Tax Season Prep: Documents You Need to Gather Now
Tax season is coming. Start gathering your documents now. This complete checklist covers T4s, T5s, receipts, and business records.
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Key Takeaways
- T4s and T5s arrive in February
- RRSP receipts needed for March 1 deadline
- Keep all medical and childcare receipts
- Business owners: Have books finalized by February
- Self-employed: Gather all income and expense records
Personal Tax Documents
Income Slips
- T4: Employment income
- T4A: Pension, retirement, annuities, self-employment
- T4A(P): Canada Pension Plan benefits
- T4A(OAS): Old Age Security
- T4E: Employment Insurance benefits
- T5: Investment income (interest, dividends)
- T3: Trust income (mutual funds in non-registered accounts)
- T5008: Securities transactions
- T4RSP: RRSP withdrawals
- T4RIF: RRIF withdrawals
CRA My Account: Most slips are available online through your CRA account. Check after mid-February.
Deduction Receipts
Medical Expenses
- Prescription receipts
- Dental and vision care
- Medical equipment
- Private health insurance premiums
- Travel for medical treatment
Childcare
- Daycare receipts
- Before/after school care
- Day camp fees
- Babysitter payments (need SIN or name/address)
Education
- T2202 (tuition and education)
- Student loan interest statements
- Moving expenses for full-time study
Donations
- Charitable donation receipts
- Political contribution receipts
- In-kind donation appraisals
Self-Employed / Business Documents
Income Records
- Invoices issued
- Bank statements showing deposits
- T4A slips received
- Credit card sales reports
- Cash receipts journal
Expense Records
- All purchase receipts
- Vehicle log book
- Home office measurements and expenses
- Business insurance policies
- Professional dues
- Advertising and marketing costs
- Contractor payments (may need T4A issued)
Property-Related
Home/Property Documents
- Home Buyers' Plan statements
- First Home Savings Account statements
- Rental income and expense records
- Property sale documents (capital gains)
- Mortgage interest statements (for rental)
Timeline
When to Expect Documents
- By February 28: T4, T4A, T5 slips from employers/institutions
- By March 1: RRSP contribution deadline for prior year
- Mid-March: T3 slips from mutual funds
- Early April: Most T5008s finalized
- April 30: Tax filing deadline
- June 15: Self-employed filing deadline (but payment due April 30)
Preparation Checklist
- Create folder for this year's tax documents
- Set up CRA My Account (if not already)
- Gather all receipts from the year
- Download bank and credit card statements
- Compile vehicle mileage log
- Calculate home office expenses
- Note any major life changes (marriage, child, move)
- Contact accountant to book appointment
Get Organized for Tax Season
Tax Punjabi is accepting clients for tax season. Book early for the best availability.
This article is for educational purposes only. Consult a professional for your specific situation.