Here are just of few of the questions you need to be able to answer before doing your income tax. Gather up your paperwork and contact us to have your Income Taxes done by a Professional.
TAXABLE INCOME
Income from employment and commissions
Other employment income, including income from wage loss replacement plans
Old Age Security Pension from T4A (OAS) slips
Canada Pension Plan or Quebec Pension Plan benefits from T4A(P) slips
Other pensions or superannuation
Eligible pension income transferred from spouse (pension splitting)
Employment insurance and other benefits from T4E slips
Grossed up Canadian dividends
Interest and other investment income
Net income from partnerships (limited or non-active partners only)
Net rental income
Taxable support payments received
RRSP income from T4RSP slips
Other income including Scholarships, apprenticeship incentive grants, lump sum payments from pensions and deferred profit sharing plans, severence pay and retiring allowances, etc.
Net income from self-employment (business, professional, commission, farming and fishing).
Workers’ compensation benefits from T5007
Social assistance payments
Net federal suppliments T4A(OAS) slip
SOME ELIGILE DEDUCTIONS
Pooled registered pension plan (PRPP) employer contributions
Pension adjustments
Registered Pension Plan (RPP)
RRSP’s
Elected Split-Pension Amount
Annual Union/Professional dues
Universal Child Care Benefit (UCCB)
Child Care Expenses
Disability Supports Deduction
Business Investment Loss
Moving Expenses
Support Payments Made
Carrying Charges and Interest Expenses
CPP
Provincial Parental Insurance Plan
Exploration and Development Expenses
Clergy Residence Deduction
Social Benefits Repayment
Are some of the deductions available.