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Notice of assessment is the document that you get from Canada Revenue Agency and Revenu Québec a few weeks after having filed your income tax returns. Though not essential for your declaration, these documents may sometimes contain precious information. It is therefore important to bring them when you come.
If you are a new client, bring us last year’s tax return, if possible. It will help us explain the differences to you, if need be. Former clients: no need to bring them, as we already have an electronic copy.
All the T4 and Relevé 1 forms handed out by your employers. You must ABSOLUTELY have a T4 and a Relevé 1 for each place where you worked. This is not a T4 and is not useful for the income tax return. If you do not have all your T4s and Relevé 1s, contact your employer.
If you have investments in a bank or any other financial institution other than RRSPs or TFSAs, you will receive one or many T3s or T5s. If you have stock market capital gains without an official tax form, we reserve the right to refuse your file, depending on its complexity.
If you are retired, you will need your Federal pension’s T4A(OAS), your Provincial pension’s T4A(P) (if you have worked in Quebec), as well as all your T4As from your private pensions. If you are withdrawing from RRSPs or have transferred then into a RRIF, you will need the T4RSPs as well as the T4RIF.
If you have received employment or parental insurance, you will need a T4E. Be careful: if you are receiving your communications through internet, you may not receive this form. If this is the case, you must download it using your account.
If you have withdrawn money from your RRSPs this year, other than for an HBP or an LLP, it will be considered income. Your financial institution will therefore send you a T4RSP.
There are changes regarding the solidarity credit. To get the maximum according to your situation, you must have your Relevé 31. This Relevé indicates the number of people that were living with you on December 31 and whose names are on the lease. If your name is not on the lease, you will lose part of your solidarity credit, up to a maximum of $22 per month. It is the landlord’s responsibility to provide you the Relevé 31 before February 28, 2017.
As it is a new 2015 form, many people are not aware of the fact and your landlord may not know that he has to provide one. If this is the case, provide him the following link:
Take note that if you income is greater than $55,000, this Relevé will not be helpful as you are not entitled to a solidarity credit anyway.
Your medical insurance is tax deductible. As well as all the medical fees that this insurance did not reimburse or only partially reimbursed. You must have compiled your medical expenses. Download the medical expenses form in the Forms Section to help you properly compile them.
Public transit is tax deductible, but only the weekly and monthly passes. Bundles of 10 tickets or other passes are not deductible. If you did not keep your receipts, Interac transactions on your bank account or credit card transactions may be substituted.
Contributions to an RRSP are deducted from your income and therefore, generate an extra tax refund. Don’t forget, though, that when you withdraw these contributions, they will be added to your income. Sometimes, investing in a TFSA is more interesting because there is no fiscal consequence. This vehicle ensures that the interest earned on the investment is not taxable. Talk about it with your tax preparer.
If you attended a post-secondary educational institution during the year, it must issue a T2202 / Relevé 8 indicating the amount paid and the number of months of full-time or part-time study. University or Cegep invoices won’t work. If you do not receive anything by mail, download the receipts using your student account. Some private schools are tax deductible, but the invoice must indicate that such is the case, according to the Quebec and Canada income tax act.
If you have studied during the preceding years and had income inferior to $14,000, you may have some remaining deductible tuition fees this year. They should appear on the federal and provincial contribution assessments from the preceding year.
If you have contracted a student loan and are repaying it, the annual interests are deductible. Contact your financial institution to obtain a receipt or download it using your client account.
If you have bought a home for the first time, you may be entitled to a $5,000 tax credit, amounting to a $625 tax saving. No justification is required; simply mention it to your preparer.
Contributions are tax deductible. The first $200 donated to a charity is deductible up to 32.5% while the balance over $200 is reimbursed at 48%.
Contributions to a political party are up to 75% reimbursable for the first $100
If you belong to a professional corporation (ex.: nurses, engineers, architects, etc.), you are entitled to deduct your compulsory contributions. Your corporation must issue a receipt.
Some child expenses are deductible. It is the case for child care costs and art and fitness activities. The maximum allowable amount per child for child care costs is $9,000 and the activities are allowable up to $500 per activity type per child.
If you are over 70 years old, some costs linked to the upkeep of your home could be deductible (cleaning, lawn, snow removal, home care nurse, etc.). Keep your receipts, add them up clearly and show them to us during your appointment.