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2022 CANADIAN TAX CHECKLIST

A handy checklist to guarantee you get every tax credit and deduction you’re entitled to.

Download Checklist

EMPLOYMENT/OTHER INCOME

Income slips (T3, T4, T5, T4A, T4E, T4RSP, T4RIF, T4AOAS, T4PS, T5007, T5013, RC62)

2021 CERB and CRB payments to be reported on T4A forms

Stock option/ benefit plan statements from employer

INVESTMENT INFORMATION

Annual investment statements for all funds held outside your registered accounts (other than RRSP, RRIF, RESP, TFSA)

Details of all investment disposals during 2021, including information to support original purchase price (cost base)

Details of investments that were subject to 1994 capital gains election, if any

RENTAL INCOME

Full address, number of rental units

Revenue and expenses, including mortgage interest, property tax, repairs, insurance, utilities, condo fees

Percentage of personal use, if applicable

Details of any capital improvements (eg. renovations, roof replacement, appliance purchases)

If bought or sold in 2021, provide purchase/sale agreement, statement of adjustments, reporting letter from lawyer and allocation of value between land and building

SELF-EMPLOYMENT INCOME

Revenue for the year (on an accrual basis)

FIT or microFIT renewable energy contract revenue and expenses including details of purchase and installation costs

HST returns and instalments paid, if applicable, for the year

Confirm method of accounting for HST (regular or quick method)

EXPENSES

T2200 - Conditions of Employment form signed by employer

T2200S – Conditions of Employment form for Working at Home During Covid-19 signed by employer NEW IN 2021

Meals and entertainment

Travel, promotion, conferences, dues, telecommunications, supplies, etc.

Automotive - kilometres used for business and total kilometres per year, operating expenses, lease terms, loan interest, purchase/sale price if bought/sold in 2021

Office-in-home - percentage used for business, rent, mortgage interest, property taxes, condo fees, utilities, insurance

DEDUCTIONS

RRSP receipts

Child care, with supporting receipts and SIN of caregiver

Union/membership dues

Moving expenses (contact us for detailed list)

Alimony/support payments, with copy of agreement if not previously provided

Legal fees to collect salary, alimony, support

Accounting fees, investment counsel fees

Investment/business interest expense

Tax shelter deductions - tax slips and tax reporting package

Trades people’s tools

TAX CREDITS

Charitable and political donation receipts

Medical/dental/attendant care expenses with receipts

Tuition fee receipt (T2202), with dependent’s income and signatures

Disability credit form (T2201) for self or dependents for first-time claims

Student loan interest statement

Adoption costs

Names and birth dates for children under age 18

For seniors or disabled individuals residing on their own, or with family members, receipts for home renovations to improve accessibility (to maximum of $10,000)

Receipts for monthly transit passes (for seniors only)

Indicate if eligible for first-time home buyer credit for 2021

Indicate if infirm family member (other than child) resides with you or is dependent on you

For teachers, eligible teaching supplies bought during 2021

Digital subscription receipts for qualified Canadian journalism organization (to maximum of $500) NEW IN 2021

2020 rent/property tax information if eligible for Ontario tax credits

MISCELLANEOUS:

2020 notice of assessment/reassessment (if not already sent to us)

2021 tax instalment summary

If new personal tax client, copy of 2020 return, and carry forward details such as donations, losses, RRSP contributions, etc.

If principal residence was sold during 2021, provide description of the property, sale proceeds and the year purchased

DEADLINE DATES IN 2022

Jan 30: Interest payment on interspousal loans
Mar 1: Filing of 2021 T4, T4A, T5 slips and summaries
Mar 1: 2021 RRSP contributions including annual repayment of RRSP Home-Buyers withdrawal)
Mar 15: First personal tax installment for 2022
Mar 31: T3 slip and T3 trust return for calendar year-end trusts. T1-OVP form to report penalty on excess RRSP contributions for 2021
Apr 30: 2021 T1 personal income tax return (if not self-employed) and payment of any outstanding tax balance (whether self-employed or not)
Jun 15: 2021 T1 personal income tax return, if self-employed. Second personal tax installment for 2022

READY TO FILE YOUR TAXES

HEAD OFFICE

231 Oak Park Blvd, Suite 301, Oakville, ON L6H 7S8

1775 Shawson Dr 2nd Floor, Mississauga, ON L4W 1N8

Email: info@m7tax.com
Tel: (905) 757-0773

FAX: (905) 757-0443

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