If you're filing your taxes by yourself online, you probably want to try and get it over with in one shot. In other words, stop the pain as quickly as possible 😉
So, what do you need to prepare?
Here are the major sections of a tax return, which indicate the information you need on-hand.
Are you a Canadian resident?
If you're new to Canada, what date did you arrive and what was your foreign income before arriving (in Canadian dollars)?
Have you been a student recently?
Are you a parent? What's the SIN number of your spouse?
Do you need to retroactively file taxes for any of the past 3 years?
Are you salaried or self-employed? If you're salaried, have your T4 form accessible
Do you have a side hustle? If so, have your income and expenses ready
Do you have non-registered investments (meaning not a TFSA or RRSP)? If so, have your T3 and T5 forms ready
Do you earn rental income?
Tip: If you’ve already filed your taxes online, your T4, T3 and T5 form data should auto-populate
If you're a parent, what are your childcare expenses so that you or a spouse can work?
If you're a student, know your tuition costs and the interest you pay on your student loan
Did you pay out-of-pocket medical expenses greater than 3% of income?
Do you have a form T2200 for work-at-home expenses?
If you’re self-employed, have all of your deductible expenses ready
Tax Credits and Deductions
What were your RRSP contributions this year?
The software will check if you’re applicable for other Federal and Provincial credits
If you have lingering questions about filing your taxes, check out these other articles: