Personal Investor: Beat the deadline with an income tax checklist
The April 30 personal income tax deadline might seem like a long way off, but if you’re missing the proper documentation, things could get hairy quickly. Here’s a checklist of some of the most important items most Canadians need to fly right with the Canada Revenue Agency.
The deadline for employers to provide T4 slips to salaried employees was March 1. If you have not received yours, you should contact your employer. The T4 provides vital information including how much you earned in 2018, how much income tax has already been deducted, Canada and Quebec Pension Plan contributions, Employment Insurance contributions and registered company pension plan contributions.
- Deduction certificates for registered savings plan contributions such as a Registered Retirement Saving Plan (RRSP). Contribution amounts can be deducted directly from 2018 income provided the contribution was made before the March 1 deadline.
- Any interest and dividends received on investments in 2018 should come from your financial institution in the form of a T5 statement. Tax on dividends from eligible corporations can be partially offset by the dividend tax credit.
- Depending on your personal situation, several tax credits could be available for expenses such as child care, health or education. Tax credits provide a dollar-for-dollar reduction of your tax bill. The federal, provincial and territorial governments each provide tax credits. Some credits are non-refundable because they reduce or cancel your taxes payable. Refundable tax credits can be paid even if you have no income tax payable. The CRA website provides a list to credits that may apply to you.