We have put together a checklist of items to assist you when preparing your personal tax information. Please review it carefully before bringing your information to us.
Personal Tax Newsletter
Personal Tax Checklist
If you have self-employment income, please use the tables provided to summarize your income and expenses. You may wish to set up your own expense categories as a supplement to the categories listed on the forms.
Business Income & Expenses
Home Office Expenses
Motor vehicle expenses
To claim employment expenses, you will require form T2200 signed by your employer. (This is most common for commissioned sales employees.) This form confirms that you were required to travel, purchase supplies, hire an assistant, operate a home office etc. Use these forms to record employment expenses. Please also note if you received any taxed or non-taxed reimbursements for expenses.
Other Employment Expenses
Motor Vehicle Expenses
If you have rental income and expenses, please use the follow table. If you have more than one rental property, use a separate table for each. If you have more than five properties a statement combining all properties will be helpful, though each should still be summarized separately each year. Remember to keep your original purchase documents to carry over the tax cost of each property.
If you are a US citizen or Green Card Holder you must file a US return form 1040. If you are unsure about your US filing please contact us for clarification.
If you held a residential property in 2022 through a partnership or trust or corporation, you will most likely have to file the Federal Underused Housing Tax form UHT-2900, due by April 30, 2024 if you have not filed the form. There are substantial penalties for not filing the form, even when you meet the tax exemption criteria.
For 2023 and subsequent years, only non-resident owned or controlled residential properties will be caught by and will require this reporting.
We can prepare and file this return if you need assistance.
Underused Housing Tax (UHT) Act Return and Election Form
CRA Underused Housing Tax eligibility tool