23 Apr 2013

Seven days!

Wait … that’s only one week.

And now you’re freaking out because you’ve left your taxes to the last minute and you still don’t have time.

We can’t stress enough how important it is to get your T-1 income tax return into the Canada Revenue Agency by 11:59 p.m. on April 30.

If you owe the government money, you face an automatic five per cent penalty on any unpaid tax, plus one per cent on the amount owing for each month your return is late, up to a maximum of 12 per cent.

A1 Accounting has a handy checklist for everything you’ll need to get your personal taxes done accurately and with your tax savings in mind.

Tax return checklist

  • Your legal name, date of birth, address and phone number
  • Your spouse or common-law partner’s name, date of birth and Social Insurance Number
  • Names and dates of birth of dependent children
  • T4 slips for all employers
  • All other income slips (T3, T5, T4E, T4A, T4AP, T4RSP, T4RIF)
  • Charitable and/or political donations receipts
  • Investment receipts (share buy and sell along with statement)
  • RRSP tax receipts
  • Health bills (pharmacy, massage, chiropractic, natural healing, dental, etc.) for the family if not claimed by spouse or common-law partner
  • Public transit passes
  • Childcare receipts (nanny, daycare, school receipts, child tax credit, etc.)
  • Child support payments or alimony payments
  • Tuition and education amounts and tax receipts, interest paid on student loans
  • Revenue properties information, if applicable
  • Moving expenses, if applicable
  • Declaration of Conditions of Employment (T2200) and receipts for work expenses if you are not reimbursed for them
  • Old Age Security and CPP benefits and other pensions and annuities
  • Employment Insurance benefits, Workers’ Compensation benefits or Social Assistance payments, if applicable
  • Notice of Assessment for the last tax year filed and a copy of your tax filing for the previous year
  • Any other tax-related correspondence from the government for the 2012 tax year

Getting organized is the first step to making your taxes less stressful.

Canada Revenue Agency is encouraging Canadians to file their T-1 personal income tax returns over the Internet, using commercial software or web-based process and then uploading your document to NETFILE.

You can still file your income taxes by mail, although you’ll have to go to a Canada Post or Services Canada location to pick up a T-1 package.

And remember, if you do your taxes yourself, go over everything twice or three times to ensure your accuracy. You want to avoid a tax audit.

Can you help?

We sure can. Contact one of our tax specialists and we can help you wade through the tax benefits and credits available to Canadians. We especially come in handy if you have a more complex tax return that includes self-employment income, rental property or investment income.

Our services are even tax deductible. Tax software isn’t.

Fill out our contact form or give A1 Accounting a call at 403-226-8297.