Business Tax Checklist
Please Bring your yearly totals! Download this checklist as an Excel file
Business Identification
- From: (dd/mm/yyyy)
- To: (dd/mm/yyyy)
- Business name
- Main product/service
- Business address
- Partnership ID #
- Tax shelter ID #
- Business #
- Your percentage of the business
Income
- Sales, commissions, or fees
- GST/HST and PST (if included in sales above)
- Returns, allowances (if included in sales above)
Cost Of Goods Sold
- Opening inventory
- Purchases during the year
- Closing inventory
- Subcontractor cost (T4A needs to be issued for amounts over $500)
Expenses
- Advertising
- Bad debts
- Business tax, fees, licenses, dues, memberships
- Delivery, freight, and express
- Fuel costs (except for motor vehicles)
- Insurance (WSIB or added business insurance; home and auto to follow below)
- Interest (credit card interest or line of credit interest)
- Maintenance and repairs (equipment repairs; home and auto to follow below)
- Management and administrative fees (bank fees, debit/credit purchase fees)
- Meals & entertainment (for entertaining clients; do not include groceries)
- Office expenses (pens, paper, ink toner)
- Supplies (depends on your business)
- Legal, accounting, and other professional fees
- Property taxes (businesses only; home to follow)
- Rent (business only; home to follow)
- Salaries, wages, and benefits (subcontractor amounts listed above)
- Travel (flights, hotels and conferences)
- Telephone and utilities (phone, internet and outside of home; home utilities to follow)
- Other expenses (specify)
Business-Use-Of-Home Expenses
- Total area or rooms in the home
- Area or number of rooms of the work space
- Heat
- Electricity
- Insurance
- Maintenance
- Mortgage interest
- Property taxes
- Other expenses (specify)
Details Of Partners
- Name(s)
- SIN(s)
- Address(es)
- Partnership share (%)
Motor Vehicle Expenses
- Total kilometers driven in the taxation year
- Kilometers driven in the taxation year to earn income
- Fuel and oil
- Insurance
- Licence and registration fees
- Maintenance and repairs
- Business Parking Fees
- Supplementary Business Insurance
- Other expenses
Interest Expense for Passenger Vehicles
- Total interest payable/paid in the year
- Date interest payments
started:
ended: - Purchase date of vehicle
Eligible Leasing Costs Chart for Passenger Vehicles
- Lease commencement date
- Lease termination date
- Total lease charges paid for the vehicle in 2008
- Total lease payments deducted in previous years
- Manufacturer's list price
Capital Assets
- Value of equipment/tools
- Value of computers
- Value of furniture
- Value of vehicles
- New equipment/tool purchases
- New computer purchases
- New furniture purchases
- New vehicle purchases