2025 Tax Documents Checklist for Mortgage Brokers and Agents

This checklist covers the documents needed to prepare your 2025 personal tax return (T1) as a self-employed mortgage broker or agent in Canada. Edge cases, specialized credits, and unusual situations may require additional documents not listed here. It covers business income and expenses (Form T2125), GST/HST records, investment income, registered plans, and personal deductions in one consolidated checklist.

Who this is for
Sole proprietors and self-employed mortgage brokers and agents filing a T1 return with Form T2125, including agents registered with a single brokerage, agents working across multiple brokerages, and licensed mortgage brokers operating their own brokerage.

Incorporated?
This checklist is for sole proprietors filing a T1 personal return with Form T2125. If you operate through a corporation, a T2 corporate return is also required and your personal T1 income picture is different. Contact us before gathering documents. Note: if you incorporated to provide services to a brokerage where you would otherwise be considered an employee, your corporation may be classified as a Personal Services Business (PSB) by CRA. PSB status significantly limits deductible expenses and increases the effective corporate tax rate. This is a common and costly error for agents who incorporate without a full review. Flag this during intake.

Employee of a brokerage receiving a T4?
This checklist does not apply if your brokerage treats you as an employee for payroll purposes. T2200 employment expense rules differ from sole-proprietor self-employment rules under T2125. If you have both employment income and self-employment income in 2025, separate documentation may be needed for each.

First time filing with us?
Include a copy of your 2024 T1 return and your most recent Notice of Assessment. This allows us to carry forward RRSP deduction room, any capital or non-capital losses, and your instalment history accurately.

Not sure whether something on this list applies to you?
Email us before you start gathering. A five-minute question now is better than a revised return later.

Important: This checklist is for intake and planning purposes only. It is not legal or tax advice and does not create a client relationship. Your specific situation may differ from the scenarios described. Contact us to discuss your circumstances before you begin gathering documents.

See our 2025 Tax Return Services

Key CRA and Related References

T1 Personal Return | T4002: Business and Professional Income Guide | Form T2125 | GST/HST for businesses | Business-use-of-home | Motor vehicle expenses | CRA important dates

Filing Deadlines and Submission Window

Key dates for the 2025 tax year:

Balance owing deadline: April 30, 2026. Any amount owed to CRA for 2025 is due April 30 regardless of your filing deadline. Interest begins accruing on unpaid balances after this date.

T1 filing deadline (self-employed): June 15, 2026. Filing after this date when a balance is owing triggers a late-filing penalty of 5% of the unpaid balance plus 1% per additional month (higher rates apply for repeat failures in recent years). See our guide on CRA penalties and interest for detail on how these accumulate.

RRSP contribution deadline: March 2, 2026. Contributions made by this date can be deducted on your 2025 return or carried forward.

2025 instalment deadlines: March 15, June 15, September 15, and December 15, 2025. Missed or underpaid instalments result in CRA interest charges that are not deductible. If any due date falls on a Saturday, Sunday, or public holiday, the deadline is the next business day. See our guide on quarterly tax instalments for the safe harbour calculation method.

Document submission deadline: May 15, 2026. Submit your complete document package by May 15, 2026. Returns submitted after May 15 cannot be guaranteed to be filed by the June 15 deadline.

Common Mistakes Mortgage Brokers and Agents Make

These issues appear every year. If any are familiar to your situation, pay extra attention to the relevant section.

• Reporting only the net commission deposited, without documenting gross commission and the split or fees separately
• Missing referral fees received from other agents, lawyers, or financial advisors. These are taxable income regardless of whether a T4A was issued
• Not deducting referral fees paid out to other agents or non-registrants. These are a business expense when supported by documentation (for example, an invoice or written fee agreement and proof of payment)
• Missing provincial licensing fees, renewal fees, and continuing education costs as business deductions (for example, FSRA fees in Ontario)
• No vehicle mileage log despite significant client driving. Without a contemporaneous log, the deduction is at significant CRA risk
• Claiming 100% of phone costs without allocation for personal use
• Missing desk fees, administration fees, and technology fees charged by the brokerage as deductible expenses
• Missing E&O insurance premiums as a business expense
• Not tracking marketing and lead generation costs: digital ads, client seminar materials, co-branded referral marketing, signage, CRM subscriptions
• Tracking income on a cash/deposit basis in your records without making year-end accrual adjustments (commissions earned in late December but paid in January still belong in the prior tax year)
• Missing lender volume bonuses or trailer fees that are not captured on a T4A
• CPP contributions on self-employment income not planned for; both halves are due on April 30, not June 15

01. Prior Year Documents

☐ 2024 Notice of Assessment (NOA)

The NOA issued by CRA after your 2024 return was assessed. Contains your RRSP deduction limit, any unclaimed capital or non-capital losses carried forward, and your instalment threshold for 2025.

