Personal Tax Checklist And Helpful Hints

Please complete and print the checklist below for yourself and each family member (if applicable). We have also included helpful hints for you to consider in assembling your tax information.

Link – Personal income tax return checklist and a list of helpful tips

Tax Preparation Due Dates

In order to complete your return on a timely basis, please send us your tax information slips and documentation by March 16, 2026. Note any outstanding tax information on the checklist as there may be tax slips (such as T3’s) or information that you may not receive until April.

We cannot guarantee that your return will be filed with the Canada Revenue Agency by the deadline of April 30, 2026, if all information is not received by April 15, 2026.

If you have your documents compiled electronically, please email documents@taylorleibow.com and a secure link will be sent to you to allow your documents to be uploaded.

Tax Considerations

Sale of Principal Residence

As a reminder, you are required to report the sale of your principal residence on your income tax return, even if the entire gain is exempt from tax. Failing to report the sale and make the required designation can result in the CRA denying your principal residence exemption and assessing a penalty of $100 per complete month the designation is late, up to a maximum of $8,000. To avoid penalties and ensure you receive the exemption, always report the sale of your principal residence in the year it occurs.

First Home Savings Account (FHSA)

The FHSA is a registered plan designed to help first-time home buyers save for a qualifying home with significant tax advantages. You can contribute up to $8,000 per year, starting in the year you open your FHSA, to a lifetime maximum of $40,000. The contributions are generally tax-deductible, reducing your taxable income for the year or a future year. Investment growth within the FHSA is tax-free, and qualifying withdrawals to purchase your first home are also tax-free. If you decide not to buy a home, you can transfer your FHSA savings to your RRSP or RRIF without tax consequences. The FHSA can be used alongside the Home Buyers’ Plan, allowing you to maximize your down payment savings.

Remember, you must be a Canadian resident, at least 18 years old, and a first-time home buyer to open an FHSA.

The CPP Pension Enhancement 

In 2024, the federal government began collecting a second level of CPP contributions. The enhanced CPP has two earnings tiers, referred to as CPP and CPP2, for the first and second tier respectively. As before, all employee contributions must be matched by the employer.

In 2025, the maximum pensionable earnings is $71,300 and $81,200 for CPP and CPP2, respectively.

In 2026, the maximum pensionable earnings will increase to $74,600 and $85,000 for CPP and CPP2, respectively.

OAS Recovery Tax (Clawback)

If your net income in 2025 is greater than $93,454, you will be required to repay OAS at a rate of 15% of the excess over this amount, to a maximum of the total OAS received.

In 2026, you will be required to repay OAS at a rate of 15% of your income in excess of $95,323.

Maximum RRSP Contribution

For 2025, the maximum amount you can contribute to your RRSP is 18% of your 2024 earned income to a maximum of $32,490, plus any unused contribution room carried forward. However, always consult your notice of assessment from the Canada Revenue Agency to confirm your contribution limits.

For 2026, the maximum amount you can contribute to your RRSP is 18% of your 2025 earned income to a maximum of $33,810, plus any unused contribution room carried forward.

2025 Maximum TSFA Contribution

The Tax-Free Savings Account (TFSA) contribution limit is $7,000 in 2026.

If you haven’t contributed to a TFSA between 2009 and 2025, and you were at least 18 years of age in 2009, your total contribution limit would be $109,000 for 2026.

Foreign Income Reporting

If at any time during the year you own specified foreign property with a total aggregate cost of more than $100,000 CAD, you may have a foreign reporting requirement. Exclusions apply for property used exclusively in an active business, personal-use property (such as vacation homes used primarily for personal purposes), and property held in registered accounts like RRSPs or TFSAs, but does include foreign investments held within a non-registered investment account.

The information is filed separately with the CRA via Form T1135. Failing to file Form T1135 on time can result in significant penalties, starting at $25 per day up to a maximum of $2,500.