Dear Client, FEBRUARY 3, 2016

Transcription

1 1210 Sheppard Avenue East, Suite 308, Box 18, Toronto, Ontario M2K 1E3 (416) fax: (416) Dear Client, FEBRUARY 3, 2016 Once again it is time to start getting ready for the preparation of your personal tax return. We have attached our 2015 INCOME TAX CHECKLIST which should assist you in gathering together your records. We would like to send the checklist out by , wherever possible. To assist us, please be sure to complete the address update below. ** CRA encourages us all to switch to direct deposit payments for personal tax return refunds as well as other credit or benefit payments such as child tax benefits, GST/HST credits, etc. If you are not already enrolled, or if your banking information has changed from last year, please provide us with a VOID cheque along with your tax information so that we can set you up for payments directly into your bank account. ** To ensure timely preparation of your 2015 personal tax return, we would appreciate receiving all relevant information between March 1 and March 31, We cannot guarantee that tax returns received after April 15 th will be ready by April 30th. If you need an appointment to meet with us, please book early. Sorry, but we will not be making appointments to meet with clients between April 15 th and April 30 th. ADDRESS UPDATE Please make sure we have your correct address: FOREIGN PROPERTY REPORTING : FORM T1135 If you owned at any time during 2015 foreign assets which had a total cost of $100,000 (Canadian funds) or more, a foreign income verification statement will also have to be filed with your 2015 tax return. Foreign assets for reporting purposes exclude personal use property such as a boat or condominium which is not used or rented out for any business purpose whatsoever. These assets include foreign investments held by Canadian brokers. Severe penalties may be levied by CRA for failure to meet this foreign property reporting requirement. PLEASE SPEAK TO US IF FORM T1135 APPLIES TO YOU. Yours truly,

2 1210 Sheppard Avenue East, Suite 308, Box 18, Toronto, Ontario M2K 1E3 (416) fax: (416) PERSONAL INCOME TAX QUESTIONNAIRE This questionnaire is designed to assist you in compiling the information necessary to prepare your 2015 personal tax return. Please return this form with your documentation. Telephone ( ) Fax ( ) Please indicate address only if changed since 2014 income tax return: Marital status (if changed in 2015, indicate change and date) New family members: Name: Date of birth: Date of adoption: Please check items attached: INCOME Employment T4 Old Age Security T4A(OAS) Canada Pension Plan benefits T4A(P) Retirement Income T4A for pensions, T4RSP, T4RIF (attach details of spouse s income to determine if pension splitting is beneficial) Employment Insurance T4E Universal Child Care Benefits RC62 Interest, Dividends and other Investment Income T5/T600 Mutual Funds and other Trust Income T3 Limited Partnership T5013

3 Business or Professional Financial Statements or T5013 Rental Property (attach details of income, expenses, purchases and sales) Capital Gains/Losses Did you dispose of any capital properties this year? (Attach copies of sales detail and original purchase documentation.) Alimony (provide copy of post-april , agreement or election, if changed or not previously provided) Other Income (e.g., stock options, annuities, scholarships, bursaries, research grants, RRSPs attach T4RSP, Workers Compensation benefits). DEDUCTIONS AND TAX CREDITS Registered Retirement Savings Plan contributions (attach receipts) (attach T10 Personal Adjustment Reversal, if you received one.) Annual union, professional dues (attach receipts) Child care expense (attach receipts): (a) for individual providers, include S.I.N. and address (b) for summer camps, indicate number of weeks in-residence Attendant care expenses (attach receipts) Allowable business investment losses (refer to Capital Gains/Losses above) Moving expenses (attach receipts). Indicate distance moved to new employment. Indicate any amounts reimbursed by your employer. CRA requires proof of the new employment. Alimony or separation allowances paid (include name(s) and address(es) of recipients; attach copy of agreement or court order for spousal support which was signed on or after May 1, 1997 or election, if changed or not previously provided) Commission and employment expenses (include details and T2200 or TL2) Carrying charges (interest on money borrowed to earn dividend and interest, investment counsel fees, interest for limited partnerships, safety deposit box) Other deductions and expenses (attach receipts) Federal and provincial political contributions (attach receipts) Charitable donations (attach receipts) (provide details of gifts in kind, e.g., securities) Medical expenses (attach receipts) and details of private health insurance premiums, including amounts paid while travelling. (IF AMOUNT IS LESS THAN 3% OF YOUR NET INCOME, THERE WILL BE NO TAX CREDIT.)

4 Disability deduction for you or dependant (if first-time claim, attach T2201 signed by physician) Receipts for child fitness tax credit (for dependants who were under age 17 at the end of the year; under 19 if eligible for disability credit). Programs must be ongoing for 8 weeks or more. Receipts for child arts tax credit (for dependants who were under age 17 at the end of the year; under 19 if eligible for disability credit). Adoption expenses Tuition fees (attach T2202/T2202A). DOWNLOAD THIS COMPLETED FORM BY LOGGING ON TO THE UNIVERSITY WEBSITE. Public transit passes which provide unlimited travel for at least five consecutive days; please provide actual signed passes AND official receipts (include passes for your spouse and children under 19 at the end of the year) Labour-sponsored funds T5006 Interest paid on student loans (attach reporting slip) For wholly dependant persons, please attach list and indicate for each dependant: Name: Address if different: Relationship: Birth date: S.I.N.: Net income: Infirmity, if any: OTHER VOID cheque to enroll for direct deposit, if not already enrolled Installments. Total remitted: $ Attach copy of 2015 assessment notices and other correspondence from the Canada Revenue Agency. This applies to new clients only. Amount of any contributions to or distributions from, or loans to/from foreign trusts in Details of foreign property, other than personal-use property, if aggregate cost is in excess of $100,000, as well as any investment in foreign affiliates. We will allow CRA to provide your name and address to Elections Canada unless you inform us otherwise.

5 2015 SELF-EMPLOYED EXPENSES (T2200 NOT REQUIRED) 2015 EMPLOYMENT EXPENSES (T2200 REQUIRED) Do not attach receipts for the following. Receipts must be kept by taxpayer in case Canada Revenue Agency requests them at a later date. CAR EXPENSES: Gas $ Repairs & maintenance Insurance License & auto club Interest on bank loan for car purchase Lease Washes & miscellaneous Parking & meters Business kms Total kms Allowance received from employer included on T4 Allowance received from employer not included on T4 If car purchased, sold or leased during year provide copy of agreement or invoice MARKETING & PROMOTION: GENERAL & ADMINISTRATIVE: OFFICE IN THE HOME: Advertising Gifts & tickets Meals & entertainment Hotel & motel accommodation Travel Sales meetings & seminars Telemarketing & client development Accounting and legal fees Office supplies and expenses Telephone - business long distance & cellular Professional licenses, fees & dues Liability insurance (errors & omissions) Equipment leases & rentals Personal life commissions included in income Rent Repairs & maintenance Salaries Sub commissions & finders fees Utilities Repairs and maintenance Insurance Property Tax Mortgage interest Rent Total square footage Business square footage, Chartered Accountants 1210 Sheppard Avenue East, Suite 308, Box 18, Toronto, ON M2K 1E3 (416) fax : (416) accountants@kurin.ca