If you cannot locate your NOA, log in to CRA My Account to access it. If you do not have CRA My Account set up, contact us and we can assist through our representative access.

☐ Copy of 2024 T1 return (new clients only)

The full PDF of your filed 2024 personal return. Used to confirm carryforward amounts, review prior year deduction elections, and identify positions that should be continued or changed for 2025.

If your 2024 return was prepared by another accountant, request a copy before transferring to us. If you filed using tax software, export the PDF from the software portal.

☐ Prior-year CCA schedule showing UCC balances by class (new clients only)

If you previously claimed Capital Cost Allowance on a vehicle, hardware, or other depreciable assets, provide the CCA schedule from your most recent filed return showing the undepreciated capital cost (UCC) balance by class as of December 31, 2024.

The prior-year UCC balance is the starting point for the 2025 CCA calculation. Without it, we cannot accurately determine the maximum CCA claimable this year or identify any recapture or terminal loss exposure. If this was not provided in a prior year return PDF, it may be on a separate schedule. Ask your prior preparer specifically for the CCA continuity schedule.

☐ 2025 tax instalment payment confirmation

Total amount paid to CRA in 2025 quarterly instalment payments and the date of each payment. Instalment payments are prepayments of your expected 2025 tax liability, due on March 15, June 15, September 15, and December 15.

Mortgage agents with irregular or growing commission income frequently owe quarterly instalments. If you received instalment reminder notices from CRA but paid different amounts, provide both the notice amounts and the actual payments. This affects the calculation of any instalment interest or penalties. Confirm what CRA received via CRA My Account under Tax instalments.

☐ Access to CRA My Account and My Business Account confirmed

Confirm that you have active access to CRA My Account (for personal tax) and CRA My Business Account (if GST/HST registered) before submitting your document package.

CRA My Account allows you to confirm your RRSP deduction limit, outstanding balances, instalment history, prior year returns, and any correspondence on file. My Business Account confirms your GST/HST account status, filing history, and any outstanding returns. Reviewing both before filing reduces the risk of inconsistencies between what we file and what CRA already has on record. If you do not have access set up, contact us and we can assist through our representative access for most purposes.

☐ Any CRA correspondence or reassessments from 2024 or 2025

Notices of Reassessment, requests for information, audit queries, or any letter from CRA related to your tax accounts. Provide all correspondence without filtering.

Reassessments change your opening RRSP room, loss carryforward, and credit balances. They must be reviewed before the 2025 return is prepared to avoid compounding errors from the prior year forward. If you have received CRA correspondence and are unsure how to respond, see our guide on what to do when CRA contacts you.

02. Personal Information

Provide updates only for items that changed during 2025. If nothing in this section changed from 2024, note that and move on.

☐ Province of residence on December 31, 2025

Your province of residence on December 31, 2025 determines which provincial tax rates and credits apply to your full 2025 return, regardless of where you earned income during the year.

If you moved provinces during 2025, provide both the old and new province and the date of the move. For mortgage agents working with clients in multiple provinces, your province of residence is determined by where you reside on December 31, not where your clients or deals are located.

☐ Marital status as of December 31, 2025

Your status on December 31: single, married, common-law, separated, divorced, or widowed. If your status changed during 2025, provide the date and nature of the change.

Marital status affects spousal amount credits, the GST/HST credit, RRSP spousal contributions, and several provincial credits. CRA generally considers you common-law if you have lived in a conjugal relationship for 12 continuous months, or if you are in a conjugal relationship and are the parent of a child by birth or adoption.

☐ Spouse or common-law partner information (if applicable)

Name, SIN, and 2025 net income of your spouse or common-law partner. If Teplov CPA is preparing their return as well, we will coordinate. If not, provide their estimated 2025 net income.

☐ Dependant information (if applicable)

Name, date of birth, and SIN for each dependant. For children, note childcare expenses paid in 2025 and the name and SIN of each caregiver or daycare provider.

03. Employment Income

Complete this section if you received any employment income in 2025. If your only income in 2025 was from self-employment, skip to Section 04.

☐ T4: employment income from all employers

All T4 slips received for 2025, including from any employer where you were on payroll before transitioning to commission-based work.

The combination of T4 and T4A income in the same year requires careful coordination on the T1. CPP contributions remitted through payroll for the employed period are shown in Box 16 of your T4. For the contract period, you pay both halves of CPP through Schedule 8. The two amounts must be coordinated to avoid overcontributing. For first-year agents coming from salaried employment, the T4 withholdings from the employed period may not cover the full year tax liability once commission income is added. The April 30 balance owing can be larger than expected.

