How to Complete the Personal Information Prep Form

The Personal Information Prep Form gathers the essential details required to prepare the majority of client tax returns. For clients with more complex situations such as those who are self-employed or own rental properties additional supplementary Prep Forms will be required to ensure their return is optimized.

Completing this form thoroughly allows the tax team to process standard returns efficiently and ensures clients receive the best possible tax outcome.

Providing Personal Information
Documenting Marital and Family Status
Children and Dependent Information
Reporting Common Expenses and Credits
Childcare and Housing-Related Information
Property Transactions and Support Payments
Additional Financial Information

Providing Personal Information

Enter the client’s basic information:

Name: Input the full legal name as it appears on government-issued ID.
Tax Return Year: Indicate the tax year for which the return is being prepared.
Elections Canada Consent: Specify if the client consents to share information with Elections Canada (Y/N).
Disability Tax Credit: Confirm if the client is an eligible recipient of the Disability Tax Credit Certificate (Y/N).
Indian Act Exemption: Indicate if the client has income exempt from tax under the Indian Act (Y/N).
Home Buyers Plan Withdrawal: State if the client made a withdrawal and provide the amount and date, if applicable.
Volunteer Credits: Note if the client qualifies for the Volunteer Firefighters’ or Search and Rescue Volunteers’ Amounts (Y/N).
Digital News Subscription Credit: Indicate if the client has qualifying expenses (Y/N).

Documenting Marital and Family Status

Complete the marital status section as of December 31:

Select from: Single, Married, Common Law, Separated, Divorced, or Widowed.
Spouse Information: Enter spouse’s name, date of birth (MM/DD/YYYY), and net income if Optimize is not preparing the spouse’s return.
Joint Account Ownership: Specify ownership percentage for joint accounts if different from 50%.

Children and Dependent Information

For each child or dependent:

Provide Name, Social Insurance Number, Date of Birth (MM/DD/YYYY).
Confirm if they are physically or mentally impaired (Y/N).
Confirm if they are an eligible recipient of the Disability Tax Credit (Y/N).

Reporting Common Expenses and Credits

Input applicable amounts for the following:

Medical Expenses: Enter unreimbursed medical expenses.
Investment-Related Fees: Include fees paid on non-registered investment accounts.
Charitable Donations: Report donations to registered Canadian charities, political parties, and qualifying US charities.

Please Note: If both the client and their spouse are claiming the same medical expenses and donations, you only need to include them on one prep form.

Childcare and Housing-Related Information

Childcare Expenses: List child’s name and total paid to childcare providers.
Property Tax or Rent: Indicate amounts paid, including the address and municipality.

Please Note: If the client and their spouse live at the same address, only one of them needs to claim the property tax or rent expenses.

Property Transactions and Support Payments

Principal Residence Sale or Purchase: Provide full details of transactions including dates, prices, and associated expenses.
Spousal Support Payments: Input amounts paid or received and the recipient's Social Insurance Number.

Additional Financial Information

Union or Professional Dues: List amounts not included on T4 slips.
Student Loan Interest: Report interest paid on post-secondary student loans.
Tax Installments: Enter amounts of any tax installments paid.
Foreign Property: Indicate if the client held specified foreign property exceeding $100,000 CAD, and provide the required breakdown.

Please Note: For tax preparation purposes, foreign property includes foreign securities such as US stocks held in non-registered accounts, investments in private foreign companies, and physical rental properties abroad.