The Complete 2026 Canadian Tax Checklist for Individuals & Self-Employed
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The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants, many of whom having a number of questions about personal and business taxes. The good news is that the stress can be managed fairly easily with some simple organization techniques. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation. A checklist can help to ensure that important items are not overlooked in the rush to put everything together (and, of course, its always satisfying to cross something off the list).
Why File A Tax Return
I encourage everyone to file a tax return , regardless of whether they owe tax or even have any income. There are certain circumstances where you must file tax return. But even if you don’t meet these “have to” criteria, you should file as you might be entitled to some benefits or to carryforward tax credits. More importantly, it can prevent unpleasant and protracted interactions with the government.
The majority of Canadians have a fairly simple tax return. I’m a big proponent of people doing their own tax returns especially when it is straightforward. At the very least, you can use one of the many software out there to enter your information and then assess whether you feel comfortable with the results. You don’t actually pay for the software until you decide to submit your tax return, so the only real cost is time. Doing it on your own is also empowering and you don’t have to wonder if your tax preparer missed something or why your tax bill is so much higher than you thought.
If you find diy-ing your tax return to be cumbersome, or you feel a sense of unease that you aren’t doing something correctly then it makes sense to seek out a professional tax preparer or an accountant. If you do submit your tax return and realize after the fact that there is an error, wait for the notice of assessment as often CRA (and Revenue Quebec) will discover the error and issue a notice of assessment with the correct information. If you receive the notice of assessment and the error hasn’t been corrected, you can then file an amended return.
Before You Start
When prepping for taxes, I recommend creating a physical folder as well as one on your computer, where all documents that potentially relate to your taxes are saved. This might include a T4 for salary (RL1 in Quebec), T5 (RL3) for investment income, RRSP contribution slips, medical expenses, donations receipts (these have a very specific format). Additionally, you might have a T5008 which shows gains and losses on investments during the year, childcare expenses paid to a daycare or babysitter, a receipt for professional dues or education/tuition receipts.
If you think something is tax deductible and have not received a tax receipt, it is worth reaching out to the service provider as it may have gotten lost in the mail (or your email).
CRA also has a feature called AutoFill your return, where you can download information that they already have on file such as your T4 and T5s (since these are usually submitted electronically to them). This can reduce some of the inaccuracies of manual entry.
If you are self employed or have an unincorporated small business, your tax return might be a little more complicated. However, I still encourage business owners who have an accounting system set up (whether it is a spreadsheet or accounting software) to give it a try. Essentially, you need to reflect your total sales for the year and expenses by category. In addition you can claim some home office and deduct car expenses (all to be discussed in greater detail in upcoming newsletters).
CRA also has a feature called AutoFill your return, where you can download information that they already have on file such as your T4 and T5s (since these are usually submitted electronically to them). This can reduce some of the inaccuracies of manual entry.
Basic Information:
If this is the first time that you are filing your tax return, you will need the following information with respect to yourself, your spouse (common law or married) and dependents:
Social insurance number
Current address
Note that if your address has changed since the last time you filed your tax return, you must contact Revenue Canada and, if applicable, Revenue Quebec to advise them of the change before e-filing your return to avoid the inevitable confusion that can ensue from filing the tax return without making this change. The best way to do this is by signing up for “my account” with CRA and RQ.
Date of birth
Province of residence as at December 31st which determines where you are taxed and what tax rates apply.
Marital status
Quebec residents must also determine if they are signed up for the Quebec prescription drug plan or if they have private insurance to cover prescription medication.
If you have filed your tax return before either using tax software or with an accountant, this information can be carried forward. Any changes since the previous year should be assessed and changed on the tax return, if applicable.
Employment Income - T4 and RL-1(Quebec):
If you are or were an employee at any point during the year, you will have received a T4 (AND an RL-1 in Quebec) for every place that you worked whether part time or full time (even if for just a couple of weeks). If you have not received the T4/RL1 you should contact your employer and make sure that they send it to you as there can be penalties for failing to include all relevant slips.
Another way to see your T4s is to access your CRA My Account online, where any of the T4s that have been filed by your owner electronically are posted for the current and previous years.
Other t-Slips
Pension & Benefits Slips
If you received CPP/QPP Benefits you will receive a T4A(P) slip which reflects amounts received and any taxes withheld.
Retirees will also receive an T4 (OAS) reflecting their old age security.
