A Complete Checklist For Filing Your Taxes
Are you ready for the tax season? Being prepared is essential to make sure you’re not leaving any money on the table. At Fort McMurray Tax & Accounting, we understand that filing your taxes can be quite a challenge. Moreover, the complexity attached to tax filing can quickly push you into making errors on your return leading to stress and irritation. However, with a little preparation, you can handle your taxes quickly and easily.
As tax experts, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to file your taxes accurately and on time so that you can get back to the other important things in life.
1. Personal Information
Before seeing your tax professional make sure you have all necessary personal information such as your social insurance number, address, date of birth, province of residence for the tax year, children’s names, and dates of birth. It’s all needed.
2. Income T-Slips
The next thing you need to make sure you have with you is your tax slips, that is, your T4s, T3s, T5s, etc. Although we are able to download many of these slips off of CRA’s website, it is still best for you to bring in the slips you have because it isn’t uncommon for the CRA to have outdated info or slips. If something on your tax slip needs to be changed, you are more likely to have the corrected slip before the CRA receives a record of it.
3. Records of any other types of income
This can include tips from your server job or self-employment, or rental income. Any income you received that a slip can’t or won’t be provided for still needs to be included on your tax return.
4. Receipts for tax deductions
This includes medical expense receipts, charitable donations, childcare or caregiver expenses, receipts for self-employment expenses or rental expenses, and others.
Once you have all of these documents and details in hand, you should find it easier to file your taxes. If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Fort McMurray Tax & Accounting, serving in Fort Mcmurray, Alberta. We are your source for a full range of financial support services. From complex corporate year-end income tax returns, small business bookkeeping, and more, we are your trusted accounting team. Our services include personal income tax, corporate income tax, bookkeeping, business consultation, and business planning.