2016 Personal Income Tax Information Guide
To help us ensure your personal income tax returns are prepared correctly and promptly, it is important that you provide us with all the required information. To help you gather your tax information, we provide the following list of reminders. Please review the list carefully.;
Realized gain or loss summary
Please ask your broker for a realized gain or loss summary.
Foreign Income Reporting Requirements
Many Canadian Registered Securities Dealers or Canadian Trust Companies now provide a detailed summary of your foreign reporting information. In case your broker does not provide you with any breakdown of the foreign property held in the account, please provide us with broker’s statements for December 2015 as well as January 2016 to December 2016 in order for us to complete and file Form T1135.
Information Gathering
You should by now have received most of your 2016 slips and information. To facilitate the information gathering, we have put together a common list of slips and information to gather and accumulate:
- T4 / RL1
- T4A / RL1 or RL2
- T4A(OAS)
- T4A(P) / RL2
- T4RIF / RL2
- T4RSP / RL2
- T4E / RL6
- T3 / RL16
- T5 / RL3 + Investment summaries
- T5013 / RL15 (partnership income)
- Carrying charges
- Capital gain / loss summaries
- Rental income
- Self-employed / Professional income
- RRSP contributions
- Child care expenses
- Public transit passes
- T2202A / RL8 (tuition slips)
- Medical expenses
- Donations
Prescription drug summary
In order to ease the compilation of your medical expenses, please ask your
pharmacist for a summary of all prescription medication sold to you, your spouse, and your children in 2016.
Revenu Quebec Download Code
Please provide us with your download code to enable us to download your tax information from Revenu Quebec. This code can be obtained using the web service on the Revenu Quebec website by clicking here or by calling 514-873-3474
New! Home accessibility expenses
You can claim a maximum of $10,000 for eligible expenses you incurred for work done or goods acquired for an eligible dwelling providing a tax credit of up to $1,500. Eligible expenditures are for improvements that allow a senior or a person who is eligible for the Disability Tax Credit to be more mobile, safe and functional within their home.
New! Renovert tax credit
If you had recognized eco-renovation work done on your personal residence by a qualified contractor in 2016 and 2017, with the total renovation expenses exceeding $2,500, please provide us with all invoices for the recognized work done to benefit from this temporary refundable tax credit.
RL – 31 slip for solidarity tax credit
Your solidarity tax credit now depends on your situation on December 31, 2016. If you are the owner of an eligible building, please provide us with your municipal tax bill and if you are a tenant, please provide us with the RL-31 slip issued to you by the owner of the building.
RL-30 slip for additional contribution for subsidized educational childcare
If your family income exceeds $50,000 in 2016, then you have to pay an additional contribution for subsidized child care services. Please provide us with the RL-30 slip that you receive for us to determine the additional contribution amount.
Click the download icon below for our Tax Season questionnaire that will help your professional with your personal income taxes.