04. Self-Employment Revenue

The goal here is a complete picture of all commission income, referral arrangements, bonuses, and related receipts earned in 2025 reported on Form T2125. Mortgage agents often have income from multiple sources: T4A slips from one or more brokerages, referral fees with no slip, and lender bonuses that arrive separately. All amounts must be reported regardless of whether a T4A was issued. If a client paid you and no T4A was issued, the income is still fully reportable.

☐ T4A slips from all brokerages (if issued)

All T4A slips issued by any Canadian brokerage or platform that paid you commission income in 2025. If you were registered with more than one brokerage during 2025, collect T4A slips from each. Confirm the total matches your commission records.

CRA receives copies of all T4As issued in your name and may cross-reference them against T2125 reported revenue. T4A slips must be reconciled against your gross revenue on T2125 before filing. If the total of all T4As received differs from your reported T2125 revenue, the discrepancy requires a documented explanation. Revenue received without a T4A must still be included in T2125 gross revenue. The absence of a slip is not a defence for not reporting the income.

☐ Commission statements from all brokerages for 2025

Include transaction date, funding date, gross commission, split percentage, brokerage fee or split amount, and net amount paid to you for each deal.

Commission income should be reconciled to gross commission earned and related brokerage deductions, with the final reporting approach confirmed against the brokerage commission statement or T4A and your own records. Do not report only the net amount without confirming which basis applies. The gross commission statement is also the primary audit support document if CRA questions the difference between your reported income and the T4A amount.

☐ Referral fee income received in 2025 (if applicable)

Includes referral fees received from other agents, mortgage brokers, real estate agents, financial advisors, lawyers, or any other referral source.

Referral fees are business income and must be reported whether or not a T4A was issued. Obtain or retain documentation of the amount, payer, and date for each receipt.

☐ Lender volume bonuses, trailer fees, or incentive payments (if applicable)

Any amounts received directly from lenders in 2025 separate from regular brokerage-paid commissions.

These amounts are taxable income and may not appear on a T4A from your brokerage. Collect any statements, letters, or direct deposits received from lenders. Flag if the timing of revenue recognition is unclear. Under accrual accounting, the year the bonus was earned may differ from the year it was received.

☐ Business bank statements for 2025

Complete bank statements for your business account for all 12 months of 2025. Used to reconcile all deposits, identify missing commission payments, and confirm referral fee receipts not captured on T4A slips.

Maintain a dedicated business bank account separate from your personal account. Mixing personal and business transactions in the same account makes expense substantiation significantly harder and creates risk that legitimate business expenses are missed or that personal deposits are mistakenly treated as income. If your accounts are mixed, flag this and we will work through the reconciliation.

☐ Other income without slips

Any revenue received in 2025 for which no T4A or other slip was issued: consulting fees, training or speaking fees, coaching income, or any non-brokering services performed in 2025.

All self-employment revenue is reportable regardless of payment method or whether a slip was issued. Non-brokering services may also be subject to different GST/HST treatment than your core mortgage commissions. See Section 05.

05. GST/HST Records

GST/HST treatment for mortgage agents is materially different from most self-employed professionals and requires careful review. The core issue is that mortgage brokering services (arranging for the lending of money) are generally classified as exempt financial services under the Excise Tax Act. Exempt services are not subject to GST/HST, which also means no input tax credits (ITCs) can be claimed on related expenses. Not all income a mortgage agent earns necessarily falls under the same treatment. Referral fees, consulting arrangements, and non-brokering services require separate review. If you crossed the CAD $30,000 threshold in taxable supplies in 2025 and have not registered, that is the first item to address before filing. Our guide on GST/HST registration for self-employed Canadians covers how the threshold works and what triggers registration.

☐ GST/HST registration status: confirm whether you are registered

Your Business Number (9 digits) and, if applicable, your GST/HST program account number (for example, 123456789RT0001), plus your registration and effective dates, and whether you file monthly, quarterly, or annually.

If your supplies are exclusively exempt financial services, you generally cannot register for GST/HST and you generally cannot claim ITCs on related expenses. Registration becomes relevant only if you make taxable supplies (including zero-rated supplies). If you are unsure whether any of your income qualifies as a taxable supply, flag this for review before filing.

☐ Breakdown of income by type: mortgage brokering commissions vs. other services (if applicable)

Relevant if you earned income in 2025 from consulting, training, speaking, coaching, or any non-brokering activity in addition to mortgage commissions.

Non-brokering services may be taxable supplies subject to GST/HST even when your brokering income is exempt. Mixed supply situations require a separate review of your GST/HST obligations. The CAD $30,000 small-supplier threshold applies to taxable supplies; if any portion of your income is from taxable services and those taxable supplies exceeded CAD $30,000 in a single calendar quarter or over four consecutive calendar quarters, registration may be required for that portion of your activity. Exempt mortgage brokering commissions (financial services) generally do not count toward the CAD $30,000 threshold, and you generally cannot register for GST/HST if you provide only exempt supplies.

