Income Tax time is running out

If you have not collected all of your tax slips yet, here is a good method for getting ready to file.


Sympatico / MSN's tax preparation checklist
Posted 2/2/2006

By UFile.ca

We all know that the hardest part of filing your tax return can be pulling it all together. To help you out, we have put together this handy checklist of all the things to do to get started filing your tax return with UFile.

1. Collect all your tax slips. Tip: Look in all the spots where you normally put important papers that come in the mail.

2. Separate your tax slips according to the name appearing on the slip: yours, your spouse's, your son's, your daughter's, etc.

3. Organize them within those piles according to the type of slip: T4, T5, charitable donations, etc.

4. Make sure you know everyone's social insurance number. (Yes, even the kids', who should have a SIN so you can open an RESP for them if you haven’t already.)

5. Consider expenses for which you don't get a slip (e.g. your safety deposit box).

6. Tally up your medical expenses. It’s a good idea to make a list. Sort them by date, and consider using a non-calendar year-end in order to benefit from more medical expenses in a given 12-month period.

7. Finally, pull out last year's tax returns and assessments and find out what deductions you’re able to carry forward. This includes items such as your RRSP deduction limit, charitable donations carryforwards, medical expenses -- if you don’t claim them in the calendar year – as well as unused home office expenses for SOHO folks. Tip: If you used UFile last tax season, you will find this carryforward information waiting for you when you return this year.

Now for the easy part: Sign in to Sympatico.MSN Tax powered by UFile with the same user ID and password you used last year, or launch your UFile program from your desktop. Enter the information from the slips you have for each family member into their respective files.

Remember, UFile will calculate transfers and optimizations of charitable donations and medical expenses, and provide for such important credits as the eligible dependant amount, any amount for infirm dependants, and provincial tax credits.

Here’s one final tip: don’t be in a hurry! Once you have prepared your return, wait a day or two and then go back and review it. You may think of something you left out or find an input error you did not see before.