The deadline is fast approaching.
If there are two things most people dislike, it's taxes and paperwork. Thank goodness for accountants, right? But in order to be a good client (or file your taxes yourselves), you're going to need to round up all the necessary forms and receipts that make filing your 2021 taxes possible. Quebecers have to make extra sure they have what they need for both the Canada Revenue Agency (CRA) and Revenu Québec.
Here are some of the tax documents, forms and receipts you might need for your 2021 taxes.
Keep in mind that this isn't an exhaustive list of forms and receipts. Be sure to ask your accountant what additional documents they might need. But this list is a good place to start.
Moving sucks, in large part because of how dang expensive it is. The good news is that you're eligible to declare those costs on your taxes if you moved more than 40 kilometres closer to your new school or workplace.
Not surprisingly, we all get taxed on our income. Your accountant will absolutely need the T-4 and Relevé-1 forms provided by your employer or employers to accurately file your taxes.
Sadly, CERB wasn't free money. You will be paying taxes on any COVID-19-related relief benefits you received in 2021. You should have received T4A and Relevé-1 forms from the government with all the information needed for your tax return.
The money that goes into a Registered Retirement Savings Plan is "before tax" money, meaning that the amount you put into your RRSP gets deducted from your annual income on your taxes. (You pay taxes on that money when you withdraw it down the line.) RRSP contribution receipts are available from your bank.
If you rent your home, your landlord should have given you a Relevé-31 form with information your accountant is going to need. So hold on to it!
Even if you have insurance, the money you pay out-of-pocket for medical expenses can be declared on your Quebec taxes if they exceeded 3% of your household income. Just be sure to keep your receipts from your insurance provider (if you have one), and request an annual summary from your pharmacist for prescription drug expenses.
Charitable Donations & Political Contributions
All that generosity has some selfish perks. Make sure to get a receipt from any registered charities, non-profit organizations, and political parties that you donated to in 2021.
Self-Employment & Employment Expenses
Keep all those receipts! The many small and large expenses that come with running your own business can help to reduce your taxes. You may also declare a portion of your rent if you have a home office. Employment expenses may also be accepted, provided that you fill out form T2200 or T2200S.
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