2016 Personal Income Tax Checklist

Transcription

1 2016 Personal Income Tax Checklist Please include the following information along with this completed checklist and a copy of your prior year Notice of Assessment: A copy of your current year tax information slips (T4, T5, T4A, etc) Please provide us a copy of your previous tax return, if this is the first year we are preparing your return. We have included a general list to assist you if you sold stocks, mutual funds or real estate in 2016 or if you had a rental property, business income or employment expenses in 2016 IDENTIFICATION 1. Your Name: SIN: Birthdate: 2. Your Spouse: SIN: Birthdate: 3. Address: Street: City: Postal Code: 4. Home phone #: 5. Work phone #: 6. address: 7. Your Financial Planner & Institution: 8. Your Marital Status: Married Widowed Separated Common-Law Divorced Single 9. If your marital status changed during the year, date of change: 10. Are you a US citizen? Yes No If yes, provide your SS#: 11. Did you receive income from U.S. sources? Yes No 12. Did you need a US tax return prepared? Yes No 13. Are we preparing a tax return for your spouse? Yes No 14. If we are NOT preparing a return for your spouse, please provide the following information: Spouse s net income: $ (Net income figure from line 236 on page 2 of his or her tax return) FAMILY MEMBERS / DEPENDENTS 15. Name Relationship Income Birthdate Page 1

2 16. Did you own/hold foreign property with a cost of more than $100,000 CAD? Yes No FOREIGN PROPERTY INCLUDES: Shares of non-resident corporations (other than foreign affiliates) Debt owned by a non-resident Interest in non-resident trusts Foreign mutual funds Precious metals held outside of Canada Funds on deposit outside Canada (ie foreign bank accounts) Real property held outside Canada (other than personal use or real estate used in an active business) FOREIGN PROPERTY DOES NOT INCLUDE: Real estate held outside Canada used for personal use (ie Florida condo) Foreign property held by RRSP, RRIF, TFSA, or Canadian mutual fund Shares in foreign affiliates Foreign pensions (i.e. social security) If at any time during the year the total cost amount of all Specified Foreign Property was more than $100,000 CAD, you must provide the following: The name of each foreign bank account or investment The specific country for that investment The maximum cost in the year and cost at the end of the year The income or loss for each investment The capital gain or loss on disposition of the investment Page 2

3 Income Type of Slip Employment Income T4 Pension payments, Retiring allowances T4(A) Self employed commissions T4(A) Canada Pension, Old Age Security T4A(P), T4A(OAS) Employment Insurance T4E Statement of employee profit-sharing plan payments T4PS Employment Insurance Benefits T4U Income from RRSP or RRIF T4RSP, T4RIF Social Assistance, Worker's Compensation T4007 Universal Child Care Benefits RC62 Mutual Funds and Other Trusts T3 Interest and Dividends T5 Statement of benefits T5007 Partnership income T5013 US Source income US slips Rental income See Page 5 below Self employment income (business, professional).. T5013/See Page 6 below Capital gains & losses/buy/sell slips T5008 Purchase and sale of securities * Broker statements Spousal support received... Signed and approved court order Spousal/child support payments made... Signed and approved court order * Please provide information concerning the cost of the securities sold when submitting this form. Deductions Type of slip/backup Documents Child care expenses Receipts (camp, after school programs, SIN of caregiver) Interest paid on loans to earn investment income Statement from bank Receipt Investment counsel fees (non-registered investments) Broker receipt/letter Employment expenses (see #4 next page) T2200/list of expenses Registered Retirement Savings Plan Contributions RRSP slips Pension income reversal T10 Union or professional dues Slips Legal fees (if paid for purpose of obtaining alimony/child support, wage loss)... Lawyer letter/ copy of invoices Tax Credits: Type of slip/backup Documents Charitable donations Official receipts Fitness tax credit Receipts Tuition fees T2202/T2202A Labour sponsored funds T5006/OIEO Certificate Claiming disability tax credit T2201 if first year claim Interest paid on student loans Receipts Medical expenses (See appendix B) Receipts Political contributions Receipts Public transit amount Transit passes Arts Tax Credit receipts Adoption Receipts expenses Adoption Arts Tax Credit expenses receipts... Receipts Adoption expenses * If you have several prescription expenditures, please request a computer print-out of your annual drug expense from your pharmacist, rather than submitting the individual receipts. Year-to-date statements can also be obtained from your dentist, chiropractor, optician, massage therapist etc. If you are a part of a health plan, please submit details of premiums paid and benefits paid by health provider. See page 6 for a General List of Allowable Medical Expenses. Page 3

