Text by Reena Nerbas
Make the most of your meeting with a tax accountant by bringing all the documents needed to prepare your tax return.
1.Financial records: This includes deductions, receipts, RRIF, RRSP or other pension contributions, union or professional dues, income papers from a partnership, small business or trust, investment expenses, dividends, brokerage trades, rental agreement, records of investment activity. Also bring receipts from moving expenses due to a new job, alimony total and details of foreign assets.
2.Income slips: Tax slips received due to stocks, bonds, real estate, capital assets, and rental income. T-4s for wages (preferred over monthly paycheck slips because often those have holiday pay or partial holiday pay already deducted). T-3s slips for estates, trusts, partnerships, childcare tax receipts, private pension, copies of tax slips, financial records.
3.SIN (social insurance number): This will give the accountant access to personal information that he/she needs. SIN allows financial information to be retrieved through Revenue Canada in order to receive records that pertain to your life and may be essential when making a claim. Everything can be researched through your SIN.
4.Family Information: Whether you have day care slips, extra curricular receipts, education, tuition or donation receipts (any amount); bring them with you in order to make deductions. Every penny counts.
5.Medical Papers: The list is long; remember to bring with you all receipts with regards to health: prescriptions, eyewear, dentures, injury claims, prosthetics, and crutches. Collect all receipts accompanied by a DIN (drug identification number). It is surprising to note that health store and Watkins products often bear a DIN making these purchases deductible.
If you are missing records, your accountant can often help you track them down. Organize all papers into one file or box marked “Accountant” and that way there will be no need to search through drawers or closets to prepare for a meeting with your accountant. This will make life much easier.