March 2009 Magazine - kAos Group

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The Organized Lifestyle Magazine

March 2009

Here is a handy check list of many of the documents that you will need to complete your taxes. To discuss your specific details refer to a tax advisor or email us to speak with ours.

Income:
T4: Employment Income
T4A: Pension, Retiring Allowances, Scholarships, Other Income
T4A (OAS) Old Age Security payments
T4A (P) Canada or Quebec Pension
T4RSP: Statement of RRSP Income
T4 RIF Registered Retirement Income Fund
T4E: Employment insurance
T2202/T2202A: Tuition and Education Amounts Certificate
T5: Interest Income or Dividends
T3: Mutual Fund Income
T5007: Worker's compensationq or social assistance
T5013: partnership income, tax shelters
T4PS: Profit Sharing Plan
RC62: Universal Child Care Benefit

Remember your receipts for:
-RRSP contribution slips
-Medical expense receipts
-Charitable donations and political contributions
-Safety Deposit box fees, investment management fees (eg. Stocks, bonds)
-Professional Consultants' fees, accounting and legal fees, spousal support income/payments
-Tax-shelter credits
-Child-care information (must have SIN if individual provided childcare

Business Expenses:
Office: advertising, promotional, legal, accounting, rent, assets, communications, Auto: repairs, km's travelled, lease payments, gas, insurance, parking, CAA, etc

If it's a home based business:
Square footage, utilities, property tax, insurance, repairs, etc

Other:
-Moving expenses (if you moved more than 40km to be closer to your work)
-T2200: Declaration of conditions of employment
-Details of changes in marital status -Details of Alimony/child support (copy of agreement)
-RRSP home buyer's plan and education withdrawal information, repayment details
-Investment portfolio details of activity

Final note: refer to your Notice of Assessment from last year for any 'carry forward' details and RRSP contribution limits.

More cool tax stuff: Myths, Deductions & Tips
8 Tax Strategies to Maximize Your Business Income Tax 5 Common Business Tax Myths Canadian Income Tax FAQ for Small Business Maximize Your Business Income Tax Specific Deductions for Home-Based Business Business Expenses as Tax Deductions

Can You Feel It?

There is a sense of change in the air... it might be the gentle smell of spring that is sneaking in between the snow flurries or maybe it's our deep desire to fend off the incessant negative talk about our plummeting economy and our pending doom (I say tongue in cheek).

So, what is it that you are feeling? Are they positive thoughts or negative? Do you have a sense that spring is coming or doom is around the corner?

Truth be told, for as positive a person as I like to think I am, it's been tough fending off all the negative thoughts. Our winter here in Canada feels like it's been going on for forever and instead of a week on a beach this year, with Nic and J, I'm trading it in for a day on the ski slopes. I'm not complaining... well maybe a little, but I am embracing this new reality.

Further, to my 'reality' comment, since 'it is what it is' I've decided to flip my attitude back to where I prefer it - looking at the brighter side of things. Yes, I'm taking back the reins on what I can and welcoming the inevitable change, in the seasons and our economy (like I have a choice) because I know there is always a silver lining!!!

What I'm doing to see the brighter side of life:

I wake up and express gratitude - for my life, my children, and everything that is my reality
I'm pre-planning - giving me a sense of control over the things I can control
I'm letting go of the things I have no control over
I'm welcoming unexpected surprises
I'm spending some time doing absolutely nothing
I'm spending more time with the people I love
I'm laughing more
I'm speaking positively
I'm spring organizing early so that the weight I feel when things are undone is released and.....
I'm being grateful!

Dietrich Bonhoeffer said "In ordinary life we hardly realize that we receive a great deal more than we give, and that it is only with gratitude that life becomes rich."

Positively speaking! It's time to get your taxes done. Call us now to help you get organized or to speak with our tax man.

Got a tax question? Get a fr*ee answer taxinfo@kaosgroup.com .

Book Your Tax Appointment ... Now!

Book your appointment with one of Toronto's money experts to get your taxes done . Remember to ask for the kAos Group pricing if your a first time client.

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