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Small Business Tax Preparation [Free Checklists]

Last updated: Oct. 8, 2021 

Preparing your own taxes if you’re a small business owner or self-employed can be time-consuming, difficult and let’s be honest – boring. Especially if paperwork isn’t really your thing. You want to get back to the good stuff – running your business.

If the filing deadline is looming over your head, and you find yourself unprepared, our advice is to take on one thing at a time. Best way to start? Organize all your paperwork first.

To help you, we’ve created a printable checklist that lists all the documents you need to file your return, and tax write-offs you shouldn’t miss out on.

Download a printable checklist for your 2020 tax return here: 

Tax preparation documents for business owners

Here are the documents you’ll need to file your tax return if you’re self-employed or a small business owner, along with a list of business deductions you can use to lower your tax bill.

  • Deposit slips
  • Bank statements
  • Income records
    • Sales invoices
    • Receipts
    • Bank deposit slips
    • Fee statements
    • Contracts
  • If you have employees
    • T4: Summary of Remuneration Paid
    • T4A: Summary of pension, retirement, annuity and other income
  • If you make payments to subcontractors
    • T5018: Statement of Contract Payments
  • If you’re in a partnership
    • T5013: Partnership information return
  • If you’re a corporation
    • T2: Incorporation income tax return
    • Shareholder transactions and dividends
  • Receipts on any capital purchases or sales in 2020
  • Worker’s compensation payments or benefits
  • Instalments made for income tax, GST/HST/PST and payroll
  • Payroll, source deductions and taxable benefits for employees
  • Individual slips and receipts
    • 2019 tax return, Notice of Assessment and any other CRA correspondence
  • Investment information:
    • RRSP contribution slips
    • T3 slips
    • T5 slips
  • If you have other income:
    • T4: Statement of remuneration paid
    • T4A: Pension, retirement, annuity and other income
  • Receipts for eligible medical expenses
  • Receipts for charitable donations
  • Tuition or educational expenses
  • Interest paid on student loans
  • Child care expenses
  • Moving expenses

List of Common Business Deductions

  • Advertising
  • Bad debts
  • Business taxes, licenses and memberships
  • Business use of home expenses
    • Cleaning materials
    • Electricity
    • Heating
    • Home insurance
    • Mortgage interest
    • Property taxes
  • Interest and bank charges
  • Insurance premiums
  • Legal and accounting fees
  • Meals and entertainment
  • Motor vehicle expenses
  • Office expenses
  • Office stationary and supplies
  • Rent for property used in your business
  • Repairs and maintenance
  • Salaries, wages and benefits incurred by you as an employer
  • Travel expenses

Free Guide: Tax Preparation Toolkit for Small Business Owners

Do you want more help getting organized for tax season? Your checklist is a sneak peek of our tax preparation toolkit for small business owners and self-employed Canadians. With a little preparation, you can fulfill your tax obligations without any stress. Download your copy today.

Book a free consultation with FBC

Filing a business return is hard enough. But creating a tax strategy that flips the rules in your favour? That takes an expert. We help 20,000 farms and small businesses file accurate returns that save time and money.

We’re offering a free consult where we get to know your business and determine next steps on saving you time and money. Book your consult here.