☐ GST/HST returns filed for 2025 and amounts remitted (if registered)

Copies of all GST/HST returns filed for reporting periods within or overlapping 2025, including filing confirmations, assessments, reassessments, and adjustment notices.

If registered, reconcile your GST/HST returns to the taxable (and zero-rated) portion of your activity. Exempt mortgage brokering commissions will generally be included on Form T2125 but excluded from GST/HST returns. Any difference should be explainable and documented (for example, exempt vs. taxable revenue streams).

☐ Threshold check: if not yet registered and you have taxable supplies

If you have income streams that may not qualify as exempt financial services and are not registered for GST/HST, provide your total gross taxable supply revenue by month for 2024 and 2025. We will confirm whether and when the small-supplier threshold was exceeded and what registration obligations arose.

If you crossed the threshold without registering, contact us before filing so we can determine the correct effective date and any retroactive obligation. Late registration can create a deemed collection obligation retroactive to the date registration was required.

06. Shared Expenses (Allocation Required)

These expenses require a defensible business-use allocation before any deduction can be claimed. Vehicle use is typically significant for mortgage agents who meet clients at their homes, offices, or properties, and it is also the area CRA scrutinizes most closely. A mileage log is the single most important document many mortgage agents are missing.

☐ Mileage log for business vehicle use in 2025

Date, starting location, destination, business purpose, and kilometres driven for each trip.

Mortgage agents regularly drive to meet clients at their homes, attend brokerage meetings, visit lender offices, and complete document exchange. This is legitimate business driving that can be claimed, but only with documentation. A contemporaneous log is the strongest support. Without one, vehicle deductions are at high risk of being reduced or denied on review. If you do not have a log for 2025, flag this now so we can discuss your options before filing. The commute from home to a fixed brokerage office that has become your regular place of work is not deductible. See the CRA guidance on motor vehicle expenses for the documentation standard.

☐ Total kilometres driven in 2025: business and personal

Used to calculate the business-use percentage applied to all vehicle expenses.

☐ Vehicle expense receipts or annual totals by category

Fuel, insurance, repairs and maintenance, registration, business-related parking and tolls, and loan interest or lease payments. Annual totals by category are sufficient for intake; retain individual receipts in case of CRA review.

Lease and financing interest deductions are subject to annual CRA limits that change year to year. Do not estimate these amounts independently; provide the lease agreement or financing statement and we will apply the correct limits.

☐ Home workspace details: size and use

Total home square footage, workspace square footage, and whether the space is dedicated to business use only or mixed-use.

Self-employed business-use-of-home expenses are allowed if the workspace is your principal place of business, or if you use the space only to earn business income and it is used regularly and on an ongoing basis to meet clients. Many mortgage agents who do not have a fixed brokerage office use their home as their primary place of work. A mixed-use room may still qualify if it is the principal place of business, subject to reasonable allocation. Important: CCA should generally not be claimed on a home office within a principal residence. Doing so can result in partial loss of the Principal Residence Exemption on that pro-rated portion when the home is sold. Flag if CCA on the home has been claimed in any prior year. Home office expenses cannot be used to create or increase a business loss; they can reduce net income to zero but no further.

☐ Rent receipts (renters) or mortgage interest details (homeowners)

Renters: annual rent total or monthly receipts. Homeowners: mortgage statement showing the interest and principal split for 2025.

Only the interest component of mortgage payments is included in the home office calculation; principal repayment is not. Do not estimate the interest portion from your monthly payment amount; the split changes every month as the balance decreases. Request the year-end interest summary from your lender.

☐ Utility bills for 2025: annual totals

Electricity, heating, and water. Annual totals are sufficient for intake. Retain underlying statements in case of CRA review.

☐ Internet: annual total and estimated business-use percentage

Allocation required. Do not claim 100% unless the connection is used exclusively for business. A household internet connection shared with family members or used for personal streaming requires a reasonable allocation. The allocation must be defensible if reviewed; document the basis for the percentage you apply.

☐ Mobile phone and business phone: annual total and business-use percentage

Common business uses for mortgage agents: client calls and text follow-up, lender and brokerage communication, document signing apps, mortgage calculator apps, navigation.

A separate business-only mobile line can be claimed in full. A shared personal plan requires a percentage allocation. Phone use is typically high for mortgage agents, and a well-supported allocation is more valuable than an unsupported 100% claim.

☐ Home insurance annual premium

Allocation required. A portion of home insurance is included in the home office calculation based on the workspace square footage percentage.

☐ Property tax bill (homeowners only)

Allocation required. Property taxes are included in the home office calculation based on the workspace square footage percentage.

