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The Comprehensive Tax Document Collection Checklist for Personal and Business Tax Returns

The Comprehensive Tax Document Collection Checklist for Personal and Business Tax Returns

Navigating the numerous tax deductions available in Canada can be a daunting task. From charitable donations and home renovations to medical expenses and more, there are a plethora of credits and deductions that can help your clients reduce their tax bill this tax season. However, with proper planning and organization, you can gather all the necessary documentation to take full advantage of these benefits and ensure your clients receive the best possible return. To help you stay organized, we’ve provided the official LedgerDocs Tax Document Collection Checklist below.

Tax Slips

  • T4 (A statement of remuneration paid by an employer to an employee for the year)

  • T3 (Used by the Canada Revenue Agency to report income from investments held in a registered retirement savings plan (RRSP))

  • T5 (Used to report investment income that includes interest, dividends, and other income from investments)

  • T4E (Used by the employer to report the amount of EI benefits paid to the employee, as well as to calculate the employee’s taxable income)

  • T4A (Used to report certain types of income, such as pensions, annuities, and other income)

  • T4AP, T4A-OAS  (Old Age security and CPP benefits)

  • T4RSP (Used to report contributions to a Registered Retirement Savings Plan (RRSP))

  • T4RIF (Used to report income from Registered Retirement Income Funds)

  • T5007 (Social Assistance Payments)

  • T5007 (Workers’ Compensation Benefits)

  • T5008 (A comprehensive list from your broker of sales of stocks)

  • T5013 (Statement of partnership income)

Receipts for Expenses

  • Expenses Associated with Adoption

  • Interest Expenses

  • Carrying Charges (Fees associated with the storage, handling, and transport of goods from one place to another)

  • Charitable Donations

  • Childcare Related Expenses

  • Interest Payments

  • Medical Related Expenses

  • Cost Associated with Moving (Only applicable if you move more than 40 kilometers closer to your work)

  • Home Office Expenses (Heating, Utilities, Rent, Wifi, Phone, Supplies)

  • Political Contributions

  • Contributions to RRSP

  • Sale or Deemed Sale of Stocks, Bonds or Real Estate

  • Interest Payments On Student Loans

  • Child, Spouse, or Common-aw Partner Support Payments

  • Expenses Related to Tool or Supplies (Trades people must have a T2200 filled in to claim their tools)

  • Travel Expenses (Flights, Gas, Public Transportation)

  • Expenses for Any Business Vehicle

  • Tuition or Education Payments

  • Expense for Professional Exams or Certifications

  • Union Fees

  • Teacher School Supplies

  • Home Renovation Expense (This would apply for those who are seniors or disabled)

Miscellaneous Documentations

  • T2200 or T2200S (Declaration of Conditions of Employment)

  • T2201 (Disability Tax Credit Certificate – This is filed once with CRA then you just need to let the preparer know that there is one on file)

  • T2202 (Tuition and Enrollment Certificate)

  • Notice of Assessment or Reassessment

  • Rental Income and Expenses

  • Sale of Principal Resident Documentation

  • Business Expense and Income

  • Farming Expense and Income

  • Fishing Expense and Income

  • Northern Residents Form

Tax season can be a hassle, but LedgerDocs is here to help. Download our printible checklist to share with your clients to make sure you get all the documents you need. Use our standalone TaxDocs product, built with core elements from our powerful file management system, to easily store and organize documents in one central and secure place. Automated tagging makes it easy to retrieve documents when you need them.

TaxDocs is the perfect tool for tax season – get organized and save time with our easy-to-use document management system. Try it free today.

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