The most important form we need from you is the Tax Information Booklet. This four-page booklet covers all the information needed to ensure it is completed accurately and quickly. It’s designed as a fillable PDF document, prompting you to make each step as simple as possible. Click here to download.
In addition, we’ll need you to include any applicable worksheets.
Click here to download the Tax Information Booklet.
If you need assistance, please contact our office at 905-648-8656 or email us at office@bptax.ca
It depends on the type of small business you own. Is it a proprietorship or a corporation?
If it’s a proprietorship, meaning you are the sole proprietor and it is a non-registered, unincorporated business that you run independently, then you will need to complete two main documents.
Click here to download the Tax Information Booklet and the Small Business Worksheet.
The Small Business Worksheet will guide you once you appropriately click no to the first question: Are you registered for HST? This will cover your total, including HST income, expenses, car expenses, and home office expenses that may be associated with running your business.
If you are registered for HST, click yes, and the fields to amount not including HST, HST received, and total including HST become fillable fields.
Click here to download the Tax Information Booklet and the Small Business Worksheet.
Or, if you are incorporated, you will need to complete the Corporate Worksheet, which again guides you through the steps of being registered for HST or not.
Click here to download the Corporate Worksheet.
If you need assistance, please contact our office at 905-648-8656 or email us at office@bptax.ca
You must complete one Rental Property Worksheet for each address. This is a fillable document that is designed to cover all tax-deductible expenses.
Click here to download the Rental Properties Worksheet.
Use the Employment Expenses Worksheet. This fillable PDF document guides you through the three most important categories: Business, Automobile, and Home Office expenses. Only enter the totals spent, including HST.
No receipts related to your employment expenses are required at this time. However, you are responsible for keeping your receipts for 6 years in the event the CRA requests proof.
Click here to download the Employment Expenses Worksheet.
If you have sold your rental or cottage property, submit the Investment Property Sale Worksheet. This includes the cost and selling price of the property and all capital improvements. Capital improvements are permanent changes or restorations of your property that have increased its value since the purchase, not just this year. For example, a new roof, windows, concrete driveway, flooring, etc., not paint and wallpaper. If unsure, include everything, and we will pay all applicable expenses.
No receipts related to your employment expenses are required at this time. However, if the CRA requests proof, you must keep your receipts for 6 years.
Click here to download the Investment Property Sale Worksheet.
You can only deduct your tuition if you qualify. The T2202 is an official income tax receipt issued by qualifying educational institutions for Tuition and Enrolment Certificates. To obtain this, contact your designated educational institute and request it. Most often, you can access and download it from your account/portal.
Parents may also claim a portion of up to $5,000. However, you will need to sign it over to them.
Unfortunately, you CANNOT claim books, supplies, computers, furniture, parking, etc.
If you are still unclear, please call the office at 905-648-8656, and we will assist you!
Medical expenses must exceed the threshold of 3% of your taxable income.
If the Medical Expenses are less than the following for the lowest income person, then you do not need to submit medical receipts, as it will not qualify.
Here’s a quick cheat sheet for your reference.
If you are still unclear, please call the office at 905-648-8656, and we will assist you!
| Approximate Income | 3% Threshold |
|---|---|
| $20,000 | $600 |
| $25,000 | $750 |
| $30,000 | $900 |
| $35,000 | $1,050 |
| $40,000 | $1,200 |
| $45,000 | $1,350 |
| $50,000 | $1,500 |
| $55,000 | $1,650 |
| $60,000 | $1,800 |
| $65,000 | $1,950 |
| $70,000 | $2,100 |
| $75,000 | $2,250 |
| $80,000 | $2,400 |
| $82,633 | $2,479 |
| and above | $2,479 |