Detailed Business Taxation Checklist

Income tax season is right around the corner. Which means, it’s time to organize and prepare to file your personal and business income tax returns. No need to panic, I have some tips, tricks and checklists to help you prepare.

3 things you need to have organized before you begin preparing for your income tax returns are;

1. Sales transactions/invoices.

2. Business expense receipts.

3. Bank/Credit Card monthly statements.

I recommend sorting your sales transactions and business expenses by month and date, with your bank and credit card statements placed with their corresponding month.

As a small business owner, are you aware of what expenses you can claim on your income tax? Knowing what can and cannot be claimed is super important when filing your income taxes. Here’s a checklist to help when preparing your income tax return.

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Taxation Deduction Checklist.

• Home/Office Expenses:

  • Property Taxes

  • Repairs and Maintenance

  • Home Insurance

  • Mortgage interest on Residence

  • General Office Expenses

  • Office Supplies

• Utilities:

  • