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Please complete the following checklist and questions
to assure that no deductions or credits are missed, and that all
income is reported.
| OTHER INCOME SOURCES |
| Rental income and expense |
|
| Self Employment details |
|
| Stocks, investments, and mutual fund transactions
- summary of all purchases and sales (make sure date of sale
is on document) |
|
| Child care/babysitting income |
|
| Other - Any other income sources |
|
| Details: |
|
| INFORMATION SLIPS |
| T3 - Estate or trust income including mutual
funds |
|
| T4 - Salaries or wages |
|
| T4A - Directors fees/retiring allowances/ miscellaneous
income |
|
| T4E - Employment insurance benefits |
|
| T4A(P) - Pension income |
|
| T4(OAS) - Old age security benefits |
|
| T4(RIF) - Registered retirement income fund income |
|
| T4(RSP) - Registered retirement savings plan
withdrawal |
|
| T5 - Interest, dividends and other investment
income |
|
| T5007 - WCB/Social Assistance |
|
| T5008 - Treasury Bills |
|
| Other - Any other information slips |
|
| DEDUCTIONS AND CREDITS |
| RRSP contribution receipts |
|
| RRSP Home Buyers plan / Life Time Learning plan
details |
|
| Moving expenses if you moved at least forty kilometers
closer to your place of work |
|
| Union or professional dues |
|
| Child care expenses |
|
| Attendant care expenses (paid to allow a disabled
person to earn income) |
|
| Business investment losses (losses suffered through
the failure of an active Canadian business) |
|
| Child support payments (if pursuant to a pre
May 1997 agreement) or alimony |
|
| Carrying charges, Investments expenses, Safety
Deposit Box, Investment Counsel fees |
|
| Interest paid on loans for investment purposes |
|
| Medical expenses for any twelve month period
ending in 2005 |
|
| Charitable donations |
|
| Political donations |
|
| Tuition fees/education amount |
|
| Canada student loan interest payment |
|
| Medical or dental premiums |
|
| Other - Any other deductions or credits |
|
| Details: |
|
| Questions to ask? |
|
Medical Expense - Travel (Meals and Vehicle)
If medical treatment is not available locally, you may be able to claim the cost of traveling to get the treatment somewhere else. If you are claiming travel expenses to get medical treatment, you can choose to use a detailed method (actual expenses) or a simple method for calculating your travel expenses.
Simple Method
Meals - You can claim a flat rate of $15 a meal to a maximum of $45 per day, per person, without receipts.
Vehicle - You must keep track of the number of kilometers driven during the tax year for your trips relating to northern residents deductions and moving, or during the 12-month period you choose for medical expenses. To determine the amount you can claim for vehicle expenses in BC, multiply the number of kilometers by 45.5 cents/km.
Do you authorize Canada Revenue Agency to release
your name, address and date of birth to Elections Canada?
Yes ( ) No ( ) |
Do you own foreign property costing at least
$100,000?
Yes ( ) No ( ) |
Did you sell any land or other property in the past year?
Yes ( ) No ( )
Details: |
Did you move into a care home in the past year?
Yes ( ) No ( )
Details: |
Did you have any children in the past year?
Yes ( ) No ( )
Details: |
| THINGS TO THINK ABOUT |
| Do I have a will? Is it current? Where is the
original? |
|
| Do I and my spouse have power of attorney for
each other? |
|
| Should I review my life insurance or disability
insurance? |
|
| Have I started a plan for retirement? |
|
Have you ever wondered how much tax you are paying here compared to how much you would pay if you lived somewhere else? Compared to a lot of places across Canada (including Alberta), you pay less personal income tax in British Columbia, depending on the total income you receive.
| Total income |
$30,000 |
$50,000 |
$75,000 |
$100,000 |
| Tax payable |
|
|
|
|
| British Columbia |
$4,493 |
$10,236 |
$18,402 |
$28,437 |
| Alberta |
$4,751 |
$10,759 |
$18,911 |
$27,911 |
| Ontario |
$4,822 |
$10,836 |
$19,550 |
$30,402 |
| Washington State |
$2,905 |
$7,115 |
$13,365 |
$20,211 |
| TAX RATES FOR 2005 |
| Taxable Income |
|
Marginal Tax Rates |
Lower Limit
($) |
|
Upper Limit
($) |
Basic Income
Tax on Lower
Limit ($) |
Ordinary
Income |
Dividend
Income |
Capital Gains |
| - |
to |
8,648 |
- |
0.00% |
0.00% |
0.00% |
| 8,649 |
to |
14,626 |
- |
15.00% |
2.10% |
7.50% |
| 14,627 |
to |
16,000 |
897 |
15.00% |
2.10% |
7.50% |
| 16,001 |
to |
26,000 |
1,186 |
16.00% |
3.27% |
8.00% |
| 26,001 |
to |
33,061 |
3,651 |
21.05% |
4.52% |
10.53% |
| 33,062 |
to |
35,595 |
5,137 |
24.15% |
7.15% |
12.08% |
| 35,596 |
to |
66,123 |
5,749 |
31.15% |
15.90% |
15.58% |
| 66,124 |
to |
71,190 |
15,258 |
33.70% |
19.08% |
16.85% |
| 71,191 |
to |
75,917 |
16,966 |
37.70% |
24.08% |
18.85% |
| 75,918 |
to |
92,185 |
18,748 |
39.70% |
26.58% |
19.85% |
| 92,186 |
to |
115,739 |
25,207 |
40.70% |
27.83% |
20.35% |
| 115,740 |
|
and up |
34,794 |
43.70% |
31.58% |
21.85% |
The Kemp Harvey Group has 8 offices located throughout
Southern British Columbia. Choose the location nearest you:
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