Tax return checklist

Investment insight

Tax slips

It’s that time of year again. Do you have what you need to file your personal tax return? Whether you're preparing your tax return yourself or having your accountant or tax specialist do it for you, use this checklist to help make sure that you’re collecting all relevant information.

Here's a list of federal tax slips you may receive, depending on your individual situation (Quebec residents also receive RL slips). Expect to receive most of your slips by the end of February 2024:

  • T3 – allocations or distributions from trusts (including segregated funds, mutual funds, and exchange-traded funds)
  • T4 – employment income
  • T4RSP – income from a registered retirement savings plan (RRSP)
  • T4RIF – income from a registered retirement income fund (RRIF)
  • T4A – pension, retirement, annuity, and other income (including registered education savings plan payments and self-employed commissions)
  • T4A(OAS) – Old Age Security pension benefits
  • T4A(P) – Canada Pension Plan benefits
  • T4E – Employment Insurance benefits
  • T5 – investment income (including distributions from corporate-class mutual funds and interest received from bank accounts)
  • T5007 – Workers’ Compensation and social assistance benefits
  • T5008 – Statement of Securities Transactions
  • T5013 – partnership income
  • T101 – resource expenses

General information

Prior years’ tax-filing positions and documentation received from the Canada Revenue Agency (CRA) contain important information to help you accurately file this year’s tax return:

  • previous year’s tax returns
  • previous year’s Notice of Assessment
  • tax installment payments
  • any reassessments or other correspondence received from CRA

Deductions and credits

Deductions and credits are key to reducing your annual tax liability. To support your claims, be sure to compile your documentation for:

  • RRSP contributions (until February 29, 2024)
  • investment expenses
  • investment loan expenses
  • moving expenses
  • medical expenses
  • charitable and political donations
  • child care expenses
  • adoption expenses
  • child support and alimony payments
  • tuition or examinations fees
  • student loan interest
  • professional and union dues
  • car/travel logbook and expenses
  • rent/property tax (in certain provinces)
  • home office expenses (detailed method only)

Carry forward amounts

  • Some amounts that you reported in previous years but didn’t utilize can be used this year to reduce your taxes payable:
  • RRSP contributions
  • moving expenses
  • charitable donations
  • tuition amount
  • student loan interest
  • capital losses

Other planning opportunities

You may need to provide additional information if you answer “Yes” to any of these questions:

  • Did your marital status change?
  • Did you hold more than $100,000 of specified foreign property at any time during the year (including bank accounts, shares, or real property)?
  • Did you sell stocks, bonds, or real estate (including your principal residence)?
  • Did you have business income/expenses (i.e., sole proprietorship)?
  • Do you support a spouse or common-law partner, or a dependant with a physical or mental impairment?
  • Do you work on commission?
  • Do you have a home office? If yes, did you receive a completed Form T2200 from your employer?
  • Do you have farm or fishing income/expenses?
  • Do you have rental income/expenses?
  • Are you a volunteer firefighter?
  • Are you eligible for the disability tax credit?
  • Are you a northern resident?

You may be able to claim more tax credits or deductions

With hundreds of deductions and credits available in the Canadian tax system, this checklist isn’t intended to be a complete collection of all potential available deductions and credits, or the possible documentation that you may need. We strongly recommend that you seek the advice of a professional to make sure you have the information and documentation appropriate to your specific situation so you’re minimizing your tax liability and not leaving any money on the table.

Certain statements contained in this communication are based, in whole or in part, on information provided by third parties and Manulife Investment Management has taken reasonable steps to ensure their accuracy but can’t be held liable for such information being inaccurate. Market conditions may change which may impact the information contained in this document.

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Tax, Retirement & Estate Planning Services Team

Tax, Retirement & Estate Planning Services Team

Manulife Investment Management

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