Tax Checklist

Quick Check List – 2016 Income Tax Preparation

 

NEW TO 2016

Have you sold your home in 2016? If so, you are now required to report that sale on your tax return in order to qualify for the Principle Residence capital gains exemption. Don’t panic! You are just as exempt as you were before (granted it is indeed your principle residence) but you must now inform them of the sale.

If you have sold your home in 2016, please be sure to include the following:

T1013 FORMS

We will now be asking tax clients to sign a T1013 form when dropping off their taxes. This form gives us authorization to access your tax information online through CRA’s web services. When we have access, it allows us to compare the information given by the client, to the information that CRA is expecting on the other end. It eliminates the risk of lost or slips that may have not been received, and any other instances that can result in you incurring interest and penalties when filing. It also allows us to inform you of any tax that may be owing on your account, as well as have immediate answers to any of your other prior tax years on hand. It is a fantastic new tool that CRA offers, but we must have written consent to access it.