Checklist To File Accurate Tax Returns
At Bhamji Taxation Services Inc., we understand that tax returns can be quite a challenge. Tax returns can be a laborious task especially if you do not enjoy number crunching, but with a little preparation, you can handle your tax filing quickly and frugally.
As experts in filing taxes, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to help you file your tax returns accurately and on time so that you can get back to the other essential things in life.
1. Gather all your income documents, T4, T5, T3, any other tax slips.
2. Check your RRSP contributions and withdrawals.
3. Locate all your union or professional dues.
4. If you have made donations keep the receipts handy for filing.
5. Include medical expenses, including plan premium amounts.
6. Make sure you don’t leave out any child care costs.
7. Double-check student loan interest.
8. Accurately write down T2202 tuition fees, if any.
9. Moving expenses should get added to deductions.
10. Disclose all T2200 employment expenses.
11. Incorporate all investment expenses (interest, mgmt. fees).
12. Don’t leave out foreign property reporting.
13. Circle the following dates on your calendar:
a. April 30, 2020, Due date for 2019 income tax return due and payment of taxes owing.
b. June 15, 2020 Filing due date for 2019 income tax return due for self-employed people.
c. March 1, 2020, was the final date for 2019 RRSP contributions.
If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Bhamji Taxation Services Inc. in New Westminster, BC. We are an experienced accounting firm, rendering accounting, payroll, bookkeeping, and taxation services for businesses and entrepreneurs.