Accounting firm in Calgary Alberta

Your Basic Tax Checklist from Your Accounting Firm in Calgary

It's never too early to start preparing your taxes, and you definitely shouldn't wait until April to do so. Getting organized can help you minimize what you owe and maximize your tax return. At Masone and Company, an accounting firm in Calgary, we believe that one of the most effective ways to get organized in preparation for filing taxes is with a good checklist.


That's why we've created a basic tax checklist, divided into four main categories, that you can use to make sure you have everything you need when you file.

Personal Information

Filing taxes always starts with inputting all of the necessary information to identify who you are. The personal information that you should have on hand in preparation for filing your taxes, whether you are choosing to file taxes yourself or seeking the help of a Calgary accounting firm, includes:

• Date of birth
• Address
• Marital status
• Dependents
• Social insurance number
• All of the same details for your spouse and dependents

Previous Tax Year Data

The data from your previous tax year can provide a wealth of important information. Before you file this year, take a look through your records and find any of the following information which applies to you:

• Last year's tax return
• Last year's notice of assessment
• Any CRA correspondences
• Registered Retirement Savings Plan contribution limit
• Repayments under the Home Buyers Plan
• Repayments under the Lifelong Learning Plan

Income Information

The purpose of filing your taxes is to correctly report your annual income to the Canada Revenue Agency, so having all of the information that pertains to your income is a must. Collect the records pertaining to all of your sources of income, including:

• T4 slips for employment income
• T3 slips for trust and dividend income
• T5 slips for investment income
• Rental income from separate properties or a room in your home
• Self-employment income
• RRSP payments
• Interest
• Pension income
• Old age security benefits
• Tips and gratuities
• Employment insurance benefits
• Workers compensation benefits
• Social assistance
• Spousal support payments

Receipts for Tax Deductions

The only way to find and maximize your tax deductions is to have all of your receipts for tax-deductible expenses available for reference, this includes:

• Home office expenses
• Self-employed business expenses
• Medical expenses
• Moving expenses
• Charitable donations
• Political contributions
• Union dues
• Tuition fees
• Childcare expenses
• Adoption expenses
• Daycare costs
• Caregiver expenses
• RRSP contribution receipts
• Spousal support payments
• Student loan interest
• Professional certification exams

Need Help with Tax Preparation? Contact Our Calgary Accounting Firm Today

At Masone and Company, we do our own preparation every tax year by staying informed of any new tax legislation that might affect our clients. This allows us to provide tax accounting services which minimize our clients' tax liabilities. If you could use some help with your taxes, then use our checklist to gather all of our important information and we can go over it all together to create the best tax plan for you.

To schedule an appointment at our Calgary accounting firm, just contact Masone and Company today.

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