2019 PERSONAL INCOME TAX HELPFUL HINTS
POST SECONDARY EDUCATION – tuition slips and rent/residence
Students MUST obtain a copy of Form T2202A which is issued by the educational institution (this is accessed from their school website). Foreign students must obtain form TL11A. Please note that other receipts for books, etc. are NOT required as they are no longer eligible for the tax credit.
Please let us know if your child was in residence at anytime in 2019.
If the student is renting off campus, please provide amount of rent paid, rental address, number of months at that location and whom it was paid to. Please note, this only applies to Ontario. CRA may request proof of payment in the form of cancelled cheques or receipts.
If possible, ask your doctor/dentist/pharmacist for a year end summary of all your medical expenses for 2019. This will make it easier to ensure that all your expenses are accounted for. Be sure to include the cost of any private health plan premiums you may have incurred. Please note that the medical claim is based on income and any allowable claim must be greater than 3% of your income. If your income is greater than $78,400 you need to have at least $2,352 in medical costs before you begin to get any credit. All insurance or government reimbursements must be deducted from your medical expenses.
CHILDREN’S FITNESS / ARTS CREDIT
Please note: this credit is no longer applicable. The credit was cancelled in 2017. Do not send receipts.
TRANSIT PASS TAX CREDIT
Please be advised that this tax credit applies only to individuals over the age of 65
RENTAL PROPERTIES / SELF EMPLOYED INCOME / EMPLOYMENT EXPENSES
If you have any of these income/expense scenarios please visit our website. Under the “Forms” page you will find the various templates to fill out to summarize your figures for 2019. Please note that we do NOT require all of your receipts, etc but simply a summary of figures for the year. All receipts and supporting documents should be kept in case CRA asks you to justify your claims. If you are registered for HST, be sure to separate HST from your figures (provide figures before tax and HST separately).
With respect to vehicle expenses, it is important to provide us with a breakdown of kilometers driven for business and personal for the year. This will determine the allowable business expense portion. Also, please note that if you are an employee receiving a T4 and you wish to write-off expenses against that income, you MUST obtain Form T2200 “Declaration of Conditions of Employment” from your employer which will indicate the type of expenses you were required to incur for employment purposes (and therefore allowed to write off).
If you sold your principal residence in 2019, you are required to report the details on your income tax return. Proceeds of disposition, year of acquisition and address of the property must be disclosed. So be sure to provide us with this information if applicable.
GOT QUESTIONS? OR MISSING A TAX SLIP?
Don’t wait!!!! Contact our office; we may be able to help.
- Linda Harris (ext 233 / email@example.com) will be happy to answer any questions dealing with administrative issues.
- Sherry Skippen (647-723-6195 ext 235 / firstname.lastname@example.org), Ana Mancini (647-723-6195 ext 238 / email@example.com) or
- Derek Stevens (416-727-4348 / firstname.lastname@example.org) will be happy to assist you with any issues pertaining to your return.
- Of course, Steve (ext 236 / email@example.com) will be available throughout the tax season.