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Personal Tax
Personal Tax
Corporation Tax
New House Tax Rebate
GST/HST Return
Tax Preparation for
Individuals and Families
• Notice of Assessment/ Reassessment from previous year
• SIN number, date of birthday, phone number and address
• Marital status
• Citizenship status
• Employment income (T4, T4A)
• Invest income (T3, T5)
• Foreign income and assets
• EI (T4E)
• OAS (T4A)
• Spousal support (recipient)
• Social assistance (T5007) Etc.
General Expenses
• Mortgage interest
• Property tax
• Rental expense
• Child care and dependent care expenses
• Tuition and education expenses
•
Licensing examination fees
• Student loan interest
• Medical expenses
• Health savings accounts
• Eligible moving expenses
• Charitable Donations
• Registered or employer funded retirement plan deductions
• Retirement Savings Plans
• Union and professional dues
• Employment expenses
• Exploration and research
• Spousal support (payer)
• Disability supports deduction
• Carrying charges and interest expenses
• Business investment loss
• Non capital losses of other years
• Net capital losses of other years
• Capital gains deduction
• Adoption expenses
Tax Preparation for
Rental Income
• Total rental income
• Percentage rental
• Expense for rental property
Expenses for Rental Property
• Advertising rental property
• Insurance
• Interest on money borrowed to buy or improve rental property
• Interest paid to tenants on rental deposits
• Some fees to get a mortgage or loan to buy or improve rental property, such as mortgage applications, appraisals, processing, and insurance fees
• Mortgage guarantee fees
• Mortgage brokerage and finder’s fees
• Legal fees related to mortgage financing
• Cost of office supplies (pens, paper, etc.)
• Legal fees for preparing leases or collecting overdue rents
• Fees for bookkeeping services, record audits and preparing financial statements
• Fees for income tax form preparation and advice
• Property management fees
• Fees for property repairs
• Salaries, wages and benefits for those employed to take care of rental property
• Property taxes
• Cost of travelling to rental property to manage it
• Cost of utilities
• Cost of motor vehicles
• Lease cancellation payments
Rental Expenses Can’t Be Deducted
• Mortgage or loan payments
• Land transfer taxes paid when bought rental property
• Tax penalties
• The value of owner' labour
Tax Preparation for Small Business
• Business number
• Business income ( not including HST)
• HST
• Notice of Assessment / Reassessment from previous year
• Business expenses
General Business Expenses
• Expert advice (E.g., accounting & legal fees)
• Advertising expenses
• Automobile expenses
• Meals and entertainment
expenses
• Bad debts
• Bank charges
• Business taxes & business licenses
• Collection agency fees
• Conference and convention
fees
• Interest expenses (on money borrowed to run business)
• Insurance expenses (for buildings, machinery or equipment)
• Internet service fees (business use)
• Membership dues (for business-related organizations)
• Office rent expenses
• Office supplies expenses
• Postage& courier expenses
• Private health service plan
premiums
• Promotion expenses
• Property taxes
• Repair& maintenance expenses
• Salaries of employees , including salaries of family members
• Telephone / telecommunications
expenses
• Travel expenses
• Utilities
Motor Vehicle Expenses
• Fuel (gasoline, propane and oil)
• Maintenance and repairs
• Insurance
• Licence and registration fees
• Capital cost allowance
• Eligible interest paid on a loan used to buy the motor vehicle
• Eligible leasing costs
Home Office Expense
• Rent
• Mortgage interest
• Insurance
• Utilities (heating, electricity, etc)
• Property taxes
• Repair and maintenance