2016 tax filing is quickly approaching and while there are many methods to prepare here are a few suggestions for your personal income taxes.

February 28, 2017 is the last day to make RRSP contributions that could be used for deduction on your 2016 income tax return. To confirm how much RRSP room you have available for 2016, refer to your 2015 Notice of Assessment received from Canada Revenue Agency.

Canada Revenue Agency’s My Account for Individuals allows you to track your refund, set up direct deposit, re-print your notice of assessments, view your RRSP limit, track your refund etc. This is a great tool to have in advance to avoid long delays on the phone with Canada Revenue Agency. Once My Account has been initiated, you will receive a personalized password to gain full access to your information which takes a few weeks. Why not get this done in advance rather than waiting for the need to arise? Go to http://www.cra-arc.gc.ca/myaccount/

Suggested Document Order Preparation:

Personal Information: Please highlight any changes such as your contact information, marital status, children etc.

2015 Notice of Assessment

Income: all income sources

Registered Retirement Savings Receipts

Medical Receipts: a best practice is to obtain a summary from your pharmacy for 2015 rather than tracking all those pesky receipts

Charitable Receipts

Rental or Property Tax Amount

Rental Properties/Self Employed/Employed with a Home Office: totals for home and business expenses

Most tax forms must be issued by the end of February. However the deadline for issuing T3 and T5013 receipts is March 31. Canada Revenue Agency is now enforcing automatic penalties equal to 20 per cent of unreported income for repeated instances of missed tax slips. Please carefully review your tax slips to ensure completeness.

New disclosure requirement for 2016 tax year: disposal of principle residence during 2016 must be reported to Canada Revenue Agency. You will be required to report a description of the property,  the year purchased and the proceeds.

For more information on how to prepare for this tax season, or to book an appointment, go to morethanenough.ca or call the office at 613-520-4157.

Julie Jackson is a financial coach, specializing in mortgages and income taxes, serving the Ottawa area and greater regions across Canada. With over 15 years experience in the financial industry.