Personal Tax

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




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​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