Ask an Accountant: Personal tax receipts – Part 3

Francesca Giroux, CPA
For the Lakeside Leader

If you have a rental property you will need supporting documentation for the rental income received during the year and expenses of the rental property, such as, mortgage interest, utilities, property taxes, insurance and repairs and maintenance.
If you were self-employed during the year documents containing the details of self-employment income and business expenses should be kept. In addition to day-to-day business expenses, remember to consider if you have had asset additions, loan and interest charges, home expenses including the percentage of your home used as an office, automobile expenses including the total kilometer driven and the business portion of those kilometers. If you are a GST registrant, your GST return should be prepared at the same time as your income taxes. Self-employed individuals personal tax returns are due June 15, 2018; however, any amounts owing are due April 30, 2018. Therefore, if you wait to file until June 15 and have a balance owing then there will be interest charges on the amount owing from April 30 to June 15.
Eligible employment expenses paid to earn employment income (i.e. meals, travel) can be deducted on your tax return if your employment contract required you to pay the expenses and you did not receive an allowance for them, or the allowance received is included in your income. If you have eligible employment expenses you will need Form T2200 signed by your employer as well as details of the eligible expenses.
If you are having your tax return prepared by a CPA please bring in all of your tax slips (i.e. T4’s, T5’s, T3’s), receipts and supporting documentation to aid in the preparation of your 2017 personal income tax return. After your return has been submitted, be sure to keep your receipts for a minimum of 7 years in case the Canada Revenue Agency requests supporting documentation for income and expenses claimed.
Please e-mail your questions [email protected]
Information provided is of a general nature. As each individual or company’s situation is unique, you may wish to consult with your CPA for information specific to your own needs.

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