From Slips to Savings: How to Prepare for Next Tax Season

It’s never too early to start preparing for the next tax season. Whether you're an individual, self-employed, or a small business owner, staying organized and informed can help you avoid stress and maximize your return.

Here are some things you should know:

What Tax Documents Should You Send to Your Accountant?

  • Last year’s Return and/or Notice of Assessment (if we prepared your return last tax season, there is no need to provide us your previous return)

Income Slips

  • T4 – Employment income

  • T4A – Pension, annuity, or self-employment income

  • T5 – Investment income

  • T3 – Trust and mutual fund income

  • T4E – Employment Insurance benefits

  • T5007 – Social assistance or workers’ compensation

  • T4A(P)/T4A(OAS) – CPP and OAS benefits

  • T5008 – Securities transactions

  • Rental income – Lease agreements, expense receipts

  • Self-employment income – Invoices, receipts, financial statements

    Deduction & Credit Documents

  • RRSP contribution receipts (including first 60 days of 2026)

  • Medical and dental expense receipts

  • Charitable donation receipts

  • Childcare expense receipts

  • T2202 – Tuition and education amounts

  • Student loan interest statements

  • Home office expenses (square footage, utility bills, internet, etc.)

  • Union and professional dues

  • Moving expenses (if eligible)

  • Property tax or rent receipts (for Ontario Trillium Benefit)

NOTE: You only need to send us the slips that are applicable to you - you will not have every tax document and slip that is listed above. Just send over everything you do have!

What Expenses are Deductible?

For Individuals

  • RRSP Contributions – Contributions to a Registered Retirement Savings Plan.

  • Child Care Expenses – Costs for daycare, babysitters, or day camps.

  • Union and Professional Dues – Fees paid to maintain professional status.

  • Moving Expenses – If you moved for work or school and meet distance requirements.

  • Support Payments – Certain spousal or child support payments.

  • Student Loan Interest – Interest paid on eligible student loans.

  • Disability Supports Deduction – For individuals with impairments who need support to earn income

    For Self-Employed Individuals

  • Home Office Expenses – A portion of rent, utilities, internet, and maintenance

  • Vehicle Expenses – Fuel, insurance, maintenance, and lease payments (if used for business)

  • Business Supplies and Equipment – Items used directly in your business

  • Advertising and Promotion – Including digital marketing and print ads

  • Professional Fees – Accounting, legal, or consulting services

  • Meals and Entertainment – 50% of eligible business-related meals

    For Small Business Owners

  • Salaries and Wages – Paid to employees

  • Rent and Utilities – For business premises

  • Capital Cost Allowance (CCA) – Depreciation on business assets

  • Insurance Premiums – Related to business operations

  • Bad Debts – Amounts owed to you that you can’t collect

What Expenses Are Non-Deductible?

Not all expenses are eligible for tax deductions. Here are some common non-deductible items:

  • Personal living expenses (e.g., groceries, clothing)

  • Commuting costs to and from work

  • Most meal and entertainment expenses (unless directly related to business and properly documented)

  • Club memberships and recreational fees

  • Fines and penalties (e.g., parking tickets)

  • Political contributions (not deductible, though may qualify for a tax credit)

Tips to Stay Organized Year-Round

We understand that tax season can feel very overwhelming at times. Gathering all your documents, receipts, and slips can be a challenge—especially if organizing them hasn’t been a year-round habit. To help make things easier, we’ve put together a few simple practices that can make tax time much more manageable and stress-free!

  • Keep digital and physical copies of all receipts and documents.

  • Use accounting software or spreadsheets to track income and expenses monthly.

  • Label and categorize receipts as you go (Scan them in the following groups: “Income - all T slips,” “Medical,” “Charity,” “Business,” “Child Care”).

  • Save your tax documents and expenses in one folder, as you get them

    • By doing this, when it’s time to send us your documents, you won’t have to go looking for them!

  • Consult your accountant early - especially if you’ve had major life changes (e.g. marriage, new job, home purchase, starting a business)

Stephen Aubert CPA