Optimize Tax Preparation Forms
learn about the different optimize tax forms used to complete accurate and efficient returns
At Optimize, we’ve streamlined the tax preparation process by providing a set of easy-to-use forms to help clients submit relevant details for their personal and financial situations. These forms ensure we capture everything needed to complete accurate and timely tax returns. Below is a brief overview of each of the five forms we use during tax season.
The Personal Information Prep Form gathers the bulk of the information needed for us to prepare your clients’ tax returns, and in some instances, may be all we need to process the request.
For more complex tax situations, such as clients who own rental properties or are self-employed, we’ve provided supplementary Prep Forms so that our tax team can maximize client refunds or minimize their tax liability.
Personal Information Preparation Form (Mandatory)
This form is required for each individual whose tax return is being prepared. It captures key personal, income, and household details that form the basis of the return. In many cases, this may be the only form required.
If submitting taxes as a family, a separate Personal Information Form must be completed for each family member. Filing as a family can help optimize deductions and credits by combining income and expenses, potentially lowering the overall tax burden. It also provides a clear picture of the household’s full financial situation.
Business or Professional Income Preparation Form
Used by clients who operate a business or practice as a sole proprietor. This form collects details about business income, professional fees, expenses, and any vehicle usage for business purposes. It ensures we have all necessary figures to accurately report self-employment or freelance income on the tax return.
Tip: To be completed if a taxpayer’s income is generated by a small business/sole proprietorship, or as a result of being paid commissions (but not as an employee).
Commissioned Employee Expense Preparation Form
Designed for employees who earn income through commissions and have eligible employment expenses to claim. This form covers various deductions such as advertising, vehicle expenses, home office costs, and more. A signed T2200 form (Declaration of Conditions of Employment) must be submitted with this form.
Tip: To be completed for each taxpayer who is an employee, who has received commissions or who has incurred expenses during the year as a direct result of their employment.
Home Office Expense Preparation Form
If you work from home, this form helps calculate eligible deductions for a portion of your rent, utilities, maintenance, and other home-related costs based on your home office size. It's used by both salaried and commissioned employees and ensures home-based work expenses are properly accounted for.
Tip: To be completed if a taxpayer has home office expenses that are to be deducted from their employment income and have a signed T2200 from their employer.
Real Estate Rental Preparation Form
This form is for clients who own rental properties. It captures rental income, ownership structure, expenses like repairs, management fees, and utilities, as well as any capital expenditures such as renovations or new appliances. Complete one form per rental property to help us report this income accurately.
Tip: To be completed if an individual owns one or more rental income properties which are to be claimed on their personal tax return. Please note that one Prep Form needs to be completed for each rental property owned.
Appendix – Provincial Deductions Form
This supplementary form allows clients to report any refundable provincial or territorial tax credits they may be eligible for. These credits vary by region and include items like home renovation credits, volunteer firefighter credits, and other provincial programs. If applicable, fill in the relevant sections based on your province of residence.