We have put together a checklist of items to assist you when preparing your personal tax information. Please review it carefully before bringing your information to us.
If you have self-employment income, please use the tables provided to summarize your income and expenses. Remember you may set up your own expense categories as you wish as a supplement to the categories on the forms.
To claim employment expenses, you will require form T2200 signed by your employer. (This is most common for commissioned sales employees.) This form confirms that you were required to travel, purchase supplies, hire an assistant, operate a home office etc. Use these forms to record employment expenses. Please also note if you received any taxed or non-taxed reimbursements for expenses.
If you have rental income and expenses, please use the following table. If you have more than one rental property, use a separate table for each. If you have more than five properties a statement combining all properties would be helpful. (But each should still be summarised separately each year. (Remember also to keep your original purchase documents to carry over the tax cost of each property).
- Rental income & expenses (pdf)
Deadlines & Penalties
Most Personal tax returns are due by April 30, however, individuals with business income (or are partners in a partnership) are required to file their personal tax returns by June 15. In either case, taxes owing to the Canada Revenue Agency, if any, are due by April 30.
If you did not pay your taxes on time or if there is a balance owing on your Notice of Assessment, the CRA charges compound daily interest starting in May, on any unpaid amounts owing. In addition, the CRA will charge interest on any penalties, starting the day after your return is due.
The penalty for failing to file a tax return is 5% of your balance owing, plus 1% of your balance owing for each full month that your return is late, to a maximum of 12 months.
- Important deadlines (pdf)