Cornerstone Advisory & Tax

Canadian Personal Tax Organizer

Canadian Personal Tax Organizer

This page is designed to make it easy for you to gather the right documents in advance — saving you time and avoiding delays.

To help you file your taxes accurately and on time, we’ve put together a list of the most common tax slips and receipts you may need to prepare your return.

Whether you’re an employee, self-employed, a student, or a newcomer to Canada, having your documents ready is the first step to a smooth and stress-free tax filing experience.

If you have Rental Income or Business/ Professional Income, we will email you a separate template.

Income

  • T4/ RL1 – Employment Income
  • T4A (OAS) – Old Age Security
  • T4A (P) / RL2 – Canada or Quebec Pension
  • T4RIF/ T4RSP/ RL2 – RIFF/ RRSP Income/ HBP Withdrawal
  • T4E/ RL6 – Employment Insurance
  • T4HSA/RL32 First Home Saving Account

Other Income

  • Business/ Professional Income – T2125 Summary
  • Rental Property Income – T776 Summary
  • T5013/RL15 – Partnership Income
  • Spousal Support (Received)
  • Scholarhip, Bursary & Fellowship Income
  • Farming Income/ Expenses – T2042 Summary

Investment

  • T3/ RL16 – Trust/ Mutual Fund Income
  • T5/ RL3 – Dividend/ Interest Income
  • Capital Gains/ Losses (brokerage reports)
  • T5008/RL18 – Security Transactions
  • T1135 – Foreign Income Statement
  • T1134 – Foreign Affiliate Report

Duductions & Tax Credits (Please provide Receipts)

  • Attendance Care/ Nursing Home
  • Charitable Donations
  • Child Care Expenses (Including caregiver’s Social Insurance Number if not a childcare organization
  • Child Support Paid ( Please provide agreement)
  • Digital News Subscritions
  • Disability Tax Credit
  • Eligable Educator School Supply Credit
  • Employment Expenses ( Please provide signed T2200)
  • Home Accessibility Expenses (For age 65 or above and renovate your home for more accessible
  • Home Buyer Amount
  • Interest Paid on Student loan
  • Interest Paid on Investment loan
  • Medical Insurance Premium
  • Medical Receipts (if not covered by insurance company)
  • Moving Expenses (If moved more than 40 kms for work)
  • Non-registered Investment Management Fees
  • Political Contributions
  • Property Taxes (Final last tax year bill/ Rent Receipts)
  • RRSP Contributions (Reminder of last tax year and First 60 days of this tax year)
  • Spousal Support Paid (Please provide agreement)
  • Tuition (Please provide signed T2202 or TL11A foreign tuition)
  • Union or Professional Dues
You will not need every form listed above. Please gather only the slips and receipts that apply to your specific situation. Relevant documentation includes:

  • Social Insurance Number (SIN)
  • Income slips from your employer (e.g., T4)
  • Records of other income (e.g., tips, freelance work)
  • Investment statements (e.g., RRSP contributions)
  • Receipts for eligible tax deductions, such as:
    • Charitable donations
    • Medical expenses not covered by insurance
    • Home office expenses
    • Business- or rental-property-related costs

FAQs

What documents do I need for expenses covered by my insurance plan?

Provide: The detailed Annual Claim Statement from your insurance company for the 2024 benefit year. This summary should list all the services you claimed. And a receipt for any premiums you paid for this private health plan..

Do NOT send: The individual receipts or invoices for each service. The annual statement from your insurer is the required document.

What do I need for medical costs not covered by any insurance?

Please provide the original receipt for each expense or a detailed Prescription Summary for the tax year from your pharmacy. Please include recepits for any travel health insurance premiums you paid during the year.

What is the key tax event when I convert Principal Residence to a Rental Property, and can I defer the tax?

The most critical step is establishing the exact change-of-use date, as the CRA deems you to have sold the property at its Fair Market Value (FMV) on that day. This sets a new cost base for the property as a rental asset.

However, you can often defer an immediate capital gains tax bill by filing a subsection 45(2) election. This allows you to continue treating the property as your principal residence for up to four more years, delaying the tax until you actually sell it or the four-year period ends. However, you
can only do this if you do not designate any other property as your principal residence for this time

What investment documents do I need to provide?

If you own investments that are not in registered plans like RRSPs, RRIFs, TFSAs, or RESPs, please obtain the tax year ‘s Tax Reporting Package from your investment advisor for each of your non-registered accounts. This package should include the following:

Realized Capital Gain/Loss Report: A summary of all sales transactions for the year, reported in Canadian dollars.

T1135 Foreign Property Reporting Statement: This form is required if the total cost of your specified foreign property (e.g., stocks, bonds held outside Canada) exceeds $100,000 CAD at any time in the year.

Investment Management Fees: A statement detailing the fees paid for the management of these non-registered investments. (Note: Fees for registered accounts are not deductible).

If I own foreign assets, how should I report them to the CRA??

If you are a Canadian resident and the total cost of your specified foreign property exceeds $100,000 CAD at any time during the year, you must report these holdings by filing T1135 — Foreign Income Verification Statement. This form is submitted along with your annual tax return.

The purpose of T1135 is to ensure accurate disclosure of foreign assets and related income. Even if no income is earned from these assets, reporting is still required once the cost threshold is met..

Are foreign securities held in Canadian brokerage accounts subject to T1135 reporting?

Yes. Foreign investments held through Canadian brokerage accounts—such as U.S. equities—must still be reported if the total cost exceeds the $100,000 CAD threshold.

What if I sell my foreign assets during the year?

If at any point in the year the cost amount exceeded $100,000 CAD, you still have to file T1135 — even if the assets were sold before year-end. The reporting obligation is based on whether the threshold was ever exceeded in the year.

How do RRSP and TFSA contributions affect my taxes??

RRSP (Registered Retirement Savings Plan)

Contributions are tax-deductible, which can reduce your taxable income for the year.

For example, if you earn $60,000 and contribute $10,000 to your RRSP, you may only be taxed on $50,000.

Investment growth inside an RRSP is tax-deferred, meaning you pay taxes only when you withdraw funds, typically during retirement (when your income — and tax rate — may be lower).

TFSA (Tax-Free Savings Account)

Contributions are not tax-deductible, so they don’t lower your taxable income.

However, any investment growth or income earned inside the TFSA is tax-free, even when you withdraw it.

This makes it a powerful tool for long-term savings and investment.