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 (please specify)
  • Business parking fees
  • Supplementary business insurance

Salaried Employees

  • Accounting and legal fees
  • Travelling expenses
  • Parking
  • Supplies
  • Salary expenses
  • Office rent
  • Home office (only utilities and maintenance)

Commission Employees

In addition to expenses listed under salaried employees, commission employees may also deduct:

  • Advertising
  • Meals and entertainment
  • Lodging
  • Licenses
  • Electronic equipment
  • Training costs
  • Travel fare
  • Home office (utilities, maintenance,property taxes, and home insurance)

Transportation Employees

  • Meals
  • Lodging

Employed Artists

  • Musical intruments

Employed Tradespersons

  • Tools

You can download this checklist.

Thank You

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 charges
  • Training expense
  • Business taxes, licences and memberships
  • Franchise fees
  • Office expenses
  • Professional fees
  • Rental
  • Repair and maintenance
  • Salaries and wages
  • Directors fees
  • Sub-contracts
  • Supplies
  • Computer-related expenses
  • Property taxes
  • Travel expenses
  • Utilities
  • Vehicle expenses
  • Shipping and warehouse expense
  • Delivery, freight and express
  • Supplies
  • General and administrative expenses
  • Other expense

You can download the Corporation Tax Preparation Checklist- Income Statement

Any questions about this checklist please contact 613-608-8788 Jack Liu or go to our website https://www.incometaxottawa.ca/ to get more information.

Thanks!

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

  • Transportation and storage costs
  • Name of mover if you hire a mover

Traveling expense from old residence to new residence

  • Travel costs(other than accommodation and meals)
  • Number of household members in move
  • Method of travel
  • Number of kilometres
  • Accommodation(hotel) cost
  • Number of nights
  • Meals cost
  • Number of days

Temporary living expenses near new or old residence (maximum 15 days)

  • Accommodation cost
  • Number of nights
  • Meals cost
  • Number of days

Cost of selling old residence

  • Selling price
  • Real estate commission
  • Legal or material fees
  • Advertising
  • Other selling costs(specify)

Cost of purchasing new residence

  • Purchase Price
  • Legal or notaries fees
  • Taxes paid for the registration or transfer of title (don’t include GST/HST or property taxes)
  • Any reimbursement or allowance that is not include in your income, and that you received for moving expenses

You can download the Moving Expenses Checklist.

Thanks!

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 Expenses (net of HST)

  • Advertising and promotion
  • Business insurance
  • Business taxes, licences and memberships
  • Computer-related expenses
  • Credit card charges
  • Donations
  • Franchise fees
  • General and administrative expenses
  • Home office expenses
  • Interest and bank charges
  • Meal and entertainment
  • Office expenses
  • Professional fees
  • Purchase of materials
  • Rental
  • Salaries and wages(attach T4)
  • Shipping and warehouse expense
  • Subcontracts
  • Supplies
  • Telephone
  • Training
  • Travel expenses
  • Vehicle expenses (kilometres drove to earn business income)
  • Other expenses

Dividend

  • Shareholders’ Dividend (attach T5)

Account R/P

  • Account receivable
  • Account payable

Cost of Corporation Capital Assets

  • Equipment
  • Others

You can download the checklist.

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 administration fees
  • Rent
  • Maintenance and repairs
  • Salaries, wages, and benefits
  • Travel
  • Telephone and utilities
  • Delivery, freight, and express
  • Other expenses

Business-use-of-home expenses

  • Heat
  • Electricity
  • Insurance
  • Maintenance
  • Mortgage interest
  • Property taxes
  • Other expenses
  • Percentage of personal usage

Motor Vehicle Expenses

  • The kilometres you drove in the tax year to earn business income
  • The total kilometres you drove in the tax year
  • Gas
  • Interest if you are financing your vehicle
  • Insurance
  • License and registration
  • Maintenance and repairs
  • Leasing cost if you are leasing your vehicle
  • Other expenses (please specify)
  • Business parking fees
  • Supplementary Business Insurance

Assets used in your business

  • Vehicle
  • Computer
  • Equipment
  • Others

You can download the checklist.

Thanks!

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 expenses
  • Other expenses

Capital Cost Allowance

  • Furniture
  • Cost value of the building
  • Renovation
  • Others

You can download this Rental Income Tax Preparation Checklist.

Thank You!

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 contribution slip
  • Others

Notes: You can authorize us to get above slips from the CRA online service My Account. However, it ispossible there are missing or incorrect slips. Therefore, we are still encouraging you bring all your tax slips while preparing your tax return.

Tax Slips and information (not available on the CRA My Account)

  • T2202A
  • Child care expense
  • Spousal support payments
  • Interest expenses or management fees to earn income from investment.
  • Rent or property tax payment amount if your family income is lower than $70,000
  • Medical expenses
  • Donations
  • Monthly buss passes up to June 2017
  • Interest paid to your student loan
  • All tax slips from Revenue Quebec (RL-1, RL-8 etc.)
  • Others

Other Information

  • Did you sell or purchase a home last year?
  • Is this is your first time filing a tax return?

Other Checklists you may need

You can download this checklist.

Thank You