Personal Income Tax Preparation
Use the checklist below to help you with the preparation of your 2022 Personal Income Tax. Please ensure that you have collected all your tax information before uploading it to the portal or dropping off your information at our office.
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1. Personal Information
Details of any changes in personal information or family situations in 2022 (e.g., new dependents, change in marital status, change of address, adoption costs etc.)
2. Sources of Income
Including: T3, T4, T4A, T4A(P), T4E, T4RIF, T4RSP, T5
COVID-19 Related Information – Provide details on all support received and details on any repayments of said benefits (i.e., individual support or benefits received in respect of a business).
Where a repayment was previously included in your income (e.g., for CERB or CRB), the deduction can be claimed in the year the amount was originally included in said income (2020, 2021, or 2022) or the year the repayment was made.
For investments, please provide us with the complete tax package from your investment advisor. T3 tax receipts are not required to be mailed out until March 31, 2023, meaning you will not receive them until the first week of April.
3. Business, Professional, and/or Rental Income
Please provide us with a summary of your income and expenses including in-home office expenses, summary of car expenses, kilometers driven, and business portion if applicable.
4. Sale of Your Principal Residence
Please provide us with the date of acquisition, sale price, and municipal address of your property.
Indicate if you have had a change-in-use of your property. This could include converting some or all of your principal residence into an income-earning property, such as a rental suite. It could also include converting a property used for short-term rentals (e.g., Airbnb or VRBO) into long-term rentals.
Did you own or hold foreign property (investment/real estate) at any time in 2022 with a total cost of more than $100,000 CAD? If unsure, please call us for further information.
5. Types of Deductions and Credits
- Adoption related expenses
- Charitable and political contributions
- Childcare expense (Receipts must include name of child and SIN#, and name, address, and signature of caregiver)
- Disability supports expenses (e.g., speech, sight, hearing, learning aids for impaired individuals, and attendant care expenses)
- Details on any dispositions of capital property (e.g., stocks, mutual funds, real estate) in 2022 including original cost and proceeds. The year-end transactions report from the investment advisor/fund company is also required.
- Employment expense – summary of car expenses, number of kilometers driven, and business portion.
- Medical expenses – include receipts for premiums to medical insurance plans and request an annual summary from your pharmacy. Certain costs reimbursed to surrogate mothers or for fertility are now eligible medical expenses.
- Moving expenses
- RRSP and any other pension plan contributions and withdrawals
- Professional and union dues
- Tuition, student loan interest, and rent. Form T2202 for tuition must be signed by the student if transferring to a parent. Rental receipts or letter from landlord showing the amount of rent paid for 2022 and address of rental unit are also required.
- Working from home. A deduction may be available if you qualify. Provide us with the number of days you worked from home in 2022.
New Credits/Deductions in 2022:
- Air Quality Improvement Tax Credit
- Canada Dental Benefit
- Canada Housing Benefit Top-up Payment
- Labour Mobility Deduction
- Underused Housing Tax
Please note: We ask that you provide all your information to us no later than April 17th. If you are not already registered to our secure portal, please contact the office to get your sign-in details.