Other pension benefits are usually reported on a T4A slip
EI benefits are also reported on T4A slips
Note that if you have received income during the year, for which you did not receive a slip, you should look into whether the item is taxable (internet searches can be a great help). If it is taxable, you should reach out to the issuer to get the slip.
Investments and Dividends - T5 and RL-3 (Quebec):
T5 slips and RL3s are issued by financial institutions and corporations to anyone who has earned investment or dividend income in excess of $50 annually. If you have any investments in corporations, trusts or banks ensure that you have the tax slips. The deadline to submit T5 slips by the issuing institution is the last day of February so you should received them by early March.
In addition to T5 slips, you might also receive a T3 slips which applies to trusts (and is very common for investments). Note that the deadline to issue T3 slips is March 31st which means that you might get these slips as late as April. As such you might not be able to do your tax return until you receive these.
It is important to verify with your financial institution whether they will in fact be issuing a T3 before submitting your tax return as this can result in penalties for non inclusion.
Note that there are no slips for investments in RRSPs as income accumulates tax free until it is withdrawn at retirement. There are however situations where you might withdraw funds from your RRSP early for which you will be issued a T4RSP tax slip. There is usually a withholding tax that is automatically taken which should also be entered as tax paid .
There are also no tax slips for contributions to, or income earned in a TFSA account as the income in this account accumulates tax free. It is important to ensure you are not trading frequently otherwise CRA might consider it to be a business and disallow the TFSA tax exempt status.
If you are an owner of an incorporated business and have taken dividends during the year, you or your accountant should prepare a T5 slip and an RL3 (if you reside in Quebec).
Capital Gains and Losses:
If you have an investment portfolio, any gains or losses on sales of investments (i.e. realized gains or losses) must be reported on your tax return. Most investment brokers will provide clients with a T5008 - Statement of Securities Transactions - which reflects the sale of investments. However, they don’t always provide you with the cost of securities which is required to calculate the capital gain or loss.
If this is not provided by the investment provider, you will have to keep track of your purchases along with related costs and foreign currency rates on the date of purchase, if applicable.
Rental Property Income
All amounts earned from rental property must be declared, while expenses relating to rental property may be deducted. Ensure that you have these amounts on hand to enter into form T776. These include:
Rental income
Interest paid on the mortgage (most banks will send you year end summary which provides you details relating to principal, interest and other fees and costs)
Property taxes including municipal, school and water tax
Insurance
Utilities (if not paid by the tenant)
Repairs and maintenance during the year
Related Article: What You Need to Know about Rental Property Income and Expenses
Unincorporated/Self Employed Business Income/T4A Box 20 or Box 48
Anyone who earns income via the gig economy, as self employed, a small business, freelancer, etc. is required to complete an additional schedule on their personal tax return referred to as the statement of business activities form T2125.
To complete this form, you require your sales from your business and related expenses by category. This information is essentially found in a profit and loss statements which can be prepared using accounting software such as QuickBooks or compiled in an excel sheet. It is important to include the date of each transaction along with the supplier, category of the expense (eg. rent, office supplies, cost of goods sold etc.), net amount before sales tax and sales tax amounts. (Note that it essential to also maintain all the related documentation including invoices, bills, receipts, bank and credit card statements).
Many small business owners also receive a T4A for business services provided. This is usually reflected on box 20 or box 48 on the slip. These should be reported on the T2125 in the line item for income from T4As.
Read this article for a comprehensive review of tax considerations for unincorporated business (sole proprietorship or partnership)
Looking to prepare your own self employed tax return? Check out my course Self Employed Tax Return Made Simple.
RRSP Contributions and Withdrawals/First Home Savings Account (FHSA)
You should receive a slip from your financial institution for contributions to your RRSP for the current year. The slip will indicate whether it is “remainder of the year” of the “the first 60 days of the current year ” both of which can be deducted on your taxes.
Keep in mind that you are only allowed to claim RRSP contributions that do no exceed your unused contribution room. This information can be found on your prior year notice of assessment from Revenue Canada. If you overcontribute to your RRSP, penalties will apply.
The T4RSP slip represents any withdrawals taken during the year along with the withholding tax. This must be reported on your tax return.
You should also receive a contribution slip for FHSAs which are a tax deduction similar to RRSPs. The difference is that you can only contribute in the year pertaining to your tax return whereas with RRSPs you can contribute up to two months after the end of the calendar year.
Medical Expenses
Individuals are entitled to claim medical expenses that exceed the lower of 3% of their net income or $2,834 in 2025.