4 Listing of employment expenses other than auto expenses (include Form T2200) (See attached General List of Deductible Business and Employment Expenses) Listing of rental income and expenses separate for each rental property. Please include copy of purchase and sale agreement and statement of adjustments if property sold or acquired during the year (See attached General List of Deductible Rental Expenses). Listing of Professional/business income and expenses other than auto expenses (See attached General List of Deductible Business and Employment Expenses) HST return if to be completed by our office. Automobile expenses of employee/self employed individual Include information concerning the cost of the vehicle if purchased in the year (include the invoice), the proceeds on the disposal of the vehicle if sold in the year. Provide a summary of the cost of gas, repairs and maintenance, insurance, licenses, auto lease payments (include HST), and the interest paid on an automobile loan as applicable. Please also indicate the business and total kilometers driven during Please provide a separate list for each vehicle. Other Items: Details on disposition of capital property (stocks, mutual funds, real estate). Provide original cost, proceeds, expenses of disposition. The amount of support payments or alimony payments paid or received If you are the payor, include name and S.I.N. of recipient. Details regarding eligible moving expenses Amount of installment payments made during the year (attach Jan 2017 CRA statement) Property taxes paid Rent paid including name of landlord Details of adoption expenses paid during the year Particulars if you participated in the RRSP Home Buyer s Plan or Lifelong Learning Plan Please list any other issues or concerns you have regarding your current years tax returns that you would like to discuss with us. Page 4

5 General list of deductible business and employment expenses Capital Assets subject to Depreciation - Office furniture (desks, cabinets, chairs, etc.) - 20% - Computer hardware Mortgage interest/rent - Computer software Realty taxes Insurance Interest and Bank Charges Utilities - Bank service charges Repairs and maintenance - Interest on loans used in business Condo fees - Credit card fees Office expenses - Postage - Stationary Gas/Oil - Courier Repairs and maintenance - Registration costs Insurance - Computer/Copier paper Lease costs ($800 monthly limit) - Supplies Interest on car loan ($300 monthly - Books and publications interest deduction limit) - Continuing education courses/seminars CAA dues ETR (Highway 407) fees Telephone Car washes - Business telephone and fax line Parking at clients (100% deductible) - Cellular phone - Internet fees Meals, sporting events, theatre Salaries (50% deductible) - Salary to assistants including payroll levies Dues and Memberships Conventions, airline flights, hotels, - Professional affiliation dues taxis, business conferences etc. - Business trade and networking membership dues Advertising Accounting and legal fees - Newspaper ads - Promotion, advertising etc. - Gifts to clients Business insurance Professional liability insurance Note: Some of the expenses may not be permitted or restricted if taxpayer is earning income from employment. GENERAL LIST OF DEDUCTIBLE RENTAL EXPENSES Property taxes Capital Assets subject to Depreciation Insurance - Buildings - 4% Repairs and maintenance - Furniture, fixtures and appliances (painting, plumbing, electrical, (desks, chairs, beds, stove, fridges, washer/dryer waste removal, garbage etc.) etc.) - 20% Utilities - Computer hardware - 100% if acquired after Jan 27, (hydro, natural gas, water, cable) and before Feb 1, 2011(55% 2012 if acquired between Mortgage interest and financing fees March 18, and January 28, ) Advertising for tenants - Computer software - 100% if acquired after Jan 27, Janitorial services (subject to half year rule prior to Jan 28, ) Property management fees - Automobile - 30% ($30,000 capital cost Accounting fees threshold level) Legal expenses not connected with - Additions during current year depreciated at 50% of purchase of property above rates, except for computer hardware and Office supplies software acquired after Jan 27, Alarm fees and security Bank service charges Automobile expenses (travel and inspection) Lease cancellation/inducement fees Condo fees Page 5

6 General list of allowable Medical Expenses Acupuncturist (if a qualified medical - Blood tests practitioner or, in Quebec only, a - Cardiographs licensed acupuncturist) - Metabolism tests Chiropodist - Spinal fluid tests Chiropractor - Stool examination Christian Science practitioner - Urine analysis Dental hygienist (if authorized to - X-ray examinations practice under provincial law) Dental mechanic (for making or Dental Services repairing of a complete upper or lower denture) - Dental x-rays Dentist - Extracting teeth Dermatologist - Filling teeth Gynecologist - Gum treatments Neurologist - Oral surgery Naturopath - Straightening teeth Obstetrician Oculist Hospital Services Optician Optometrist - Anesthetist Orthopedist - Hospital bills Osteopath - Oxygen masks, tent Pediatrician - Use of operating room Physician - Vaccines Physiotherapist - X-ray technician Plastic surgeon Podiatrist Practical nurse For comprehensive list of qualifying medicines, (medical services only) apparatus, medical treatments etc. please consult Psychiatrist my office. Psychoanalyst Psychologist (if licensed by province Source: CCH "Preparing Your Income Tax Return" to provide therapy or rehabilitation) Registered Nurse Surgeon Speech therapist (pathological or audio logical impediments only) Therapist Page 6