Maroof HS CPA Professional Corporation, Toronto

2021 – Individual Income Tax Return (T1) Checklist

2021 – Individual Income Tax Return (T1) Checklist

2021 – Individual Income Tax Return (T1) Checklist

2021 – Individual Income Taxes – Checklist

Electronic filing for Individual Income Tax Returns (T1) for the 2021 tax year is open now.

We have compiled a checklist for the individual taxpayers for a quick reference while uploading to our secure client portal in case of online tax return filing, or to bring with them for in-person appointments.

Please note: Based on the information you provide, there will be further information requirements at the time of tax preparation as well.

Personal Information

All clients must provide below information:

  • First Name, middle name (initials), Last name – as it appears on 2020 tax return. Any client who has a middle name or a surname consisting of multiple names must provide the last year’s notice of assessment and tax return.
  • Date of birth
  • Gender
  • Marital status. In case of any changes to marital status in 2021, please provide the date and details of the change.
  • Mailing address with postal code. Street name, unit/apartment/suite number, City, Province, and Postal code.
  • Phone number, mobile number and email address
  • Spouse’s and dependents’ information – First name, last name, SIN, date of birth and address of all dependents. Net income of the spouse.
  • Did you own specified foreign property with a cost more than CA$100,000 at any time in 2021?
  • Are you a Canadian Citizen? Do you want to share your information with Elections Canada?
  • Did you sell your Principal residence or had a change in use in 2021?

Information Slips

Please send the below information slips, as applicable to you. In case if we have authorization, we can download all these slips ourselves. However, a list of slips must be provided to us as some of the slips are not always available online especially in the earlier months of the tax season.

  • T4 Slips (Employment Income) from all employers in 2021
  • T4E – issued for your EI benefit payments
  • T4A  for Canada Recovery Benefit (CRB) as COVID-19 relief payments
  • T3 and T5 – Slips issued by your bank or other payers: Interest, Dividends, Mutual Funds
  • T5008 – Statement of securities transactions, issued by your broker or bank. In case if slips do not show your cost basis, please provide the same.
  • T2202 – Tuition and Enrollment Certificate. If you want to claim your dependent’s tuition credits, please let the accountant know.
  • T4A-OS Old Age Security
  • T4AP – CPP Benefits
  • T4A for Other Pensions and Annuities
  • T5007 – Social Assistance Payments and Worker’s Compensation Benefits
  • All other information slips

For clients with U.S. slips such as W-2 or 1099, please get in touch with the accountant for an additional checklist.

Expenses

Please attach the below receipts and send them with a list of receipts you are submitting.

  • Medical Expenses – Please make a list of all the medical expenses: date, expense description, where paid, how much paid and taxpayer’s/dependent’s name. If you travelled for medical treatment please discuss with the accountant.
  • RRSP Contribution Receipts – please do not forget to include the contributions made in the first 60 days of 2022.
  • Support for a child, spouse, or common-law partner
  • Professional or Union Dues – Name, date paid and amount
  • Tool Expenses for Tradespersons & apprentice mechanics
  • Other employment expenses – Please attach the T2200 declaration of conditions
  • Charitable donations – Please attach a list showing the date, amount and charity name. Ensure you have tax slips from these charities.
  • Political contributions – attach receipts
  • Teacher’s school supplies, along with written certification for eligible educator school supplies
  • Home Renovations in case of seniors and disabled
  • Child care expenses – Please provide the tax receipt issued from the daycare or other service provider. Discuss with the accountant if you meet the conditions.
  • If you adopted a child during 2021, please submit adoption expenses
  • Moving expenses – discuss your move with an accountant to determine the eligibility.
  • Carrying charges and interest expenses for investments
  • Office-in-home expenses, if you have T2200 or are self-employed and maintain an office in the home. discuss more with your accountant.
  • Exams for professional certification in 2021
  • Interest paid on student loans
  • Digital news subscription in 2021

Other Information

  • Your 2020 Notice of Assessment/Reassessment
  • Any important notices received from Canada Revenue Agency
  • Self-employed individuals, unincorporated businesses running a business, professional services or farm and fishing. Get the template from your tax preparer to provide precise information especially related to automobile expenses, office-in-home expenses and other deductions.
  • Rental income and associated expenses. Get the template file from your accountant to provide the income and expenses for each property.
  • Foreign properties details., discuss with your CPA at the firm first.
  • If you immigrate to Canada (newcomer) or emigrate from Canada (left from Canada), please discuss your departure tax issues and other requirements with your CPA at the firm.
  • Capital gains, the sale or deemed sale of stocks, bonds, or real estate properties
  • Northern residents deductions receipts
  • Disability Tax Credit Certificate if you have one
  • Volunteer Firefighters certification
  • Search and Rescue volunteers certification

In-Person or Online Income Tax return Filing

You have the option either to file your income tax return online without visiting us or visit us in person.

Start the process here

2021 Individual income tax rates - Federal

2021 Taxable Income (C$)Tax Rate - Federal
less than 49,02015.00%
49,021 - 98,04020.50%
98,041 - 151,97826.00%
151,979 - 216,51129.00%
216,512+33.00%

2021 Individual Income tax rates - Ontario

2021 Taxable Income (C$)Tax Rate - Ontario
less than 45,1425.05%
45,143 - 90,2879.15%
90,288 - 150,00011.16%
150,001 - 220,00012.16%
220,001+13.16%

2021 Individual income tax rate - Alberta

2021 Taxable Income (C$)Tax Rate - Alberta
less than 131,22010.00%
131,221 - 157,46412.00%
157,465 - 209,95213.00%
209,953 - 314,92814.00%
314,929+15.00%

Dividend Gross up & Tax Credit Rates Canada - 2021

 Non-Eligible DividendsEligible Dividends
Dividend gross up rate15%38%
Dividend Tax Credit - Federal (as % of grossed-up taxable dividend)9.0301%15.0198%
Dividend Tax Credit - Federal (as% of actual dividend)10.3846%20.73%
Dividend Tax Credit - Ontario (as % of grossed-up taxable dividend)2.9863%10.0%
Dividend Tax Credit - Ontario (as % of actual dividend)3.434%13.8%
Dividend Tax Credit - Alberta (as % of grossed-up taxable dividend)2.18%8.12%
Dividend Tax Credit - Alberta (as % of actual dividend)2.507%11.20%
The actual amount of Dividends before any regular income taxes are payable - Federal
(Caution: AMT is applicable on Eligible dividends)
$30,172$63,040 (AMT applies)
The actual amount of Dividends before any regular income taxes are payable - Ontario
(Caution: AMT is applicable on Eligible dividends)
$33,733$95,807 (AMT applies)
The actual amount of Dividends before any regular income taxes are payable - Alberta
(Caution: AMT is applicable on Eligible dividends)
$21,541$74,667 (AMT applies)
Tooba Talib

Tooba Talib

Tooba Talib works as an Administrative Assistance and loves to write occasional news and updates for Maroof HS CPA Professional Corporation.

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