BOMCAS LTD. Personal Tax Accountant in Edmonton and Sherwood Park Alberta
We assist our customers in identifying the tax slips needed to complete their personal tax return. However, as a default the following are the sources of income tax slips that are usually seen apart from the personal tax return:
- Employment Income- T4, T4A
- Pension and Annuities- T4A, T4A(OAS), T4A(P), T4RIF, T4RSP
- Investment Income- T5, T3, T600, T5008, T5013 OR T5013A
- Foreign Assets
- Rental Income
- Registered Retirement Savings Plan (RRSP) Income- T4RSP
- Schedule of Capital Gains and Losses
- Income from Self Employment
- Debt Forgiveness
- Other Income, including the following slips- T4E, T4PS, T5007, RC62, RC210
The Canadian government gives several tax credits to individuals on their personal tax returns that is based on individual personal situations. The following is a list of tax credits commonly seen used on T1 return:
- Spousal Exemption
- Disability Amounts- T2201
- Adoption Expenses
- Tuition, Fees and Education Amounts- T2202 or T2202A
- Interest Paid on Student Loans
- Medical Expenses
- Caregiver Amounts
- Federal or Ontario Political Contributions
- Public Transit Pass Amounts (must be monthly passes or passes for four consecutive weeks)
- Child Fitness Credit (max. $500 per child)
- Children’s Arts Tax Credits (max. $500 per child)
- Dependents (born earlier than 1993 in the 2013 tax year)
- Charitable Donations- 2013 was the first year of implementation of the first time donors super credit
- Rent or Property Tax Credit ( specific conditions apply)