Every day, Wales Accounting receives new clients that need help with their personal tax returns. If you need help with your tax returns and don’t know where to start, our team is here to help. Our team of accountants can help you file your taxes and ensure that you have the right documents in order for you to apply and claim for different items. 

To find out more about Personal Tax Filing in Richmond Hill, continue reading here to see which important items you should be keeping track of in preparation for your personal tax return.

Personal Information

In order for a professional accountant to begin on your personal tax return case, it’s critical that you provide them with some basic information so they can help identify you with the CRA. Some personal information that will help your accountant includes:

• Date of Birth
• Phone Number
• Address
• SIN (Social Insurance Number)
• Legal Name
• Spouse’s Information (If applicable)

Please provide all of this information to your accountant during your first meeting.

Basic Information

In addition, once your personal information has been collected, next on the list is to collect together your basic information to provide your accountant with. This includes tax forms that you have received from your employer or the government. Some of these include:

• T4(OAS): Old Age Security
• T4: Employment Income
• T4RSP: Statement of RRSP Income
• RC62: Universal Child Care Benefit

Other expenses that you should also consider to optimize your overall tax income situation includes:

• School tuition amounts
• Rent or property tax paid
• Donation amounts
• Children’s fitness/art costs
• Medical costs (any unclaimed amounts over the previous 2 tax years)
• Public transit payments
• Daycare costs

Property Information

If you own property in either Canada or in a foreign area, it’s important to keep track of your total income and total expenses related to all rental activities associated. This is because these types of revenues can be reported in your personal tax income. Expenses here can even help to reduce the personal tax amount of that income.

In addition, the CRA wants to keep an eye out for any foreign properties worth over $100,000 CAD so keep this in mind when you are compiling your documents. For properties in Canada, always record your sale information, who has occupied the property, purchase information, and a rental vs. residence breakdown.

Self-Employment Information

If you are self-employed, it’s especially important to keep track of all your records, revenues, and expenses for personal tax return reasons. In order to reduce your total tax owing, ensure that you have claimed the maximum amount of expenses. This includes:

• Wages
• Supplies
• Inventories
• Automotive expenses
• Entertainment and meal costs

How We Can Help

Wales Accounting would be happy to assist you with all of your personal tax return needs. If you would like to book a consultation with our professional Accounting in Richmond Hill firm, our team would be happy to book you in. For more information call our team today at (905) 508-9262 to get all of your questions and inquiries answered.