Note that medical expenses can apply to any 12 month period as long as at least one month pertains to the current taxation year and was not previously claimed. All expense receipts including date of visit, name of healthcare provider and amount should be accumulated which includes any amounts paid by the individual (not the employer unless in Quebec) to a private health insurance plan
To determine if the medical expense is claimable, you can see this comprehensive list from CRA
Union or Professional Dues
If you contribute to a union or are a member of a professional order, you are usually allowed to claim this as a deduction.
Related: Line 21200 - Annual union, professional, or like dues
Charitable Donations
All amounts paid to charities must be supported by official receipts from the registered Canadian charity and the amounts paid should correspond to the receipts (there is often a service component that is not included in the total amount).
Also note that amounts contributed to an American charity can only be deducted against income received from the US. International charity donations are generally not deductible.
Related: 9 Facts About Charitable Donations
Tuition Amounts
If you have enrolled for post secondary education, you will likely receive a T2202, T2202A, TL11A, B or C. from your educational institution which means that it is deductible. If you do not receive a slip, you should reach out to the educational institution to determine if it is in fact tax deductible.
Any scholarship or grants should also be reported as income, for which you will usually receive a tax slip. Usually enrollment in a full time education program offsets any taxes owing on scholarships.
Interest paid on student loans is tax deductible. You will receive a document from your financial institution indicating the amount that is deductible.
You can also carry forward tuition expenses from prior years that have not been offset against income. This is why students enrolled in post secondary education should complete a tax return even if they don’t have any income to report (they will also be entitled to a GST credit).
First Time Home Buyer’s Credit
If you are a first time home buyer, you are entitled to claim a tax credit of up to $10,000. To qualify both of the following conditions should apply:
you or your spouse or common-law partner acquired a qualifying home
you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)
Although no documents need to be sent at the time of filing, the CRA might ask to see copies of the purchase agreement and other documentation (which you should have on hand in case they ask)
Related: Line 31270 – Home buyers' amount
Sale of Principal Residence
If you have sold your principal residence (your home) during the year, you must report the details of the sale on Schedule 3 which is where you report capital gains and losses. You are not taxed on the proceeds but if you neglect to report it, capital gain exemption will be disallowed.
Dependants
You are allowed to claim certain expenses for your dependants for which you must have documentation. These include:
Babysitter
Boarding School
Daycare
Camp
Tuition (see above)
In most cases you will receive a tax slip or document that will provide you with the exact amount that you are allowed to claim.
In Quebec, individuals receive the RL24 which should reported on the tax return. Quebec subsidized daycare is not deductible in Quebec, however, it is deductible on your federal (CRA) return.
Babysitters must provide a receipt that includes their social insurance number, name period to which the babysitting applies and total amount received (as this is reported on their personal tax return as business income).
Home Office Expenses
The temporary flat rate method, that was allowed during the Covid years, is no longer an available option. Instead, to claim your home office expenses, you must have your employer complete and sign the T2200 detailing the types of expenses you are entitled to.
Foreign Income verification statement T1135
If you have any foreign property, investments, bank accounts etc. the combined total of which exceeds $100,000 in Canadian dollars it must be reported on the T1135. Failure to report this by the deadline of April 30th for individuals or June 15th for self employed individuals can result in a hefty penalty.
Related: T1135 Foreign Income Verification Statement
Other income and deductions to consider
Moving expenses can be deducted if certain criteria are met.
Carrying charges (e.g investments fees) on investments can be deducted against taxable investment income
Determine if the caregiver amount is applicable to your situation
Eligible teachers are entitled to a tax credit for school supplies purchased by them
There are a variety of other tax items, the majority of which will be accompanied by some sort of tax slip or other documentation. When you receive something that looks vaguely official it is always a good idea to keep it and if you are unsure what to do with it, seek the guidance of an accountant.
If you are e-filing your return, then it is not necessary to include any of the tax slips or supporting documentation, however CRA or RQ might ask for the supporting documentation (and generally do for tax items that are not received electronically by them).
It is good practice to keep your tax return and related documents for at least 6 or 7 years after the year for which the income tax return is filed. It is important to note that it is the responsibility of taxpayer to ensure that they meet their tax obligation and report all (worldwide) sources of income . Although this same obligation does not necessarily extend to deductions and credits, it is clearly in the taxpayers interest to ensure that they claim everything that they are entitled to.
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