2012 Personal Income Tax Organizer

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Personal income tax organizer

2012


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Your Personal tax organizer includes a personal income tax checklist and tracking schedules. It is designed to make iteasier to compile information for your tax preparer. And youll be sure to have everything you need to take advantageof available tax deductions and credits.

Personal income tax checklist

Simply check o which income items, tax deductions and credits apply to you, and then take note of the relevanttax slips or forms. For each slip or form, youll nd out whether you need to attach it to your return, complete it orsimply keep it for your records. If you are ling electronically, you are required to keep all slips and forms on le.Tis checklist covers federal income tax only. Keep in mind that deductions and credits will be greater aer youfactor in the corresponding provincial tax deductions and credits.

Items to include in your income

2012 Personal income tax organizer

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Does it applyto you? Slip or form What you should know What you need to do

___ Yes ___ No T4 Statement of remuneration paid.

Issued for employment incomeand related information.

You should receive it by the endof February.

Attach to your federal return.

___ Yes ___ No T4A Statement of pension,retirement, annuity and otherincome.

You should receive it by the endof February.


___ Yes ___ No T4A(P) Statement of Canada

Pension Plan benets.

You should receive it by the end

of February


___ Yes ___ No T4A(OAS) Statement of OldAge Security benets.

You may be required to repaya portion of the benets if yournet income is more than $69,562.

You should receive it by the endof February


___ Yes ___ No T4RIF Statement of incomefrom a Registered Retirement

Income Fund.

Issued for withdrawals froma RRIF.

The minimum amount you haveto withdraw each year is based onthe value of your RRIF on January1 and a percentage determinedby your or your spouses age onJanuary 1.


___ Yes ___ No T4RSP Statement of RRSPincome.

Issued for RRSP withdrawals.

Includes withholding taxdeducted, which you claimon your tax return.



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___ Yes ___ No T4PS Statement of employeeprot-sharing plan allocationsand payments.

Issued for your companyscontributions to your prot-sharing plan.

These contributions must beincluded in your income eventhough theyre paid directly intoyour plan.


___ Yes ___ No T600 Ownership certicate. Issued for Canada SavingsBonds cashed.

Interest income earned will be

reported on a T5, including accruedinterest on compound CSBs.


___ Yes ___ No T4E Statement of employment insurance andother benets.

You may be required to repay aportion of these benets if yournet income is more than $57,375.


___ Yes ___ No T5007 Statement of benets. Issued for workers compensationbenets and social assistancepayments.

You will not pay tax on thisincome because you can claim

a deduction for any workerscompensation benets or socialassistance payments.


___ Yes ___ No T5 Statement of investment income.

Issued for income from non-registered investments, insurancepolicy interest, bank accountinterest, etc.


___ Yes ___ No T3 Statement of trust incomeallocations and designations.

Issued for investment incomefrom mutual funds, segregatedfunds and income trusts, and

income taxable in the handsof the beneciary of all othertestamentary or inter vivos trusts,such as family trusts.

You should receive it by earlyApril.



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___ Yes ___ No T5008 Statement of securities transactions.

Investment accountstatements.

T5008 is issued for non-registeredsecurities you have sold.

This form and your statementsare records of your transactionsthat you will need to calculateany capital gains or losses onyour investments.

Taxable capital gains mustbe included in the year yourealized them.

Please see the tracking schedule.

Keep for your records.

___ Yes ___ No T1163 AgriStabilityand AgriInvest programsinformation and statementof farming activities forindividuals.

Issued through the Agricultureand Agri-Foods Canada farmincome programs.

For information about theseprograms, call 1-866-367-8506.

Complete and attach to yourfederal return.

___ Yes ___ No T5013 Statement of partnership income.

Issued for income and taxinformation for each partnerwho receives income or capitalallocation from the partnership.


___ Yes ___ No T776 Statement of realestate rentals.

Complete this summary of rentalincome and expenses if youreceived income from the rentalof real estate.

Complete and attach to yourfederal return.

