Yes, it’s that time of the year again, year-end is indeed here.
For many businesses, the calendar year end is also the end of their financial year, so if you’re one of those, that means you need to start preparing your accounting records for your tax professional and to get them ready for tax filing.
We have compiled a list of the most common business records that your tax professional needs to prepare your fiscal year end reports and tax filing to help you with this task.
If you operate an incorporated company, and your business does its own bookkeeping, here are the documents that need to be provided:
- Electronic copy of your bookkeeping records for the year, and any passwords required to access the information
- Financial Statements for the year (Balance Sheet, Income Statement)
- Payroll Records (if you have employees)
- Asset additions or disposals during the year (land, equipment, vehicles, etc.)
- Business Use-of-Home Details (If running a home-based business)
- Motor Vehicle Expense Information (Percentage use for business, mileage log, etc.)
- Income Tax Instalment Assessments and Notices of Assessments
If they prepare your bookkeeping for you throughout the year you need to provide your accountant with the final batch of receipts, invoices and bank and credit card statements for the company.
If you are an annual filer and your bookkeeping is completed for you at year end you need to provide all the receipts, invoices and bank statements for the year.
If your business is a sole proprietorship or a partnership, you will be filing a T1 Return (Personal), in that case you will need to provide your tax professional with all your personal information slips as well as those relating to your business. Here are some the most common ones:
- T4 Slips (if you have employment income other than your business income);
- T4A Commission Slips;
- T3 Slips (Income from Trusts);
- T5 Slips (Investment Income);
- RRSP Contribution Slips;
- Donation Slips;
- Medical and Dental Receipts;
- Child Care Expenses.
Please note that the list above is not, by any means, comprehensive, but rather just a selection of the most common documents you may be asked to provide. Please check our website for our interactive questionnaire along with a handy checklist to be printed out.
Once you’re confident that you have all the documents, you are welcome to drop them off at the office or upload them through our secure portal on the website. We will contact you to confirm your information and with any questions.
Remember March 1st is the deadline for contributing to your RRSP. Your contribution room for 2020 can be found through My Account on the CRA website, or on last year’s Notice of Assessment.
We can help with tax advice and planning, preparation and filing services. Contact us today!
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