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Information to provide your Tax Accountant

 

What Your Tax Accountant Needs to Prepare Your Income Tax? 

When it comes to income tax preparation, there are do-it-yourselfers and those who have their income tax prepared by professionals. For many businesses, having a professional such as a tax accountant prepare their income tax returns is the most sensible option. Every body can not become income tax experts and income tax mistakes can be costly. So why not hire a professional to get the job done right and cut down on tax time anxiety?


To do the job right, though, your tax accountant or other income tax prepaerer will need to have all the right tax records at hand – preferably organized.
Use this checklist to get your records together for your tax accountant.

 

For Business Records Your Tax Accountant Needs

  • Revenue and business expenses for the year
  • Business use of auto
  • Auto operating expenses Vehicle driving log with business kilometres driven Asset additions
  • Business use-of-home details

 

Your tax accountant will also need any tax records such as:

  • Last year’s Notice of Assessment
  • Amounts paid by instalments
  • A copy of your income tax return filed last year (if you’re a new client) Other records your tax accountant's need will depend on whether you are asking him or her to prepare a T2 (corporate) or T1 (personal) income tax return. If the latter, your tax accountant will need all the relevant information slips and tax-related documents.

 

Here are some of the most common:

  • T4 slips (if you have employment as well as business income)
  • T4A commissions & self-employed
  • T5013 Partnership Income
  • T3 Income from Trusts
  • T5 Investment Income
  • RRSP contribution slips
  • Charitable donations
  • Medical and dental receipts
  • Child care information

 

Remember, accountants get paid by the hour, so the harder you make their job, the more it will cost you. The above is for your information only. For specific reference, please consult Income Tax Act. E&OE