Small Business Tax Checklist

Sole Proprietorship or Partnership

T-slips Invoices, receipts, payroll information, and
Other income information GST/HST return
Business income and expenses

Corporation
T-slips Latest Notice of Assessment
GST/HST returns Accounts receivable
Financial statements and trial balance Accounts payable
Invoices, receipts, payroll, bank statements Employee deductions payable
Previous year’s tax returns Fixed asset continuity schedule
Incorporation papers (copy)
Business Income
Gross receipts for sales or services Business bank account interest
Sales records (checking/savings)
Returns and allowances Other income
Capital Assets
Business vehicles Buildings
Machinery and equipment Invoices for all capital assets purchased or
Tools sold in filing year
Cost of Goods Sold
Inventory Total dollar amount of ending inventory
Inventory purchases Items removed
Total dollar amount of beginning inventory Raw Materials and supplies
Expenses
Advertising Office Supplies
Phones Utilities
Computers Employee wages
Internet Federal and provincial payroll
Business insurance returns
Transportation and travel Employee benefits insurance and
Gas and fuel packages
Mileage log for business Statement of account
Travel expenses Accounts payable
Depreciation Rent / property expenses
Business use of assets Maintenance and repairs
Personal use of assets Meals and entertainment
Sales and disposition of assets Estimated tax payments made
Interest expenses In-home Office
Mortgage Square footage of office space and
Business loans home space
Investments Mortgage interest or rent paid
Professional service fees Insurance
Accounting, legal, consultations Utilities