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.