☐ Business-use percentage notes for all mixed-use assets

For any asset used for both personal and business purposes (laptop, phone, tablet), provide your estimated business-use percentage and a short rationale. The estimate must be defensible, not perfect.

07. Direct Business Expenses

These expenses are receipt-based and do not require a percentage allocation, provided they were used entirely or primarily for business. Licensing, insurance, referral fees paid out, and marketing costs are consistently the most significant categories for mortgage agents and are frequently under-documented at filing time.

☐ Provincial licensing fees, renewal fees, and registration costs

Your provincial regulator’s agent or broker licence renewal invoice and payment confirmation for 2025 (for example, FSRA in Ontario).

Licensing fees required to carry on your mortgage brokering business are deductible as a business expense on Form T2125.

☐ Continuing education receipts (provincially required and voluntary)

Course fees, exam fees, and registration fees for any professional development completed in 2025.

Continuing education required to maintain your licence is deductible. Professional development is deductible when it maintains or improves skills required in your current self-employment activity. Keep receipts and a short note on business relevance for any voluntary course. Note that the Canada Training Credit may also apply to certain eligible training fees, but you cannot claim the same cost on both T2125 as a business expense and as a Canada Training Credit on the T1. We will determine the more advantageous treatment.

☐ E&O (errors and omissions) insurance premium

Policy invoice and annual premium total.

E&O insurance required for provincial licensing is deductible in full as a business expense. Life insurance and personal disability insurance are generally not deductible as business expenses even when motivated by income protection needs.

☐ Brokerage fees, desk fees, and administration fees paid to your brokerage

Monthly or per-deal fee statements from your brokerage. Common forms include flat monthly fees, per-deal administration fees, technology platform fees, and compliance fees.

Watch for fees that are withheld from commission payouts rather than invoiced separately. Confirm the gross commission and all deductions with your brokerage commission statements. Fees embedded in the commission payout are still deductible as a business expense; they must be identified and documented separately from gross revenue.

☐ Referral fees paid out in 2025 (if applicable)

Fees paid to other agents, brokers, real estate agents, financial advisors, or other referral sources for client introductions. Include invoices or written fee agreements, amounts paid, recipient name, and payment date.

Referral fees paid for client referrals are deductible as a business expense when supported by documentation. Reporting for fees-for-service rules generally requires payments over CAD $500 in a calendar year to be reported on a T4A (box 048). T4A slips (and the summary) are due by the last day of February following the calendar year (next business day if that date falls on a weekend). Review your payer obligations before filing your own return.

☐ Mortgage association and industry membership fees

CMBA, MBABC, IMBA, regional mortgage broker associations, and any other professional membership dues paid in 2025.

Membership dues for professional associations directly related to your mortgage brokering activity are deductible.

☐ Marketing and advertising expenses

Digital advertising (Google, Meta, LinkedIn), social media management tools, website hosting and domain renewal, printed materials (business cards, brochures, signage), open house costs, promotional items, and lead generation platforms and services.

Marketing costs for mortgage agents can be substantial and are often under-tracked. Keep individual receipts or consolidated statements by platform.

☐ CRM, mortgage origination, and productivity software

Salesforce, HubSpot, BrokrBindr, Filogix, Velocity, Scarlett, or any other CRM or mortgage origination platform subscription paid in 2025.

Watch for subscriptions billed annually that renew automatically and are not captured in bookkeeping. Review your credit card statements for annual charges that may fall outside the standard monthly review window.

☐ General business software and office tools

Microsoft 365, Google Workspace, DocuSign or e-signature tools, scheduling tools, accounting software, and any other subscription billed for business purposes in 2025.

☐ Hardware and computer equipment receipts (2025 purchases)

Laptop, desktop, monitors, printer or scanner for document handling, tablet, headset, webcam, and any other hardware purchased in 2025. Include purchase date, vendor, amount, and estimated business-use percentage for any mixed-use item.

Hardware and equipment are generally capital assets claimed through CCA, not a current expense. Some temporary incentives affected first-year CCA (including immediate expensing for certain property that became available for use before 2025 for individuals and partnerships of individuals, and accelerated investment incentive rules that can change first-year CCA). For 2025 purchases, do not assume a full first-year write-off; provide receipts and we will confirm the correct class and first-year rule.

☐ Payments to an assistant or administrative support person (if applicable)

Invoices or payment records, total amount paid, and type of work performed.

Reporting fees for service rules generally require service payments over CAD $500 in a calendar year to be reported on a T4A (box 048). T4A slips (and the summary) are due by the last day of February following the calendar year (next business day if that date falls on a weekend). If the person is treated as an employee, payroll and T4 obligations apply separately. Confirm the working arrangement before filing.

