Northshore Taxmaam Crossborder Taxes

General Items

Copy of last year’s tax return

Copy of spouse’s tax return

Your current contact info

2014 Notice of Assessment

Your personal status such as dates of marriage, separation, divorce or

widowed, births & deaths

Names & SIN of spouse & dependents

Installment payments made, if any

Details of foreign property holdings

Child Support/Alimony received or paid

Direct deposit information, if used

Income

Universal child care benefit (RC62)

Employment income (T4)

Pension income (T4A, T4A(P),T4RIF, T4RSP)

U.S. social security & any other foreign pensions

Old age security (T4OAS)

Investment income (T5)

Income from trusts such as mutual fund investments (T3)

Income from employment insurance (T4E)

Income from partnerships (T5013)

Workers compensation/social assistance payments (T5007)

Details of the sale and purchase date of securities such as stocks & bonds (eg.realized gain/loss report from

your broker), possible T5008 slips

Details of real estate sales & purchases

Income from foreign investments

T4As for any miscellaneous income received during the year

T4PS (profit sharing)

Deductions – Employees

Trades people & apprentice small tool purchases

Declaration of conditions of employment form (T2200)

TL2 meals & lodging for transportation employees

Expenses not reimbursed by your employer

Office rent if required as a condition of employment

Home office expenses

If you are a commissioned salesperson, details supporting advertising expenses, promotion, meals & entertainment

Deductions – Motor Vehicles

Total kilometers driven &kilometers driven just for work

Details of total expenses

New vehicle, purchase invoice/agreement

Deductions – General

RRSP contributions

Medical, dental, prescription drugs, nursing home expenses

Payments to a private health insurance plan

Charitable donations

Tuition fees/education amount

(T2202A for Canadian & TL11 for foreign universities) for yourself or transferred from a dependent, signed by student

Interest paid on student loans

Professional dues & insurance, union dues

Public transit passes

Dependents participation in programs related to physical activity & arts

Interest on loans assumed to purchase investments

Professional consultant fees

Legal fees paid to establish child or spousal support or to enforce a pre-existing agreement

Legal fees paid to recover wages from your employer

Details of people you support & their medical status

Child care receipts (if for camp, list dates attended)

Non-reimbursed moving expenses if you moved 40 km or closer to a new work place location

BC health home renovation costs incurred by those 65 & older

Political contributions receipts

Disability tax credit claim form completed by authorized health practitioner (T2201)

Spousal support payments paid

Adoption expenses

Sole Proprietor

Book keeping records

Total sales revenue or receipts for the year, if books not kept

Total expenses listed by category for the year or receipts, if books not kept

Capital assets purchased (eg.,computer & peripherals,furniture & equipment)

Home office expenses

Rental Properties

Address & number of units

Rental income by unit

Rental expenses by unit & by category of expense

Partners’ names, addresses, SINs & per cent interest

Details of any capital additions over $500, including furnishings & appliances

Note: You should receive all your applicable tax documentation by the end of March each year; however,

sometimes T5 slips don't arrive until April!!

FBAR Reporting

The reporting of foreign bank and financial accounts (FBAR) has changed for 2014 and not for the better.

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR). On September 30, 2013, FinCEN posted, on their internet site, a notice announcing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the current FBAR form). FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior years) and is only available online through the BSA E-Filing System website. The system allows the filer to enter the calendar year reported, including past years, on the online FinCEN Form 114. It also offers an option to “explain a late filing,” or to select “Other” to enter up to 750-characters within a text box where the filer can provide a further explanation of the late filing or indicate whether the filing is made in conjunction with an IRS compliance program.

What this means for the most of us, is a new time consuming way to make the nonsense reporting harder for the average person. The accounts will no longer carryforward on software and need to be individually entered for each account. There will be no easy out for this madness as fees will have to be adjusted for the time needed to prepare the required forms.