___ Yes ___ No T5018 Statement of contractpayments

This slip is issued to subcontractorsin the construction industry.

Income should be reported asbusiness income.



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Deductions you can claim


___ Yes ___ No Ofcial RRSP contributionreceipts.

Include all ofcial receipts forcontributions from March 2012to March 1, 2013 (plus anyamounts for January 1 toFebruary 29, 2012 not claimed onlast years tax return), even if youchoose not to deduct the amounton your 2012 return.


___ Yes ___ No Receipts or records forinvestment carrying costs.

You can deduct certaininvestment-related expenses, suchas investment counselling fees,

safety deposit box fees for storingsecurities, and loan intereston money borrowed for non-registered investments earninginvestment income.



___ Yes ___ No T5013 Statement of partnership income.

T5003 Statement of taxshelter information.

T5004 Claim for tax shelterloss or deduction.

Investment tax shelters, includinglimited partnerships, likely containan amount to be included inincome.

You may have to make CPP

contributions on some typesof limited partnership income.

Make sure your form shows thetax shelter identication number.

Attach T5013 to yourfederal return.

Attach T5003 to yourfederal return.

Complete and attach T5004to your federal return.

___ Yes ___ No T777 Statement of employment expenses.

Applies to employees whoseemployer requires them to payexpenses, such as promotion,automobile expenses, meals,lodging and client entertainmentcosts.

Legal fees incurred to collect

income are also deductible,but your claim is reduced byany amount awarded to you.

Attach T777 to your federalreturn and keep receipts foryour records.

___ Yes ___ No T4 Statement of remuneration paid.

Deductions for union andprofessional dues.

You may also claim professionalor malpractice liability insurancepremiums required to keep aprofessional status recognizedby law.

Attach T4 to your federalreturn and keep receipts foryour records.


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Deductions you can claim


___ Yes ___ No T778 Child careexpenses deduction.

Includes babysitting, day care,boarding schools, and certaincamp expenses.

You can deduct up to $7,000for each child under seven,and up to $4,000 for each childaged seven to 16.

If a child has a mental or physicaldisability, the $4,000 deductioncontinues beyond age 16. If thedisability amount can be claimedfor the child, then up to $10,000

of child care expenses may bededucted at any age.

The deduction must generally bemade by the spouse with lowerIncome.


Complete and attach T778 toyour federal return and keepreceipts for your records.

___ Yes ___ No T929 Disabilitysupports deduction.

If you are entitled to claim thedisability amount, you can deductexpenses paid for attendantcare and other disability supportexpenses, up to a maximumamount equal to your earnedincome. Attendant care must benecessary for you to earn incomeor attend school.

Keep T929 and receipts foryour records.


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Credits you can claim


___ Yes ___ No Original receipts forcharitable donations.

Federal credit is 15% on rst $200and 29% on remainder, up to avalue of 75% of your net income.

In general, its better to groupdonations together and have onespouse claim.



___ Yes ___ No Ofcial receipts forpolitical contributions.

Maximum credit is $650(on $1,275 of donations).

Spreading donations among

family members may result ina larger overall credit.


___ Yes ___ No T2202 Tuition, educationand textbook amountscerticate.

You must attend a qualied(generally post-secondary)educational institution toqualify for these credits.

Tuition fee credit is 15%of tuition fees.

Education credit is 15% of $400per month for full-time studentsand 15% of $120 per month

for part-time students.Credits can be carried forward ortransferred to a spouse, common-law partner or supportingparent or grandparent (up to$750 in combined tuition feeand education credits may betransferred this is equivalent to$5,000 of expenses).

Check your 2011 Notice ofAssessment for any carryforward amount.

Keep T2202 receipts foryour records.

___ Yes ___ No Textbook credit (no slips). Textbook credit is 15% of $65 permonth for full-time students and15% of $20 per monthfor part-time students.

Based on number of monthsindicated on form T2202.

___ Yes ___ No Receipts or Summary ofinterest charges.

(Summary should be providedby lending institution).

