Tax Planning – Start Early!

You should plan ahead so that you are prepared to file your tax return next yearwithout too much difficulty.One of the most important things to do during the year is to store all tax-related documents in one place.  If you have a filing cabinet, have one or more folders for these documents, including:

  • your tax returns and supporting documents for previous years
  • notice of assessment and any other correspondence from the Canada Revenue Agency
  • records of tax installments made
  • records of repayments to Home buyers’ Plan or Lifelong Learning Plan
  • medical and dental cost receipts
  • transit pass receipts
  • receipts related to children’s activity and arts tax credits
  • charitable donation receipts
  • wage statements
  • RRSP donation receipts
  • records of RRSP or RRIF withdrawals
  • records of investment purchases and sales in non-registered accounts (transaction confirmations)
  • investment account monthly statements

For more information visit the Tax Tips website

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