Tax season in Canada officially begins on February 23, when the Canada Revenue Agency (CRA) starts accepting income tax returns. Preparing before this date can help you file accurately, avoid delays, and potentially receive your refund sooner.
Whether you are an employee, self-employed professional, or business owner, having the right documents ready is essential. Below is a complete tax preparation checklist to help Canadians get organized before tax filing opens.
Why You Should Prepare Before February 23
Preparing early offers several important benefits:
- Faster CRA refund processing
- Reduced risk of filing errors
- Time to correct missing or inaccurate slips
- Less stress as deadlines approach
- Better financial planning for taxes owed
Early organization ensures your return can be submitted promptly once filing opens.
Step 1: Gather Your Income Documents
Your income slips are the foundation of your tax return. Most employers and financial institutions issue slips by late February.
Common income documents include:
- T4 – Employment income
- T4A – Other income (self-employed, commissions, pensions)
- T5 – Investment income
- T3 – Trust income
- T4E – Employment insurance benefits
- Rental income records
- Business income statements (for self-employed individuals)
Ensure all amounts match your records before filing.
Step 2: Organize Deduction and Expense Records
Deductions can reduce your taxable income. Keep supporting documents in case the CRA requests verification.
Common deductions include:
- RRSP contribution receipts
- Childcare expenses
- Union or professional dues
- Moving expenses (if eligible)
- Business expenses (for self-employed individuals)
- Home office expenses
For self-employed taxpayers, maintain clear records of:
- Office supplies
- Vehicle expenses
- Internet and phone costs
- Rent or workspace expenses
Step 3: Collect Tax Credit Documentation
Tax credits directly reduce the amount of tax you owe.
Common credits include:
- Tuition receipts (T2202)
- Medical expenses
- Charitable donation receipts
- Disability tax credit documentation
- Canada caregiver credits
Keeping receipts organized ensures you claim every eligible benefit.
Step 4: Review Your Previous Year’s Notice of Assessment
Your previous CRA Notice of Assessment (NOA) provides important information such as:
- RRSP contribution limits
- Carry-forward amounts
- Unused tuition credits
- Capital loss balances
Reviewing your NOA helps prevent missed deductions or errors.
Step 5: Update Personal Information
Before filing, confirm:
- Current mailing address
- Marital status
- Direct deposit information
- Dependent information
Changes in marital status or dependents can affect benefits and credits.
Step 6: Prepare for Taxes Owing (If Applicable)
If you expect to owe taxes:
- Estimate the amount in advance
- Plan payment before April 30
- Avoid late-payment interest
Self-employed individuals must pay any taxes owed by April 30, even though their filing deadline is later.
Step 7: Consider Professional Tax Support
Canadian tax laws can be complex, especially for:
- Self-employed professionals
- Incorporated businesses
- Rental property owners
- Individuals with investment income
Professional tax guidance helps ensure compliance, accuracy, and peace of mind.
Final Thoughts
February 23 marks the official opening of tax filing in Canada. Preparing your documents before this date ensures a smooth, accurate, and timely submission to the CRA.
A well-organized tax checklist not only reduces stress but also minimizes the risk of penalties or missed deductions.
Need Assistance Preparing for Tax Season?
MZA CPA Professional Corporation provides reliable and professional tax submission services for individuals and businesses across Ontario.
With offices in Toronto, Brampton, and the Niagara Region, our team is ready to help you prepare and file your return with confidence.
📞 Contact Us
Head Office (Toronto)
60 Danforth Road
Toronto, ON M1L 3W4
Tel: (416) 686-7229
Brampton Office
83 Kennedy Road S., Unit 1818
Brampton, ON L6W 3G1
Tel: (416) 686-7229
Niagara Region Office
231 Chestnut Street
Dunnville, ON N1A 2H2
Tel: (365) 651-5500
Book your consultation today and get prepared before February 23.