☐ Private Health Services Plan (PHSP) premiums (if applicable)

Health and dental insurance premiums paid through an eligible PHSP provider for yourself, your spouse or common-law partner, and household members in 2025. Provide the annual premium total and the plan provider name.

PHSP premiums may be deductible as a business expense only if CRA conditions are met (including active engagement in the business and meeting the income tests described by CRA). You cannot deduct PHSP premiums if another person deducted them or if anyone claimed them as medical expenses. Note: PHSP premiums must be paid to a third-party provider; you cannot simply write off out-of-pocket medical bills as a business expense without a qualifying plan in place.

☐ Accounting and legal fees

Teplov CPA fees for bookkeeping and tax return preparation, legal fees for reviewing or drafting client contracts or referral agreements, and fees paid to other professionals for services related to your mortgage brokering business in 2025.

Accounting fees that relate to preparing your business income and expense reporting (including the T2125 and related bookkeeping) are generally deductible as a business expense. Legal fees for reviewing a referral agreement or client services arrangement are deductible. Legal fees for a personal matter are not.

☐ Business banking fees and wire transfer fees

Pull from bank statements. Business account fees are deductible and often overlooked.

☐ Meals and entertainment (business-related only)

Receipts for meals and entertainment with a clear business purpose. Include date, amount, venue, names of attendees, and the business purpose for each claim.

Only 50% of eligible meal and entertainment expenses are deductible. The business purpose must be documented at the time of the expense, by noting it on the receipt or in a contemporaneous record. Meals with clients or referral partners qualify. Do not claim the full cost.

☐ Client appreciation and gift expenses (if applicable)

Closing gifts, referral thank-you gifts, holiday gifts to clients or referral sources.

Client gifts are a business expense. Retain receipts and note the business purpose and recipient. Gifts that include an element of entertainment may be subject to the 50% meals and entertainment restriction. Flag for review.

☐ Business travel expenses (if applicable)

Flights, hotels, taxis, rideshare, and transit costs for travel to lender offices, industry conferences, or documented business meetings. Separate from local vehicle expenses claimed in Section 06.

08. Investment Income

☐ T5: interest and dividend income

T5 slips from all financial institutions for interest earned on savings accounts, GICs, and bonds, and for dividends received from Canadian corporations in 2025.

Interest earned inside a TFSA is not reportable. Interest in a non-registered account is fully taxable. If you received dividends from your own corporation, the T5 issued by the corporation must be included here.

☐ T3: trust and mutual fund income

T3 slips from mutual funds, ETFs, and trusts for income allocations in 2025. T3 slips are typically issued in March and are sometimes delayed; do not file without confirming all T3s are in hand.

☐ T5008: securities transactions

Issued by brokerages for proceeds of securities sold in 2025. The T5008 shows proceeds only; you must also provide the adjusted cost base and transaction costs for each disposition to calculate the capital gain or loss.

☐ Foreign bank and investment accounts

If you hold any foreign financial account, confirm the year-end balance and whether the total cost of all specified foreign property exceeded CAD $100,000 at any time in 2025.

The CAD $100,000 threshold is measured at cost, not market value. Penalties for failure to file a required T1135 start at CAD $25 per day to a maximum of CAD $2,500. T1135 is a separate filing obligation from the T1 return, generally due on or before the due date of your income tax return.

09. Year-End Position

Business income is generally reported on the accrual method for tax purposes. If you track income and expenses based on bank deposits and payments, we may need year-end adjustments for commissions earned but not yet received, and expenses incurred but not yet paid. These items will not be visible from your bank account alone.

☐ Year-end accounts receivable: commissions earned but not yet received as of December 31, 2025

A list of all commissions and fees earned but not yet paid as of December 31, 2025. Include deal funding date, brokerage name, amount of commission earned, and expected payment date.

Under accrual accounting, income is earned when the right to receive it arises (generally when the deal funds and the commission obligation is established), not when payment is received. Commission on a deal funded December 29 belongs in the 2025 tax year even if it is not paid by your brokerage until January 2026. This is a common gap for mortgage agents who track income only from bank deposits. Confirm the funding date for any deal that closed near year-end with your brokerage commission statement.

☐ Year-end accounts payable: business expenses incurred but unpaid as of December 31, 2025

A list of business expenses incurred before December 31, 2025 but not yet paid. Examples: a brokerage fee invoice outstanding at year-end, a referral fee owed but not yet paid, an accounting or legal invoice received in December and paid in January.

Under accrual accounting, an expense is deductible in the year it is incurred, not the year it is paid. If a legitimate business expense is owed at December 31 and supported by an invoice or agreement, the deduction belongs in 2025 regardless of when payment is made.

