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: