Village Journals
Resonate your identity with Naseeb journals. Express your opinions, share your thoughts, post your writings and connect with like minded people through the power of expression.
Resonate your identity with Naseeb journals. Express your opinions, share your thoughts, post your writings and connect with like minded people through the power of expression.
Tax preparation checklist
We all know that the hardest part of filing your tax return can be pulling it all together. To help you out, we have put together this handy checklist of all the things to do to get started filing your tax return.
Collect all your tax slips. Tip: Look in all the spots where you normally put important papers that come in the mail.
Separate your tax slips according to the name appearing on the slip: yours, your spouse's, your son's, your daughter's, etc.
Organize them within those piles according to the type of slip: T4, T5, charitable donations, etc.
Make sure you know everyone's social insurance number. (Yes, even the kids', who should have a SIN so you can open an RESP for them if you haven?t already.)
Consider expenses for which you don't get a slip (e.g. your safety deposit box).
Tally up your medical expenses. It?s a good idea to make a list. Sort them by date, and consider using a non-calendar year-end in order to benefit from more medical expenses in a given 12-month period.
Especially for 2005 returns, remember that donations to Kashmir Relief made in October / November 2005 can be added to all your 2005 charitable donations.
Finally, pull out last year's tax returns and assessments and find out what deductions you?re able to carry forward. This includes items such as your RRSP deduction limit, charitable donations carryforwards, medical expenses -- if you don?t claim them in the calendar year ? as well as unused home office expenses for SOHO folks.
Here?s one final tip: don?t be in a hurry! Once you have prepared your return, wait a day or two and then go back and review it. You may think of something you left out or find an input error you did not see before.
We hope you find our checklist useful.
Collect all your tax slips. Tip: Look in all the spots where you normally put important papers that come in the mail.
Separate your tax slips according to the name appearing on the slip: yours, your spouse's, your son's, your daughter's, etc.
Organize them within those piles according to the type of slip: T4, T5, charitable donations, etc.
Make sure you know everyone's social insurance number. (Yes, even the kids', who should have a SIN so you can open an RESP for them if you haven?t already.)
Consider expenses for which you don't get a slip (e.g. your safety deposit box).
Tally up your medical expenses. It?s a good idea to make a list. Sort them by date, and consider using a non-calendar year-end in order to benefit from more medical expenses in a given 12-month period.
Especially for 2005 returns, remember that donations to Kashmir Relief made in October / November 2005 can be added to all your 2005 charitable donations.
Finally, pull out last year's tax returns and assessments and find out what deductions you?re able to carry forward. This includes items such as your RRSP deduction limit, charitable donations carryforwards, medical expenses -- if you don?t claim them in the calendar year ? as well as unused home office expenses for SOHO folks.
Here?s one final tip: don?t be in a hurry! Once you have prepared your return, wait a day or two and then go back and review it. You may think of something you left out or find an input error you did not see before.
We hope you find our checklist useful.