2019 Personal Income Tax Checklist
A FEW IMPORTANT REMINDERS:
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 2018 as well as January 2019 to December 2019 in order for us to complete and file Form T1135.
Information Gathering
You should by now have received most of your 2019 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
T2202 / 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 2019.
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.
Renovert tax credit
If you had recognized eco-renovation work done on your personal residence throughout 2019 by a qualified contractor, and the contract for this work was entered into on or before March 31, 2019, and the total renovation expenses exceed $2,500, then 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, 2019. 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.
Please click here to download the checklist.
Please contact us if you have any questions.
BAKER TILLY MONTREAL, S.E.N.C.R.L./LLP