Business Tax Checklist

Preparing taxes as a business owner can be time-consuming, difficult and arduous. Especially if paperwork isn’t really your thing. You want to get back to the good stuff – running your business. If the tax filing deadline is looming over your head, and you find yourself unprepared, our advice is to take on one thing at a time. Best way to start? Organize all your paperwork first.

To help you, we’ve created a checklist that lists all the documents you need to file your return, and tax write-offs you shouldn’t miss out on.

Business Records    
Bank Deposit Slips Yes No
Bank Statement Yes No
Income Records    
Sales Invoice Yes No
Vendor Receipts Yes No
Bank Deposit Slips Yes No
Fee Statements Yes No
Contracts Yes No
Loan Agreements and Year End Balance Yes No
Year End Inventory Yes No
Receipts on Capital purchase Yes No
Expense Records    
Advertising  ………………………………………………………………………………….$___________________.___
Bad debts    ………………………………………………………………………………….$___________________.___
Business taxes, licenses, and memberships ………………………………..$___________________.___
Business insurance premiums …………………………………………………….$___________________.___
Charitable donations …………………………………………………………………..$___________________.___
Delivery, freight and express costs ………………………………………………$___________________.___
Depreciation expenses (Capital Cost Allowance) ………………………….$___________________.___
Interest and bank charges …………………………………………………………..$___________________.___
Legal and accounting fees ……………………………………………………………$___________________.___
Meals and entertainment …………………………………………………………….$___________________.___
Motor vehicle expenses ……………………………………………………………….$___________________.___
License and registration fees ……………………………………………………….$___________________.___
Fuel and oil costs …………………………………………………………………………$___________________.___
Insurance …………………………………………………………………………………….$___________________.___
Interest on money borrowed to buy your vehicle ………………………..$___________________.___
Maintenance and repairs …………………………………………………………….$___________________.___
Leasing costs ……………………………………………………………………………….$___________________.___
Parking fees (business only) …………………………………………………………$___________________.___
Office expenses, stationery, and supplies ……………………………………$___________________.___
Payment Processing Fees …………………………………………………………….$___________________.___
Property leasing costs and taxes …………………………………………………$___________________.___
Repairs and maintenance ……………………………………………………………$___________________.___
Salaries, wages, and benefits ……………………………………………………….$___________________.___
Gross salary amount paid to employees ……………………………………..$___________________.___
Employer paid CPP and EI contributions ……………………………………..$___________________.___
Premiums for sickness or disability insurance ……………………………..$___________________.___
Telephone and utilities ………………………………………………………………..$___________________.___
Travel expenses …………………………………………………………………………..$___________________.___
Utilities ………………………………………………………………………………………..$___________________.___		    
Business use of home expenses Yes No
Cleaning materials ……………………………………………………………………….$___________________.___
Electricity ……………………………………………………………………………………..$___________________.___
Heating ………………………………………………………………………………………..$___________________.___
Home insurance ………………………………………………………………………….$___________________.___
Mortgage interest ………………………………………………………………………..$___________________.___
Property taxes ……………………………………………………………………………..$___________________.___
Portion of rent paid ……………………………………………………………………..$___________________.___		    
Mandatory Submission to Govt. Agencies Yes No
T4SUM and T4 : Remuneration paid to Employees and Summary    
T4ASUM and T4A : Remuneration paid to employees not in payroll and Summary    
T5018: Statement of Contract payments, paid to contractors or subcontractors    
T5 : Dividend distribution among shareholders, in case of corporation    
Annual Registry Return    

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Cantac Tax & Accounting Phone: 306.370.7939 Email: taxhelp@hotmail.com Web: cantacfinancial.com