organizing your tax files

Organizing for Your Tax Return

 

 organizing your tax files

With the start of the new year, it is time to start thinking about the tax man and filing your taxes. Yes, I know they are not due yet, but they soon will be. Now, is the time to start organizing for your tax return. Do you really want to be running around for a few days in April looking for all your stuff?

You simply want to get to get yourself organized and there are some very simple things you can do to ensure you are.

Gather Your ID

 Do you know where you SIN card is? I don’t carry mine in my wallet for security reasons but I do have a file where I keep our birth certificates and SIN cards. Have yours, and those of your family members all in one place.

Gather Your Income Statements

 Did you work a full time job? By the end of January you will get your T4, and you should also get forms from any income source you had. Even if you were in EI or welfare you will get one. Make sure you put these away as you need them come tax time and you don’t want to have to go searching. Trust me, one year I lost mine and it was a bit of a headache to get it replaced till after April 1st.

Gather Your Documents

 Did you work for yourself? Have your kids in lessons or camps, pay a daycare provider, take a course etc? Make sure you gather and store your documents. A simple few files in an accordion box works well come tax time. Self employed? make sure you gather all your expense receipts as well. Here in Ontario if you paid rent or bought a bus pass you will want to have those in your file folder as well.

Here is a simple list to remind you:

Income:

  • Any T4 slips (Employment income)
  • Employment insurance benefits (T4E)
  • Interest, dividends, mutual funds (T3, T5)
  • Tuition / education receipts (T2202A)
  • Universal Child Care Benefit (RC62)
  • Old Age Security and CPP benefits (T4A-OAS, T4AP)
  • Other pensions and annuities (T4A)
  • Social assistance payments (T5007)
  • Workers’ compensation benefits (T5007)
  • All other taxable benefits like a work vacation you won,or other prizes your employer writes off.

Receipts:

  • RRSP contribution slip
  • Support for a child, spouse or common-law partner
  • Professional or union dues
  • Tool expenses (Tradespersons)
  • Eligible Medical expenses
  • Transit pass receipts
  • Charitable donations
  • Political contributions
  • Child care expenses
  • Adoption expenses
  • Children’s arts and sports programs
  • Moving expenses for more then 30km if for work
  • Interest paid on student loans
  • Carrying charges and interest expenses
  • Office – in-home expenses
  • Exams for professional certification

 Other things you may need

  • Notice of Assessment/Reassessment
  • Canada Revenue Agency correspondence
  • Sale or deemed sale of stocks, bonds or real estate
  • Northern residents deductions
  • Rental income and expense records
  • Business, farm or fishing income/expenses
  • Automobile / Travel logbook and expenses
  • Disability Tax Credit Certificate
  • Declaration of Conditions of Employment (T2200)
  • Volunteer Firefighters certification

File them

Now that you have them gathered, file them. Set up folders for receipts, income, and the kid stuff. By taking your time now to get things done you will save yourself time and grief come tax time. My other advice file as early as you can.

Now, you won’t be able to forget to add any of these come tax time if you use a program like Turbo Tax as it is full of reminders as you do your taxes. Just have everything handy when you sit down to do your taxes.

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Follow these tips and getting your taxes done will be a breeze because you took the time now to get organized. If you want some more great tips you can check out the TurboTax Blog, it is full of great information.

*this is a sponsored post from TurboTax, I am one of their brand ambassadors this year. I do recieve compensation for my posts however as always my thoughts are my own. 

 

3 thoughts on “Organizing for Your Tax Return

  1. Thanks for the helpful hints. I'm going to get myself organized this weekend. Then I'll know what I need to track down next week so that I have everything I need at my finger tips come tax time.

  2. Thanks for these tips! I am so thankful that my tax return is really simple right now, but I should look more into ways to maximize my return.

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