Business Checklist

Canadian Small Business Expense Tax Checklist

Corporation:

  • All T-slips the corporation received
  • GST/HST return(s) for the tax year
  • Financial statements- if already prepared
  • Invoices and receipts, payroll information and GST/HST returns- if bookkeeping needs to be completed
  • Last corporate T2 filed
  • Copy of incorporation papers, shareholder’s registered
  • Latest notice of assessment
  • Accounts receivable at end of fiscal year
  • Amounts payable at end of fiscal year
  • Employee deductions payable at end of fiscal year
  • Trial balance, profit and loss statements

Sole Proprietor:

  • All your T-slips for the year
  • Information of any other income
  • Business income and expenses compilation for the year to be filed- if bookkeeping is completed
  • Invoices and receipt, payroll information and GST/HST returns- if bookkeeping needs to be completed

Business Income:

  • Gross receipts from sales or services
  • Sales records
  • Returns and allowances
  • Business chequing/savings account interest
  • Other income
  • Cost of Goods Sold (if applicable)
  • Accounts receivable at end of fiscal year

Inventory:

  • Beginning inventory total dollar amount
  • Inventory purchases
  • Ending inventory total dollar amount
  • Items removed for personal purposes
  • Materials and supplies

Business Expenses:

  • Advertising
  • Business insurance- for business assets, liability
  • Vehicle expenses- fuel, insurance, lease/bill of sale, payments with interest, repairs, maintenance, parking, carwashes
  • Mileage log or kilometers driven for business purposes
  • Payroll data for employees, PD7A; statement of account for current source deductions
  • Other employee expenses
  • Professional fees-lawyers, accountants, and consultants
  • Office supplies
  • Interest expense- business loans, investments expenses and interest
  • Travel
  • Rent/property tax
  • Utilities
  • Accounts payable at end of fiscal year
  • Meals and entertainment: receipts should have a list of who attended and the purpose of the meeting/event.
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Get In Touch
  • Phone
    (905)-856-5453
  • Fax
    (905)-856-5458
  • Address
    Ayala Enterprises
    5 - 331 Jevlan Drive
    Woodbridge, ON, Canada
    L4L 8C1