☐ Sale or disposal of business assets in 2025 (if applicable)

If you sold, traded, or disposed of any business asset in 2025 (a vehicle, computer, or other equipment previously claimed on a CCA schedule), provide the date of disposition, proceeds received, original purchase date, and original cost.

Disposing of a business asset may trigger recapture of CCA previously claimed (taxable income) or a terminal loss (deductible) depending on the proceeds and the remaining undepreciated capital cost of the class.

☐ Bad debts (if applicable)

If a commission or fee was previously included in income on an accrual basis and has become genuinely uncollectible in 2025, it may be deductible as a bad debt. Provide the original amount, the year it was included in income, and documentation of the collection attempts made.

A bad debt deduction requires that the amount was previously reported as income, that you have taken reasonable steps to collect, and that the debt is genuinely uncollectible. Writing off an amount you simply chose not to pursue is not sufficient.

10. Registered Plans

☐ RRSP contribution receipts: 2025 and first 60 days of 2026

Official receipts for all RRSP contributions made between January 1, 2025 and March 2, 2026. Contributions in the first 60 days of 2026 can be deducted on your 2025 T1 or carried forward. Collect receipts from all institutions where RRSP accounts are held.

Your 2025 RRSP deduction limit is shown on your 2024 NOA. The 2025 maximum new contribution room is 18% of 2024 earned income to a maximum of CAD $32,490, minus your pension adjustment, plus unused room carried forward. Net self-employment income is earned income for RRSP purposes. Over-contributing triggers a penalty of 1% per month on the excess; confirm your available room before contributing. Commission income for mortgage agents is often irregular; a strong year followed by a slow year is a common pattern that makes RRSP planning particularly valuable.

☐ RRSP deduction election: confirm amount to deduct in 2025

You are not required to deduct RRSP contributions in the year made. If your 2025 income is lower than expected due to a slow year, it may be more tax-efficient to contribute now and deduct in a future higher-income year.

The contribution builds tax-free growth inside the RRSP regardless of when the deduction is claimed. We will model the deduction timing as part of your return preparation if you flag this as a question.

☐ First Home Savings Account (FHSA): contributions and withdrawals (if applicable)

If you opened or contributed to an FHSA in 2025, provide the T4FHSA slip. The 2025 annual contribution limit is CAD $8,000 with a lifetime limit of CAD $40,000. FHSA contributions are deductible and qualifying withdrawals for a first home purchase are tax-free.

☐ Home Buyers’ Plan (HBP) repayment (if applicable)

If you made an HBP withdrawal in a prior year, the required 2025 repayment amount is shown on your 2024 NOA. If the minimum repayment is not made by March 2, 2026, the shortfall is added to your 2025 taxable income.

Note: the HBP withdrawal limit was increased to CAD $60,000 for withdrawals made after April 16, 2024, and the grace period before repayments must begin has been extended to five years for eligible withdrawals made between January 1, 2022 and December 31, 2025.

11. Deductions and Personal Tax Credits

☐ Medical expenses

Receipts for eligible medical expenses paid for yourself, your spouse, and dependants in any 12-month period ending in 2025. Request an annual statement from your pharmacy and dentist rather than gathering individual receipts.

Only the amount exceeding the lesser of the 2025 indexed threshold (CAD $2,834) or 3% of net income qualifies for the credit. If you have a PHSP through your business, confirm which costs were reimbursed through the PHSP and which were paid personally; costs already deducted as a PHSP business expense on T2125 cannot also be claimed as a personal medical expense credit on the T1.

☐ Charitable donation receipts

Official tax receipts for all charitable donations to registered Canadian charities in 2025. Include any unused donation carryforwards from prior years shown on your 2024 NOA. Donations can be pooled with a spouse and claimed on one return to maximize the amount above the CAD $200 base.

☐ Childcare expenses (if applicable)

Receipts for daycare, after-school care, summer day camps, and other eligible childcare expenses paid in 2025. Include the amount paid, the provider’s name, and the provider’s SIN or business number.

Childcare expenses are generally claimed by the lower-income spouse. The deduction limit is the lesser of actual expenses, CAD $8,000 per child under 7, CAD $5,000 per child aged 7 to 16, or two-thirds of the lower-income earner’s earned income. Net self-employment income is earned income for this purpose.

☐ Moving expenses (if applicable)

If you moved at least 40 kilometres closer to a new place of business in 2025, provide receipts for transportation, storage, travel, and temporary accommodation. Moving expenses can only be deducted against income earned at the new location.

☐ Ontario Trillium Benefit: property tax or rent paid

If you are an Ontario resident, provide the total property tax paid in 2025 on your principal residence, or total rent paid if renting. Include the address and landlord details if renting.

☐ Digital news subscription receipts

Receipts for eligible digital news subscriptions to qualifying Canadian news organizations in 2025. The federal credit rate and eligible subscription parameters should be confirmed against the 2025 CRA line guidance before filing.

