TAX CHECKLIST - TAX CLIENT LETTER 2008

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It seems that the tax season rolls around too quickly and we need once again to file our tax returns. There have been a number of tax saving changes to the income tax filing for 2007, most of which should result in reduced tax. Two of these changes are the ability to claim a tax credit for dependent children and the ability to split certain pension income between spouses.

In order to provide a more efficient turnaround we have prepared our regular checklist and an additional worksheet. These along with this letter have been posted on our web site, should you have any questions; please do not hesitate to contact us either by telephone or e-mail.

Please remember that any sale of stocks, bonds, real estate, mutual fund switches and dispositions outside of your RRSP/RRIF must be reported on your tax return.

Kindly remember that T3 Trust slips are not issued until March 31, 2008. Canada Revenue Agency has been assessing onerous penalties on income not reported on missed slips. Please make sure you have all your slips when you bring your information to us. Even if you do not receive a slip CRA will assess for failure to report income. It is your responsibility to report all your income even if you have no information slip

“It is also important that you make available to us the 2006 Income Tax Return notice of assessment and any Income Tax Return notices of re-assessment for prior taxation years, if adjustments were made in 2007.

Kindly use the enclosed Personal Tax Information Checklist and work sheet to assist you in gathering all your data. Please provide us with any changes in address, telephone, bank account etc. Once you have gathered your various slips, receipts and other documents, please arrange to forward the information to us as soon as possible, but before April 7, 2008. Please answer the questions in Section “B” of the checklist.

Please note that you have until February 29 th , 2008 to make your RRSP contribution.

We look forward to being of service to you. Should you wish to discuss the preparation of your tax return, please do not hesitate to contact our office for an appointment .

Yours sincerely

THOMAS AND CHASE
Glynn G. Thomas, CGA
George T Chase, CGA