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Filing Your Return  -> Prepare Ahead

Prepare Ahead for Your Tax Return

- Make Sure You Have all Your Receipts and Information Slips Before Filing Your Return.

Make sure you have the prior year tax return and notice of assessment.

Most tax information slips are mailed by the end of February.  However, T3 slips, which are issued for income from Canadian mutual funds, exchange traded funds and other trusts, do not have to be mailed until the end of March.  Thus, if you have mutual funds outside of an RRSP, it is advisable to wait until at least a week into April to file your return.  The tax information slips, receipts and other information you should gather include:

    - T4 for employment income

    - T4A for pension and other income

    - T4(OAS) for Old Age Security income

    - T4(CPP) for Canada Pension Plan income

    - T4E for Employment Insurance and other benefits

    - T4PS for Employee profit sharing income

    - T4RIF for RIF withdrawals

    - T4RSP for RRSP withdrawals

    - T5 for investment income, some of which may be in US$

    - T5013 Statement of partnership income

    - T101 Statement of resource expenses

    - T3 for trust income

    - T2202A for tuition fees

    - T5007 for Workers compensation benefits

    - T10 for Pension Adjustment Reversal (PAR)

    - charitable donation receipts

    - political donation receipts

    - medical expense receipts, including private health plan premiums

    - moving expenses receipts, including student moving expenses

    - RRSP contribution tax slips

    - pooled registered pension plan (PRPP) contribution receipts

    - child care cost receipts

    - receipts re Manitoba or Yukon Child Arts Credit

    - receipts re Manitoba or Yukon Child Fitness Credit

    - interest expense records

    - student loan interest records

    - union dues and other employment expenses - receipts

    - transit pass (Ontario age 66+ only) receipts

    - foreign asset information (real estate, investments)


If you have investments outside of RRSPs (i.e., in non-registered accounts), have

bulletall your brokerage statements organized to provide the required information.
bulletT5008 trading summaries from your brokerage, listing all the trades made during the year.
bulletWill not likely include any in kind transfers of securities out of your non-registered account to a registered account or to someone else's account, but these are still dispositions that must be reported.
bulletYou can use trading summaries from prior years to help confirm the cost basis of any investments you have sold in the current tax year.
bulletForeign investments:
bullettrading summaries and brokerage statements will only have your cost basis and sales proceeds in US$, if the investments are held in a US$ account - it's your responsibility to determine and track the Canadian $ cost basis and sales proceeds.  This is needed to report foreign income and capital gains, as well as for foreign asset reporting.
bulletInvesting: Tax Issues, and Tax Treatment of Different Types of Investments

Tax Tip:  Don't file your tax return until you have all your tax slips and receipts!

Revised: October 26, 2023


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