Preparing for Tax Season: Essential Documents and Deadlines

March 2025

Stephanie Pantaleo, CPA, MTax, CIM^®
Vice President, Wealth Management and Family Office Services

 

It is that time of year again…

As tax season approaches, it is important to get organized to ensure a smooth and accurate filing process. In Canada, most individuals must file their income tax and benefit return by April 30^th. Any taxes payable are due on or before April 30^th.

However, if you or your spouse/common-law partner are self-employed, you have until June 15^th to file your return(s), but any taxes owed are still due by April 30^th. Missing these deadlines could result in penalties and interest charges.

Whether you file your taxes on your own or hire a professional, it is essential to gather the following documents and information in advance to streamline your tax filing.

1. Income Documents

• T4/RL-1 – Employment income
• T4A/RL-2 – Pension, retirement, annuity, or other income
• T4E/RL-6 – Employment Insurance benefits
• T4A(P), T4A(OAS), T4RIF/RL-2 and T4RSP/RL-2 – Retirement and pension income
• Self-employment income and expense records (if you operate an unincorporated business)
• Rental income and expenses (if you own rental properties)
• T5013/RL-15 – Statement of Partnership Income

2. Deduction and Credit Documents

• Employment-related expenses (T2200/TP-64.3-V to be completed by your employer)
• RRSP contribution (receipts for contributions made in 2024 and within the first 60 days of 2025)
• Childcare expenses (receipts for daycare, caregivers providing childcare services, day camps where the primary goal of the camp is to care for children, etc.)
• Tuition and education credits (T2202/RL-8 for students)
• Medical expenses (out of pocket prescriptions, dental, vision and other eligible healthcare costs)
• Donations to charities (official tax receipts required)
• Professional or union dues
• Moving expenses (if you moved for work or school under qualifying conditions)
• Disability Tax Credit (DTC) or other eligible tax credits

3. Investment Income Documents

• T5/RL3 and T3/R-16 – Investment income (interest, dividends, foreign income, capital gains)
• T5008/R-18 – Securities transactions (if you sold investments)
• Capital gains/losses calculations (on other securities, investment properties or assets)
• Foreign income documentation (for foreign investments not held within a Canadian financial institution)
• Cryptocurrency transactions

4. Additional Considerations

• Changes in familial situation (for example, marital status or dependents)
• Sale of principal residence (required to report the sale of family home or cottage/vacation property)
• First-time homebuyer details (for potential tax credits)
• Foreign property declaration (T1135) (disclosure of foreign assets with a total cost amount over $100,000 and related foreign income, if any)

Additional tax documents may be necessary beyond those listed above. Consider your personal and family situation to determine any additional documents needed. By gathering these documents early, you can avoid last-minute stress, maximize your deductions, ensure timely filing, as well as avoid unnecessary late filing penalties!

In addition, keep in mind that tax time is not only a chance to gather necessary documents, it is also an opportunity to take inventory of your investments: review where they are held, what you are invested in, and whether your portfolio aligns with your long-term (and short-term) plans. Getting into the habit of using tax season to evaluate your holdings annually can help ensure your investments remain diversified and aligned with your risk capacity and financial goals.

 

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