Self-Employed Tax Return Checklist
Taxpayers need to be aware of the eligible deductions and expenses to minimize their tax payments. Refer to this checklist to gather all necessary information for your tax return.
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General Information
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- Copy of your previous tax return if you are a new client with us
- Business name
- GST/HST number
- Business address
- Business main product or service
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Gross Business Income
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- Your total gross business income (net of GST/HST)
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Business Expenses (net of GST/HST)
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- Purchase of materials
- Subcontracts
- Advertisement
- Meal and entertainment
- Bad debts
- Insurance
- Interest
- Business tax, fees, licenses, dues, & memberships
- Office expense
- Office Stationery and Supplies
- Professional fees
- Management and administration fees
- Rent
- Maintenance and repairs
- Salaries, wages, and benefits
- Travel expense
- Telephone and utilities
- Internet
- Delivery, freight, and express
- Other expenses
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Business-use-of-home expenses
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- Heat
- Electricity
- Insurance
- Maintenance
- Mortgage interest
- Property taxes
- Other expenses
- Percentage of personal usage
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Motor Vehicle Expenses
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- The kilometres you drove in the tax year to earn business income
- The total kilometres you drove in the tax year
- Gas
- Interest if you are financing your vehicle
- Insurance
- License and registration
- Maintenance and repairs
- Leasing cost if you are leasing your vehicle
- Other expenses (please specify)
- Business parking fees
- Supplementary Business Insurance
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Assets used in your business
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- Vehicle
- Computer
- Equipment
- Others
Year-End Preparation Check List:
Please ensure you have the following documents ready for your year-end financial reporting:
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Last Year’s Trial Balance and Adjusting Entries from your Accountant or Previous Bookkeeper
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All Company Bank, Credit Card and Investment Statements for the entire year and the month following your Year-End.
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Paperwork pertaining to all lines of credit and loan statements for the entire year and for the month following your Year-End.
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All correspondence from CRA regarding GST, Payroll Remittances and Corporate Tax Installments including all assessment letters
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Receipts or bills for any capital asset purchases or repairs made during the year (Anything with a purchase price over $500.00)
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Records for any assets sold during the year including the Sales Agreement and original purchase documents (if still available)
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Any receipts for business purchases made using funds from personal bank accounts or credit cards
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A list of home office expenses including Rent, Condominium Fees, Utilities, Security System,
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Repairs & Maintenance, Insurance, Property Taxes, and Mortgage Interest.
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Inventory Counts
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Original Contracts/ Documents for any loans, leases, Insurance policies or Lines of credit entered into during the year.
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Statements for any Loans, Leases, Insurance Policies or Lines of Credit for the year and the following month.
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A listing of any Accounts Receivables outstanding at the end of the year with comments regarding doubtful Accounts.
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A list of any outstanding Accounts Payable
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Any information regarding any government grants or financial assistance received from the government
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Any payroll information including PD7As, T4 and T4 Summaries
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Prepare for GST and Payroll with this checklist.
Are you unsure about whether you need to file GST returns? Determine your filing period and deadlines based on your type of filer: monthly, quarterly, or annual.
We've provided helpful links to the Canadian Revenue Agency to provide information about Payroll and assist you in determining if you need to register, how to register, and what to charge GST on.
Additionally, we've included a GST Checklist to ensure you have all the necessary documents for filing.
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GST Preparation Checklist
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To file your GST, your monthly reconciliations need to be completed before the deadline for your filing period. To help your bookkeeper complete the reconciliations, they will need the following documents:
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- Sales invoices
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- Bills and receipts for purchases
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- Bank statements
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- Credit card statements
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- Line of credit statements
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- Loan statements
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Helpful Information
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Payroll information from CRA. ​
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CRA guide to starting a business
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Payroll Deductions and Remittances
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Payroll Deductions Online Calculator
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New to business? Need to register for GST
Corporation Tax Preparation Checklist
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Please refer to this checklist to provide the necessary information and documents related to your corporation
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Corporation Information
Corporation year-end bank account balance
If this is the first year of corporation tax filing, please provide:
- Corporation name
- Corporation Number
- Incorporation date
- Corporation address
- Corporation business number
- Corporation main product or service
- Shareholders’ name and percentage of share
- Director or President’s Name and Phone Number
- If this corporation filed tax before, please provide:
Previous corporation tax return
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Corporation Financial statement if any
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- Profit&Loss statement
- Balance Sheet
- If the company does not have the above financial statement, then please provide the following information:
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Corporation Income
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- Corporation Gross Income (net of HST)
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Corporation Expenses (net of HST)
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- Advertising and promotion
- Business Insurance
- Business taxes, licences and memberships
- Computer-related expenses
- Credit card charges
- Donations
- Franchise fees
- General and administrative expenses
- Home office expenses
- Interest and bank charges
- Meal and entertainment
- Office expenses
- Professional fees
- Purchase of materials
- Rental
- Salaries and wages (attach T4)
- Shipping and warehouse expense
- Subcontracts
- Supplies
- Telephone
- Training
- Travel expenses
- Vehicle expenses (kilometres driven to earn business income)
- Other expenses
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Dividend
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- Shareholders’ Dividend (attach T5)
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Account R/P
- Account receivable
- Account payable
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Cost of Corporation Capital Assets
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- Equipment
- Others