Personal Taxes

Preparing Your 2020 Personal Tax Return

The basics:

Communication is key. Please bring us all of your relevant information to prepare your tax returns including:

  • Tax slips

  • Donation receipts

  • Medical receipts

  • Rental income and expenses

  • Business or farm income and expenses

Canada Revenue Agency's policies include PROGRESSIVE penalties for missed slips.

If you receive slips late please be sure to send them to us to avoid penalties. We can start working on your tax return before all slips have been received, it is not necessary to wait for late slips.

Medical receipts are often available from your health provider in a printed annual summary format (pharmacy, chiropractor, etc.). If you contact them they can provide a list of deductible medical expenses rather than having to accumulate all your small receipts.

Please bring any donation receipts so that we can review

Contact us for data transfer options.

We can help with safer, efficient transfers of your information. 

  Important tax changes

Please mark (X) if applicable to you:

New for 2020

[ ] Employment expenses for those working from home – You should receive a T2200S form from your employer.

[ ] You can deduct up to $500 for subscription to a qualifying digital news subscription

[ ] The Canada Training credit may be available for occupational trade, or professional examinations taken in 2020.

[ ] Benefits repaid to the government during the year are deductible. Unfortunately if you’ve received income such as CERB or CRB during 2020 but repaid it in 2021 you will have to wait until 2021 to deduct.

Ended in 2020

-Tuition and education credits will be eliminated in 2020. Tuition costs are still deductible but the monthly allowance is now eliminated. Any amounts carried forward from 2019 or earlier are still eligible for deduction.

New for 2019

[ ] Basic Personal Amount rises to $12,069.00

[ ] RRSP dollar limit increases to $26,500 (up from $26,230 in 2018)

[ ] The annual contribution limit to tax-free savings accounts will increase to $6,000 from $5,500.

[ ] 2019 will be the first tax year when low income workers can qualify for a more generous Canada Workers Benefit (a refundable tax benefit formerly known as the Working Income Tax Benefit), a program intended to help the working poor stay employed.

[ ] The maximum benefit will increase between $300 and $400, based on whether the applicant is single or part of a family. That brings the maximum benefits to $1,355 for a single person or $2,335 for a single parent or couple, depending on personal incomes. However, as 2019 is the eligibility year, low income workers will have to wait until April 2020 to get the boosted benefit.

New for 2018

[ ] Medical Expenses Expanded for Service Animals for Patients with Mutual Impairment.

[ ] Accelerated Deduction for Business/Farm Capital Assets Acquired after November.

New for 2017

[ ] Family Caregiver Credit

[ ] Reproduction Technologies Qualify for Medical Expense Tax Credit

[ ] Tuition Tax Credit Extended to Occupational Skills Courses at Post Secondary Only.

Ended in 2017

  • Public Transit Tax Credit

  • Children's Fitness Credit

  • Children's Art Tax Credit

Do the following apply to you?

[ ] Did you renovate your home for disability accessibility?

[ ] Annual union, professional or like dues paid personally not reimbursed by employer

[ ] Moving expenses for work or educational purposes

[ ] Alimony or separation allowance paid/received

[ ] Unclaimed prior year donations

[ ] University tuition (Form T2202 or T2202A) for self or dependent

[ ] Confined to bed or wheelchair (Form T2301)

[ ] First Time Home Buyer

[ ] Disability Credit, for self or dependent

[ ] Parent(s), over 65, live with you

[ ] Dependants supported but not living with you

[ ] Do you have a disabled family member you care for?

[ ] Medical Travel expenses

[ ] Do you receive income from foreign sources

[ ] Political contributions paid

[ ] Registered Retirement Savings Plan

[ ] Amounts paid for childcare or summer camps

[ ] Interest on student loans

[ ] Annual summary of transactions for investments

[ ] Interest paid on money borrowed to earn investment income

[ ] Investment counsel and investment management fees

[ ] Do you own assets outside Canada (including investments)

[ ] Tax shelters (need details)

[ ] Exam fees required to obtain a professional status/license for tradesperson?

[ ] Are you a volunteer fire-fighter? Number of hours volunteered during the year:

[ ] Emergency Services Volunteer

[ ] Search and Rescue Volunteer

[ ] Adoption Expenses

If you have any questions don’t hesitate to contact our office. We would rather spend the time answering your questions than to see you miss a potential deduction!

Office Hours 8:30am to 4:30pm Monday through Friday.

We are also open

April 24th from 10am to 3pm for reception service (Signatures and pick ups)

If you need an appointment outside of regular office hours please call for appointment

4817 48 Street, Red Deer, Alberta T4N 1S6 Tele: (403) 341-4702 Fax: (403)342-6654