12. Incorporation and Structuring Flags

These items do not require documents to gather; they are questions to answer before your return is prepared. The answers affect planning decisions made as part of the return, not after.

☐ Worker classification risk: independent contractor vs. employee

If you work primarily for one brokerage on an ongoing basis, perform duties substantially similar to those of a brokerage employee, do not carry meaningful commercial risk, and do not operate with the independence expected of an independent contractor, flag the nature of the relationship before we prepare your return.

CRA may challenge whether a working arrangement constitutes self-employment or employment. If reclassified as employment, T2125 self-employment deductions are disallowed and significant implications follow for both the agent and the brokerage. The relevant CRA test focuses on factors such as control, ownership of tools, chance of profit, risk of loss, and integration. See RC4110: Employee or Self-Employed? for the CRA framework. Flag this during intake if the arrangement is ambiguous.

☐ Personal Services Business (PSB) risk (if you are already incorporated)

If you currently operate through a corporation and provide services to a brokerage where you would otherwise be considered an employee, flag this before filing. PSB classification significantly limits deductible expenses and carries additional tax costs.

PSB risk is a common and costly error for mortgage agents who incorporated without a full review of the structure. If you are already incorporated and this situation may apply, raise it at intake before filing the T2 corporate return or your personal T1.

☐ Incorporation timing question

If you are considering incorporating in 2026, flag it before your 2025 return is prepared. The tax filing position established on the 2025 T1, particularly around asset ownership and retained earnings equivalent, affects the optimal timing and structure of the incorporation.

For mortgage agents, the incorporation analysis becomes relevant when net self-employment income consistently exceeds CAD $80,000 to CAD $100,000 and a meaningful portion of income can be retained inside the corporation rather than withdrawn immediately. We will run the specific comparison for your numbers as part of the return preparation if you flag it. See our guide on whether to incorporate for the framework we use.

13. Digital Records and Audit Protection

CRA audits and review requests can arrive two to four years after filing, and longer if CRA suspects misrepresentation or fraud, in which case there is no limitation period. The records you gather now may need to be produced in 2027 or 2028. CRA generally requires business records and supporting documents to be kept for six years from the end of the last tax year they relate to. Keep records for longer if a return is under objection or appeal, or if a related matter remains open. This section protects the deductions you have claimed and reduces the risk of disallowance if CRA asks questions later.

☐ Digital backup of all physical receipts

Scan or photograph all paper and thermal receipts before submitting originals or filing. This applies especially to gas station receipts, restaurant receipts, and any printed receipts for meals, parking, or tolls.

Thermal paper receipts fade within 12 to 18 months and are frequently illegible by the time CRA requests them. A faded or blank receipt provides no audit protection. CRA generally accepts a clear digital image of the original as a supporting document, provided the image is legible and complete. Store backups in a cloud folder organized by tax year. See the CRA guidance on electronic records for accepted formats.

☐ Master commission statement from your brokerage showing the full flow of funds

If you are reporting gross commission income with brokerage fees and splits deducted separately as business expenses, obtain the brokerage’s master commission statement showing gross commission earned, fee deductions applied, and net amount paid to you for each transaction.

This is the key document that reconciles your reported gross income against the T4A your brokerage issued. If CRA questions the difference between your reported income and the T4A amount, this statement is your primary support. Confirm with your brokerage whether this report is available in your agent portal before filing.

☐ Mileage log retained with 2025 tax records

Store a complete copy of your 2025 mileage log alongside your tax records. If your log is kept in an app, export a PDF or CSV copy before filing.

Vehicle expenses are one of the most frequently reviewed deductions for self-employed professionals. A complete mileage log is the primary defence if CRA questions the business-use percentage applied. Apps that generate logs automatically are only useful if the underlying data was recorded contemporaneously; a reconstructed log from memory is significantly weaker.

☐ Referral fee documentation retained: agreements, invoices, and payment records

Store signed referral fee agreements, invoices received and issued, and payment confirmations for all referral arrangements in 2025 alongside your tax records.

Referral fee income and referral fee expenses are both areas CRA can question on a mortgage agent return. The same documentation that supports the deduction (written agreement, invoice, proof of payment) also confirms the nature of the arrangement and the business purpose. Keep both sides of each referral relationship documented.

☐ All 2025 records organized in a dedicated tax folder

Organize all 2025 tax records into a single cloud folder with subfolders by category: income and commissions, GST/HST, shared expenses, direct expenses, year-end position, prior year. Store a local backup copy.

CRA review requests typically give 30 days to produce documentation. A well-organized folder reduces that exercise from several weeks of archaeology to a single export. The folder structure should mirror the sections of this checklist so records can be located and produced by category without searching across multiple tools and email threads.