Picture this: Tax season is sneaking up on you once again, and you’re scrambling to find all the documents you need, trying to make sure you’re not forgetting anything. You may not have an idea of where to start, and this is why having a tax checklist is important and a great way to stay organized.
In this article, we’ll go through everything you need to have handy when filing your taxes!
- Keep track of all expenses during the tax year by saving any supporting documents such as receipts, invoices (if you are self employed), etc.
- Sign up for CRA My Account to make the tax filing process more efficient and accurate.
- The CRA requires you have certain forms and receipts depending on your circumstance and the type of income you bring in.
What documents do I need to file my taxes?
When you file your taxes online you will need certain forms and supporting documents to complete your return
The only tax checklist you need
Get organized and tackle your taxes like a pro. This tax checklist tells you everything you need to file your 2023 return on time and accurately.
Personal Information
For starters, you will need to have the following on hand to prepare a tax return:
- Social Insurance Numbers for you, your spouse, and any dependents (if applicable)
- Dates of birth for family members
- Net income amounts for your spouse and any dependents for whom you’re claiming credits such as the Canada Caregiver Amount, which is one of many you may be entitled to.
- The total amount of installment payments made to CRA
- Notice of Assessments from last year’s return
- Your NETFILE access code
Income Slips
Depending on the type of income you’re bringing in, below is a list of the different forms you may be required to complete.
Employment
Self-employment
T2125, T4002 Self-employed Business, Professional, Commission, Farming, and Fishing Income
- T5013 Statement of Partnership Income
Savings and Investments
- T5 Statement of Investment Income
- T3 Statement of Trust Income Allocations and Designations
- T5008 Statement of Securities Transactions
Retirement
- T4A Statement of Pension, Retirement, Annuity, and Other Income
- T4A(P) Statement of Canada Pension Plan Benefits
- T4A(OAS) Statement of Old Age Security
- T4RSP Statement of RRSP Income
- T4RIF Statement of income from a Registered Retirement Income Fund
Social Benefits and Employment Insurance
- T4E Statement of Employment Insurance and Other Benefits
- T5007 Statement of Benefits – Workers Compensation or Social Assistance benefits
- T4A COVID-19 Benefits received – CERB, CRB, CRCB, etc.
Have you signed up for CRA My Account?
If your answer to this question is no, then this is the first thing you need to do. It will allow you to check on the status of refunds, your outstanding balances, RRSP & TFSA contribution room, and as well keeping the Canada Revenue Agency (CRA) up to date on any changes to your personal info. It only takes a few clicks to set up an account!
Expense Receipts for Credits and Deductions
The CRA offers a variety of credits and deductions to those eligible, which help you reduce your tax owed. Throughout the year, make sure you keep all relevant receipts, bank records, and any other supporting documents as proof of your expenses.
Here are some of the common receipts you should have handy when you start filing your 2023 tax return:
Work-related Expenses
- T2200 Employment expenses (signed by your employer)
- In-home office expenses
- Tool expenses
- Union dues not included on your T4 slip
If you’re self-employed use our expenses calculator to see how your business expenses may affect your taxes and estimate how much tax you can save.
For Families
For Homeowners and Landlords
For Students
Other Common Expenses
- Charitable donations
- Medical expenses
- Personal attendant/facility care expenses
- Political contributions
- Exams for professional certification
- Digital News subscription expenses
- Receipts for classroom/school supplies (teachers and early childhood educators)
Depending on your province of residence, you may also need a few other amounts for certain provincial credits such as rent receipts, property tax, or children’s fitness and arts expenses.
Does CRA need original receipts?
When filing a tax return it’s important to keep all your receipts and documents in case the CRA requests to see them at a later time. Also, note that the CRA requires that you keep the original copy of your paper documents.
Other Documents/Information
It’s also important to keep tax documents from previous years. You may need to include some of this information when filing for the current year. For example:
- Last year’s notice of assessment from the CRA
- Tuition carry forward amounts
- RRSP deduction limit and unused amounts
- Loss carry forward amounts
- Other carry forward amounts (business-use-of home, donations, etc.)
- Other CRA correspondence
Ready to file your taxes? Watch our resident tax expert, Emily, share all the documents you need on hand for your next appointment!
Next Steps and More Resources
Keeping a detailed checklist is a great way to stay organized and keep track of what deductions you may be eligible for.
At TurboTax, we have several tools for you during tax season:
- Our income tax calculator will give you an estimate of how much tax you can expect to pay, as well as your income tax refund
- Our RRSP calculator will crunch the numbers for you and show how it can change your tax situation
- Join our community to connect with experts and other users who share your experiences and ask any questions you may have while filing your taxes
When filing a tax return it’s important to stay organized and make sure you have everything handy before you begin the filing process. TurboTax is here to make the filing process as seamless as possible, whether it’s by providing easy-to-use software for you to file on your own or giving you access to a team of tax experts to support you or even submit a return on your behalf. This ensures that tax season is as efficient as possible for you, while getting the best refund possible.