Gather Your T-Slips
As tax season 2024 approaches, one of the first steps you should take is gathering all your T-slips. These documents include your T4 slips from employment income, T5 slips for investment income, and any other T-slips you receive from banks or investment accounts. Make sure you don’t miss any forms as they play a crucial role in accurately reporting your income.
Organize Property Tax or Rent Receipts
Whether you own a property or are renting, keeping a detailed record of your property tax payments or rent receipts is essential. Property taxes can directly affect your deductions, and rent receipts might be necessary for specific credits. Ensure you have documented every transaction to help you or your tax professional complete your return accurately.
Check for Additional Documents
Besides T-slips and property-related documents, there are other papers you may need, such as charitable donation receipts, medical expense records, and RRSP contributions. Having these documents organized and accessible will expedite the tax-filing process and ensure nothing is overlooked.