

If this is the first year of corporation tax filing, please provide

  • Corporation name
  • Corporation number
  • Incorporation date
  • Corporation address
  • Corporation business number
  • Corporation main product or service
  • Shareholders’ name and percentage of share
  • Director or President’s Name and Phone Number

If this corporation filed tax before, please provide

  • Previous corporation tax return

Corporation Income

  • Corporation Gross Income (net of HST)

Corporation … [Read more...]

Self-employed Business Tax Preparation Checklist

Self-employed Business Tax Preparation Checklist

General Information

  • Copy of your previous tax return(for new clients only)
  • Business name
  • GST/HST number
  • Business address
  • Business main product or service

Gross Business Income

  • Your gross business income(net of GST/HST)

Business Expenses(net of GST/HST)

  • Purchase of materials
  • Subcontracts
  • Advertisement
  • Meal and entertainment
  • Bad debts
  • Insurance
  • Interest
  • Business fees, licenses, due, and memberships
  • Office expense
  • Office stationery and Supplies
  • Professional fees
  • Management and … [Read more...]

Rental Income Tax Preparation Checklist

Rental Income Tax Preparation ChecklistUse this Rental Income Tax Preparation checklist if you have rental income from real estate or property.

General Information

  • Address of your rental property.
  • Rental period
  • Do you have a co-owner of this property? If yes, what is the name and address of the co-owner, and the percentage of ownership?
  • Your gross rental income

Rental Expenses

  • Advertisement
  • Insurance
  • Interest
  • Office expense
  • Legal and accounting fees
  • Management and administration fees
  • Maintenance and repairs
  • Salaries, wages, and benefits
  • Property taxes
  • Travel
  • Utilities
  • Motor vehicle … [Read more...]

Income Tax Preparation Checklist

Income Tax Preparation ChecklistTo maximize your tax refund, please use this checklist to make sure you have all your income slips and receipts.

Personal Information

  • Social Insurance Number
  • Mailing Address
  • Date of Birth
  • Marriage Status
  • Citizenship
  • Back account if you want to set up or update your direct deposit with the CRA

Notes: For all existing clients, we have your information on file. Just let us know of anything you want to update.

Tax Slips (available on the CRA My Account)

  • T4
  • T3
  • T5
  • T5007
  • T4E
  • T4A(P)
  • T4A(OAS)
  • T4A
  • T4RIF
  • T4RSP
  • T5007
  • T5008
  • RRSP … [Read more...]