When it comes to doing your taxes, whether you do them on your own or hire an accountant, you will need to get your papers in order. Examples of items you will need to do your taxes are as follows:
1. Charitable donation receipts
2. Moving expenses
3. Medical, dental, medical insurance, and nursing home expense receipts
4. Last year’s Notice of Assessment
5. Child care expense receipts
6. Interest paid on student loans
7. A capital gain or capital loss statement from your nonregistered investments
8. RRSP contribution receipts
9. Universal Childcare Benefit details
10. Any T3s, T4s, and T5s received from your employer, investments, etc.
11. Any tax amounts you have already paid out in installments
12. Public transit pass receipts
13. Receipts for apartment rent
14. Spousal support payments or income
Once you have gathered all the items you need, tally up the total expenses for each category and put the receipts in separate envelopes so everything is organized and readily accessible.
For those of you who hire an accountant, you will find you will pay less by being organized as you make it easier for the accountant to do their job. Getting organized isn’t always a lot of fun, but it should only take an hour or two and it will pay off in the end.
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