Tax credit of 15% of interestpaid on government student loanpayments. Credits can be carriedforward ve years.

Attach receipts and/or summaryto your federal return.


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___ Yes ___ No Caregiver amount (no slips). Maximum credit of 15% of$4,402 ($660) for those takingcare of live-in elderly or inrm,whose net income is $15,033or less. A reduced credit can bereceived where net income isbetween $15,033 and $19,435.

Not applicable.

___ Yes ___ No Family caregiver amount

(no slips)

Maximum credit of 15% of$2,000 ($300) is available as anadditional credit for caregiversof dependents with mental or

physical inrmity, includingspouses and minor children.

Signed statement from medicaldoctor indicating whenimpairment began and expectedduration, if requested by CRA.

___ Yes ___ No T2201 Disability taxcredit certicate.

Maximum credit of 15% of$7,546 ($1,132) is available tothe disabled person.

An additional credit of 15%of $4,402 ($660) is available ifthe disabled person is under 18.

This credit may be transferredunder certain circumstances toan eligible relative.

Attach T2201 to your federalreturn when you rst apply.

___ Yes ___ No Medical receipts. Medical expenses for the familycan be grouped for any 12-monthperiod ending in the year andclaimed by one person.

Total expenses are reduced bythe lesser of 3% of net incomeor $2,109. Tax credit is 15%of amount remaining.


Attach receipts to yourfederal return.

___ Yes ___ No T5006 Statement of

registered labour-sponsoredventure capital corporationClass A shares or ofcialprovincial slip.

This credit is equal to 15%

of the investment up to amaximum credit of $750. Sharesmust be held for eight years orcredits must be repaid. Yourprovince or territory may offera similar credit.

Attach T5006 or provincial

slip to your federal return.

___ Yes ___ No Pension income credit(no slips).

This credit is equal to 15%on up to $2,000 of eligiblepension income. The credit maybe transferred to your spouseor common-law partner.

Its helpful to attach a noteidentifying the pension if itsfrom a foreign country.


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___ Yes ___ No Employment credit (no slips). This credit is equal to 15%on up to $1,095 of employmentincome in 2012.

Based on the employment incomereported on your T4 slip.

___ Yes ___ No Public transit credit. This credit is equal to 15% of the amount spent on public transitpasses in 2012, for you, yourspouse, and your minor children.

Keep your monthly passes.

___ Yes ___ No Adoption credit. This credit is equal to 15%of the amount spent on adoptinga minor child, (up to a maximum

of $11,440). The credit can beclaimed in the year that theadoption is nalized.

Keep a record of your expensesas proof.

___ Yes ___ No Child tness credit. This credit is equal to 15% of theamount spent on eligible tnessexpenses, to a maximum of $500for each child under 16 at thebeginning of the year.

Keep your receipts as proofof your expenses.

___ Yes ___ No Childrens arts credit. This credit is equal to 15% of the amount spent on eligible arts

expenses to a maximum of $500for each child under 16 at thebeginning of the year.

Keep your receipts as proof ofyour expenses

___ Yes ___ No Volunteer reghter credit. This credit is equal to 15% of$3,000 ($450) in respect ofqualifying eligible volunteerreghter services.

Provide a certicate indicatingthe number of hours of eligibleservices, if requested by CRA.

___ Yes ___ No First-time home buyers credit. This credit is equal to 15% of$5,000 ($750) in respect of the

purchase of a qualifying home.

Keep your purchase documentsas proof.


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Other things to consider

Does it applyto you? What you need to do What you should know

___ Yes ___ No Record any income for the year for whichno tax slip is issued.

Your tax preparer will advise you on whether theincome is taxable or not.

___ Yes ___ No Keep copies of your tax returns and all slipsand forms.

Canada Revenue Agency advises that you keepall supporting documents for six years.

___ Yes ___ No Review in detail as soon as possible anydifference between your return and thegovernments assessment.

Assess whether the governments change makessense to you.

