Tax Preparation Tips

With income tax season upon us, we have listed below some tips that will hopefully ease the burden of preparing your income tax return. We hope one of the following tips brings awareness to an issue you have not previously considered. If you have any questions or comments regarding these tax tips, please contact us.

	Review your previous year's income tax return to ensure you have all the same tax slips for your income and deductions.
	Ensure you have noted all unusual transactions for the year.
	Find your previous year's notice of assessment. It will inform you of any refund interest to report.
	If you are entitled to claim car expenses, ensure your employer signs form T2200 for you.
	If you paid interest to a bank or trust company for investment purposes, be sure to obtain a letter detailing the interest paid.
	If you make instalments, get your March 2011 instalment letter. On the back is a summary of your 2010 payments.
	When preparing your return, double check all your calculations before sending in your tax return. Ensure they file a tax return even if they do not have any income.
	Claim your moving expenses if you moved 40KM closer to your new job.
	Ensure you obtain all the necessary information to claim child care expenses.
	Don't forget to deduct the cost of your safety deposit box.
	Ensure you deduct any interest you paid on a brokerage account. The amount is usually listed on the year-end summary.
	If you have Treasury bill interest, reconcile all your tax slips with your records to ensure all interest is reported and that you do not double report the interest.
	Interest must be reported on a yearly basis from the anniversary date of the investment, whether you receive the interest or not.
	If you rented your home in 2010, watch out for the change-in-use rules.

The above discussion is general in nature and is not intended to provide income tax advice.