ProShyft 2020 T1 Personal income Tax Return Checklist

Below is a checklist of items you may need to gather to properly prepare your 2020 T1personal income tax return. Also, if you received CERB in 2020 you will receive either a T4A or T4E depending on if you applied via My CRA or Service Canada account. In addition, the amounts recorded on the T4A or T4E for CERB will not include any tax withheld at source, which means this amount will be added to your net income and will be taxed at your marginal tax rate for 2020.

Lastly, if you are looking for any support for preparing and filing your personal tax return, ProShyft has professionals available who can help you out! Our platform will ensure you get your return filed right and as quickly as possible by vetted CPA’s.

If you are interested in a downloadable PDF version, please email us at info@proshyft.com!

Tax Slips

o T4 – Employment income

o T4E – Employment insurance benefits

o T4A – Pension and annuity income

o T4RSP – Registered Retirement Savings Plan income

o T4RIF – Registered Retirement Income Fund income

o T4A(P) – Canada Pension Plan benefits

o T4A(OAS) – Old Age Security benefits

o T5 – Interest and taxable dividends

o T3 – Statement of income from mutual funds, trusts, and income trusts

o T5008 – Disposition of securities

o T5007 – Social assistance and worker’s compensation benefits

o T5013 – Statement of partnership income/loss

o T2200 – Declaration of conditions of employment signed by the employer

o T2200S – Declaration of conditions of employment signed by employer. Working at home due to COVID-19

o T2202A – Student tuition receipts

o T2201 – Disability tax credit certificate

Receipts

o RRSP contribution receipts including RRSP Home Buyers Plan details, and receipts from RRSP Lifelong     Learning Program withdrawals

o Charitable donations receipts

o Political contributions receipts

o Medical receipts and receipts for the Home Accessibility Tax Credit

o Childcare expenses (SIN, name and address of caregiver)

o Children’s fitness and arts expenses (MB, YT only)

o Student loan interest

o Transit passes (Ontario seniors only)

o Adoption expenses

o Professional or union dues (if not included on yourT4)

o Investment management fees and interest expenses

o Moving expenses

o Teacher school supply expenses

o Tools expenses (tradespersons and apprentice mechanics)

o Eligible employment expenses

o Examination fees for professional designations

o Rent or property tax (ON, MB only)

o Legal expenses to collect alimony, pension or retiring allowances

Other Schedules

o  T777 – employment expenses (T2200 required) schedule

       - Vehicle expenses

       - Telephone

       - Home office expenses

       - Meals

       - Travel and accommodation expenses

o  T776 – rental property income and expenses (including CCA) schedule

       - Rental income and expenses

       - Renovation expenses

       - Capital asset additions and disposals (CCA)

o  T2125/T2042/T2121 – Self-employed/sole proprietorship, business, farm, fishing income and expenses     (including CCA) schedule

       - Income and expenses

       - Vehicle expenses

       - Home office expenses

       - Capital asset additions and disposals (CCA)

 

Other Information

o Last year’s Notice of Assessment/Reassessment from the CRA

o Tuition carry forward amounts

o RRSP Deduction limit and unused amounts

o Loss carry forward amounts

o Other carry forward amounts (business-use-of home, donations, etc.)

o Other CRA correspondence

o Last year’s tax return

o Instalment payment amounts

o Information about your dependent's:

       - Full name(s)

       - Birthdate and net income

o Birthdate and net income

o Postsecondary tuition available for transfer

o Capital gains information if no T5008 slips

o Child support or alimony information

o Information related to the sale of your principal residence or other property

o Total days worked from home due to COVID-19 if you are claiming the simplified method

o Vehicle log book for eligible vehicle expenses to be claimed

o Volunteer firefighters’, search and rescue volunteers’, or volunteer emergency medical first responders’        certificate

o Northern residents information

o Business investment loss information (if you invested in a company that went bankrupt)

o Rent Assist information (MB)

o Graduate retention certificate (SK)

o Digital News subscription expenses

o Zero-emission vehicle information

o 2020 US Tax return information if you had cross border income and were required to file a 1040

o List of foreign property owned if cost is greater than $100,000

o Information related to how many days spent in USA, if its greater than 120 days

 

Filing Deadlines

o Individuals – Filing and payment due by April 30th

o Sole-proprietors/businesses – Payment due by April 30th and filing due by June 15th

o GST/HST– Filing and payment is due by June 15th if you are self employed or own a business with annual     filing and a calendar fiscal year

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