Pre-Tax Filing Checklist for Calgary -Tax Services

Preparing accurately for tax season ensures that you can maximize potential returns and minimize liabilities. At BOMCAS Calgary, we’ve developed detailed checklists tailored to different filing needs: personal taxes, corporate taxes, and sole proprietors. Whether you’re in Calgary, Edmonton, or any other location, these guides are designed to streamline your tax preparation process.

1. Personal Tax Preparation Checklist:

For individuals preparing to file personal taxes, it’s essential to organize and prepare several key types of documentation:

Identification and Family Information:

• Social Insurance Numbers (SIN) for yourself, your spouse, and dependents.
• Dates of birth and full names for all family members.

Income Documentation:

• All T4 slips (employment income).
• T5 slips (investment income).
• T4A (pension, retirement, annuity, and other income).
• T4A(OAS) for Old Age Security and T4A(P) for Canada Pension Plan benefits.
• Records of any foreign income, including foreign tax credits.

Deductible Expenses and Tax Credits:

• Medical expenses (receipts for payments to doctors, dentists, and prescriptions).
• Charitable donation receipts.
• Childcare expenses with detailed receipts including provider’s SIN or business number.
• RRSP contribution receipts.
• Tuition/enrollment certificates (T2202) and student loan interest certificates.

Other Considerations:

• Details of any installments or other tax payments made throughout the year.
• Last year’s tax return for reference.

2. Corporate Tax Preparation Checklist:

For businesses operating within a corporate structure, comprehensive documentation is crucial for accurate filing:

Corporate Documentation:

• Corporate structure and shareholder information.
• Minute book updates, including records of director and shareholder meetings.

Financial Records:

• Detailed general ledger and trial balance.
• Financial statements, including balance sheet, income statement, and cash flow statement.
• Copies of sales tax returns previously filed in the fiscal year.

Expense Reports:

• Detailed account of business expenses categorized (e.g., advertising, travel, office supplies).
• Payroll summaries and remittances.
• Capital asset acquisitions or disposals during the fiscal year.

Tax Payments and Credits:

• Records of installment payments made.
• Information regarding any tax credits applied for during the year.

3. Sole Proprietor Tax Preparation Checklist:

Sole proprietors need to prepare their personal and business information collectively, focusing on income and expenses related to their business:

Personal and Business Income:

• All personal income documentation (as listed in the Personal Tax section).
• Business income records, including gross receipts and sales.

Business Expenses:

• Home office expenses if applicable (percentage of utilities, property tax, mortgage interest, etc.).
• Vehicle expenses related to business use.
• Supplies and materials directly related to the production of goods or services.

Capital Expenses:

• Purchases of equipment or property intended for long-term use.
• Improvements or upgrades to existing business assets.

General Tips for All Tax Filers in Calgary:

• Digital Organization: Ensure all documents are organized digitally. This makes access easier, especially if you’re using virtual accounting services.
• Professional Consultation: Consider scheduling a consultation with BOMCAS professionals to ensure no details are overlooked and to explore strategies for tax minimization.

By following these detailed checklists, you can ensure that your tax preparation process is thorough and streamlined. At BOMCAS Calgary, we are committed to providing you with exceptional tax services tailored to your unique financial situations. Contact us today to prepare confidently for the tax season ahead.