If not, contact your tax preparer or CanadaRevenue Agency.

___ Yes ___ No Maintain a running list of the cost base ofyour non-registered investment holdings.

This is critical to ensure that you are notdouble-taxed.

Please see tracking schedule, mutual fundpurchases and redemptions.

___ Yes ___ No Maintain a list of capital losses available forcarry-forward.

Capital losses can be carried forward to offsetcapital gains in a future year.

___ Yes ___ No Keep on le your $100,000 capital gainsexemption, led in 1994 (T664S).

When you sell the asset, you wont pay taxeson any capital gain for which you are exempt.

___ Yes ___ No Tax information for spouse and children. A tax preparer needs to refer to these to ensurethe proper calculations/allocations of certaindeductions, as well as to propose future taxplanning strategies.

___ Yes ___ No Record interest you have received for anyinvestment loans you have made to your spouse.

Interest payments are required in order to avoidattribution with this income-splitting strategy.

You should also have a written loan agreement.

___ Yes ___ No Arrange for disability tax credit certicate

if someone in your family has a severe andprolonged mental or physical impairment.

A certicate is required to claim the

disability credit.Disability status must be conrmed by a medicaldoctor, optometrist, audiologist, occupationaltherapist, psychologist, speech-languagepathologist or physiotherapist.


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Other things to consider

Does it apply toyou? What you need to do What you should know

___ Yes ___ No Disclose foreign property over $100,000. Complete and attach to your federal return formT1135 for general foreign assets and forms T1141and T1142 for foreign trusts.

You must sign these forms even if your returnis e-led.

Penalties for not disclosing are signicant.


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Capital gains and losses

Te purchase price includes any commissions or closing costs paid. Sales proceeds are calculated net of commissionsor other selling costs. When disposing of only part of a holding, use the average adjusted cost base per unit to calculateany capital gain or loss.

Mutual fund purchases and redemptions

Keeping track of the cost base of your non-registered mutual fund holdings prevents you from overpaying taxes whenyou ultimately sell your units. In particular, monthly purchases, automatic reinvestments and redemptions triggered topay fees aect the number of units held and the cost base.

Tracking schedules

Description Date bought Purchase price Date sold Sales proceeds

Fund

Openingunits

Openingcost

Unitsbought

Purchaseprice

Endingunits

Endingcost


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Investment expenses

Includes costs such as investment counselling fees, safety deposit box fees, interest expense related to the purchase ofnon-registered investments and accounting fees (except for tax return fees).

Canada Savings Bonds and GICs

Tracking schedules

Description Date Amount

Description Datepurchased

Maturitydate

Amount


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Medical expenses and receipts

Child care expenses

Includes babysitting, day care, day camps, boarding schools and camps.

Tracking schedules




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Charitable donations

Make sure that all slips have an ocial tax number on them. Otherwise, no credit will be granted.

It is generally better to have one spouse claim all donations. (Its the opposite for political contributions.)

Tracking schedules

Name of charity Date Amount


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Te objective o this checklist is to help clients keep their tax afairs organized. Tis checklist is not intended to provide, and should not beconstrued as providing, individual tax, legal or investment advice, nor is it meant to cover all o your tax or other relevant considerationsYou should consult your proessional advisor(s) prior to acting on the basis o the material above. Te detail supporting each point issubstantial and is subject to change without notice. ax strategies and ling considerations will vary by province and are subject toongoing legislative changes, court decisions or other tax opinions or rulings. All inormation and opinions provided in this checklist aresubject to change without notice.

Although the inormation in this checklist has been obtained rom sources believed to be reliable, neither Assante Wealth Management, italiates nor their respective ocers, directors, employees or advisors/salespersons are responsible in any way or any damages or losses (direct,indirect, special, economic, consequential or otherwise) whatsoever in respect o the use o this checklist.

Te Assante symbol and Assante Wealth Management are registered trademarks o CI Investments Inc., used under licence. 1301-0138 E (01/13

Additional information

2012 Personal Income Tax Organizer

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