Resources & Checklists

Please click on the links below for details.

Basic Tax Information Checklist

Please provide your Notice of Assessment from last year to see if there are any credits that can be carried forward to this and future years.

You may have some or all of the following items to include in your income tax return:

Forms and Statements

1) From your employer:

  • T4 (1 from each employer in 2010)
  • T2200 (if your employer allows you to deduct expenses, but does not reimburse you for them)

2) From your bank:

  • RRSP statements
  • T5
  • T3

3) From your investment institution:

  • Capital gains statement
  • Carrying charges

Other possible deductions

(Expenses you have personally paid for, but that you have not been reimbursed for).

  • Medical receipts
  • Charitable donation receipts
  • Transit passes
  • Child expense receipts
    • Child care
    • Child fitness
  • Student loan interest receipts
  • Tuition receipts (T2202)

 

Business Tax Checklist

Here is a list of items that we will need to prepare your tax return for your business. As a business, you can deduct business expenses against your business income from your sole proprietorship:

  • your total income
  • advertising expenses
  • meals and entertainment receipts
  • insurance (both business and home insurance)
  • memberships and dues to professional organizations
  • business licenses, taxes and fees
  • office expenses
  • supplies
  • professional fees (legal and accounting)
  • administration fees
  • rent (at an office and/or home)
  • maintenance and repairs
  • Do you do any work from home? if so, what % of the total square footage of your apartment do you use for business purposes? Once you have figured out the %, you can declare that % of your rent, home insurance and utilities.
  • salaries for staff
  • travel
  • telephone (What % do you use your phone for business?)
  • delivery and freight
  • motor vehicle expenses (What % was your vehicle used for business? We will need a grand total for ALL auto expenses throughout the year eg. gas, repairs, insurance, lease payments.)

Did you buy any large items (over $200) for your business this year? Single items over $200 are called Capital Expenses, and cannot be directly written off; it is done over a period of years at a set % depending on the type of item.

If you work out of a home that you own, there are additional deductions that can be made eg. interest on your mortgage, property taxes, home insurance, strata fees, utilities. Please include amounts at 100%, and provide the % of the home used for business.

You can either give us totals for the above categories, or give us stacks of receipts to go through on your behalf. Obviously, giving us totals will cut down the amount of time we will need to spend, which will save you money. We charge $50/hr to sort and calculate the receipts for you. There is also a spreadsheet that we can provide you for $50 + HST that you can use in your business throughout the year, and will help you get those totals together for the tax return.

 

Rental Property Checklist

Do you have rental income to report on your tax return?

Please provide totals for the year in the following categories:  (you may not have amounts in all the categories)

  • Gross Rental income
  • Advertising expense
  • Interest expense
  • Office expense
  • Legal/accounting
  • Management fees/Strata
  • Repairs and Maintenance
  • Salaries (for a property manager)
  • Property Tax
  • Travel (if your property is out of town)
  • Utilities

You will also need to provide the personal use % of the property. For example, if you rent out your basement suite, then you would provide the totals for the whole house for the whole year, and then let us know the % of the house that is your suite. If you own a separate rental property, then the personal use would be 0%.

Please be aware that rental properties are considered a business, and will therefore be charged at the Business Tax Return rate.

 

PST Registration Checklist

You need to provide us with:

Your firm name and firm number, if applicable.

Your business location and mailing address, including postal code.

Corporations: Your incorporation number if you were incorporated in BC;

A copy of incorporation certificate if you incorporated outside of BC.

Sole Proprietor: Your driver’s license or BCID number.

Homeroom will provide:

The amount of your total annual sales or the estimated amount if you’ve been in business for less than 12 months – Homeroom can supply this info unless you want another amount registered.

Your Business Number (Same as your HST number), if you have one.

The filing period and amount of tax you paid from a recent HST return if you have a BN.