• 2020 Personal Income Tax Return Checklist

  • Complete the checklist and click "Submit" on the final page. You can also print the form and return it to us together with the documentation required.

    This checklist can either be completed as an individual or as a couple. If you have adult children or dependents, they must submit a separate form. Some fields are visible only if the applicable boxes are checked.

    If you have personal non-registered investments, we will defer the preparation of your taxes until all slips are received in April.

    DO NOT SUBMIT THIS FORM IF YOU ARE NOT OUR CLIENT.

  • General Information

  • You are considered "common law" if you are in a relationship for more than 12 consecutive months or have a child with your partner and living together.

  • Only one person per family (you or your spouse) can claim the CAI payment. If we are not filing the tax return for your spouse, ask if they have claimed the CAI for the family. By default we will not claim it until this information is confirmed to us.

  • If you lived or worked in another province as of the end of the year, you may be considered resident of the other province. Consider your residential ties (factors to consider are similar for federal tax and provincial purposes)

  • PLEASE FILL OUT A SEPARATE CHECKLIST FOR EACH ADULT CHILD OR DEPENDANT.

  • Dependant: parent, grandparent, grandchild, brother or sister by blood, marriage or common relationship. 

  • Eligible dependant criteria

  • Individual Checklist

  • Foreign Taxes & Principal Residence

  • PLEASE CONTACT OUR OFFICE TO DISCUSS YOUR CIRCUMSTANCES.

  • PLEASE PROVIDE DETAILS.

  • If foreign properties were sold during the year, there are still reporting requirements. Property cost is cumulative for all foreign properties, not per property. Foreign investment property that must be reported may include:

    • Amounts in foreign bank accounts
    • Shares or ownership in foreign companies
    • Foreign securities held with a Canadian broker
    • Interests in non-resident trusts
    • Bonds of debentures issued by foreign government or foreign companies
    • Interests or units in offshore mutual funds
    • Real estate situated outside Canada
    • Other income-earning foreign property (foreign investment property does not include: personal-use property, that is, any property used mainly for personal use and enjoyment, such as a vehicle, vacation property, jewelry, artwork, or any other such property; and assets used only in an active business, such as business inventory or the equipment and building used in a business)
    • Cryptocurrencies

  • TAX RESIDENCY IS A COMPLEX MATTER THAT MUST BE PROPERLY REVIEWED.

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  • Income

    Please select all that apply, additional fields will open for details.

  • In general, loans from a corporation are reported as income by the employee or shareholder. In very limited circumstances such as buying a home or a car to perform employment duties, the loans may be excluded from income. Contact us if you intend to move and buy a house or buy a new car.

  • If you claim expenses against your employment or commission income attach a copy of form T2200 Declaration of Conditions of Employment provided by your employer. If eligible, consider claiming home office expenses.

    A simplified method is available for 2020 due to COVID-19. Maximum deduction is $2 per day worked from home, up to $400; no receipts required.

  •  

  • Provide us with all self-employed professional revenues and expenses. Include payments made/received after December 31, 2020 that were for expenses incurred/revenues earned prior to the end of the fiscal year.

  • Provide transaction details and investments statements where available.

  • Provide us with all rental revenues and expenses.

  • Government subsidies received due to the COVID-19 pandemic are included under "Other Income."

  • Deductions and Tax Credits

  • More information about eligibility for the Northern Residents Deduction is available here.

  • For more information on repaying the Home Buyers' Plan, click here. For repaying the Lifelong Learning Plan, click here.

  • Loss on investment in shares or loans to small business corporation

  • Consider the eligibility criteria to claim the caregiver amount

  • Provide us with your moving expenses. Expenses reimbursed by employer are not eligible.

  • Non-refundable tax credit for eligible supplies purchased, up to $1,000.

  • Expenses reimbursed under any health plan are not eligible for the Medical Tax Credit.

  • $5,000 non-refundable tax credit for the first-time home buyers (or no house purchased in the last four preceding years)

  • Up to half of eligible tuition and fees associated with work-related training may be eligible for reimbursement for individuals aged 25 to 64. Provide details on tuition and other fees related to training. Amounts refunded due to the CTC are not eligible for the tuition tax credit.

  • Couple Checklist

  • Foreign Taxes & Principal Residence

  • PLEASE CONTACT OUR OFFICE TO DISCUSS YOUR CIRCUMSTANCES.

  • PLEASE PROVIDE DETAILS.

  • If foreign properties were sold during the year, there are still reporting requirements. Foreign investment property that must be reported includes:

    • Amounts in foreign bank accounts
    • Shares in foreign companies
    • Foreign securities held with a Canadian broker
    • Interests in non-resident trusts
    • Bonds of debentures issued by foreign government or foreign companies
    • Interests or units in offshore mutual funds
    • Real estate situated outside Canada
    • Other income-earning foreign property (foreign investment property does not include: personal-use property, that is, any property used mainly for personal use and enjoyment, such as a vehicle, vacation property, jewelry, artwork, or any other such property; and assets used only in an active business, such as business inventory or the equipment and building used in a business)
    • Cryptocurrencies

  • TAX RESIDENCY IS A COMPLEX MATTER THAT MUST BE PROPERLY REVIEWED.

  •  

  • Income

  • In general, loans from a corporation are reported as income by the employee or shareholder. In very limited circumstances such as buying a home or a car to perform employment duties, the loans may be excluded from income. Contact us if you intend to move and buy a house or buy a new car.

  • If you claim expenses against your employment or commission income attach a copy of form T2200 Declaration of Conditions of Employment provided by your employer. If eligible, consider claiming home office expenses.

    A simplified method is available for 2020 due to COVID-19. Maximum deduction is $2 per day worked from home, up to $400; no receipts required.

  •  

  • Provide us with all self-employed professional revenues and expenses. Include payments made/received after December 31, 2020 that were for expenses incurred/revenues earned prior to the end of the fiscal year.

  • Provide transaction details and investment statements where available.

  • Provide us with all rental revenues and expense.

  • Government subsidies received due to the COVID-19 pandemic are included under "Other Income."

  • Deductions and Tax Credits

  • More information about eligibility for the Northern Residents Deduction is available here.

  • For more information on repaying the Home Buyers' Plan, click here. For repaying the Lifelong Learning Plan, click here.

  • Loss on investment in shares or loans to small business corporation

  • Consider the eligibility criteria to claim the caregiver amount

  • Provide us with your moving expenses. Expenses reimbursed by employer are not eligible.

  • Non-refundable tax credit for eligible supplies purchased, up to $1,000.

  • Expenses reimbursed under any health plan are not eligible for the Medical Tax Credit.

  • $5,000 non-refundable tax credit for the first-time home buyers (or no house purchased in the last four preceding years)

  • Up to half of eligible tuition and fees associated with work-related training may be eligible for reimbursement for individuals aged 25 to 64. Provide details on tuition and other fees related to training. Amounts refunded due to the CTC are not eligible for the tuition tax credit.

  • Final Notes

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