Year-End Checklists

by | Jan 6, 2018

Year-end has come again. It’s time to start thinking about taxes and organizing your receipts to send off to your accountant/tax preparer.

For your year-end business taxes

If this is the end of your business’ fiscal year too, then you need to start preparing your business accounts towards the end of the financial year so that they’re ready for tax filing.

Here is a year-end bookkeeping checklist to help keep you organized. Keep in mind that every business is different, so this list is meant to provide you with a general idea of items to take care of.

  • Reconcile your bank and business credit card statements; look over your personal bank statements for any business charges you paid for out of your personal account.
  • Verify petty cash entries for the year.
  • Invoice clients for works conducted in 2017; prepare a list of accounts receivables highlighting that are worthless and should be written off.
  • Take a physical inventory and reconcile with book inventory.
  • Review your list of fixed assets. Does the company still have all the fixed assets? Provide information on large assets purchase – purchase price, amount financed, date purchased. Is depreciation correctly recorded for those fixed assets still in the company’s possession?
  • Check the list of accounts payables; have you recorded all your payables?
  • Check any prepaid items that need to be adjusted such as prepaid rent or insurance.
  • Verify your payroll tax liabilities to coincide with your monthly/quarterly/yearly reports.
  • The following items most likely will not show up in your monthly bookkeeping reports, so you should provide the information at year end if you haven’t already: business miles were driven and business use of home expenses.
  • Legal correspondence regarding any outstanding lawsuits
  • Company minute book
  • Review your goals for the year – and make some new ones for next year

If you are looking for help to file your corporate tax return, feel free to contact me for a free consultation.

For your year-end personal taxes

Below is a simple checklist of items you should prepare for your tax professional:

  • A copy of your last filed tax return.
  • Find all of the receipts for any deduction you are claiming on your tax return. Remember: no receipt equals no deduction.
  • All information slips, such as T3, T4, T4A, T4A(OAS), T4A(P), T4E, T4PS, T4RIF, T4RSP, T5, T2200, T2202, T5007, T5008, T5013, T5018.
  • Details of income for which no T-slips have been received, such us other employment income; business, professional, partnership, and rental income; alimony, separation allowances, and child maintenance; scholarships, fellowships, and bursaries; and any other income received.
  • Details of other investments, such as capital gains/losses realized.
  • Details of other expenses, such as employment-related expenses (provide T2200), business, professional, investment and rental expenses, home office expenses.
  • Details and receipts for other deductions and tax credits, such as moving expenses; child care expenses; alimony, separation allowances, child maintenance; adoption-related expenses; interest paid on qualifying student loans; professional and union dues; medical expenses for you and any dependent persons; charitable donations and political contributions; public transit passes; tuition fees for both full-time and part-time courses for you or a dependent; Registered Retirement Savings Plan and any other pension plan contributions and withdrawals.
  • Details on the disposition of your principal residence or other real property.

Please be adviced this checklist is a general list; for a completed list of documents and required information specific to you and your family ask your tax professional.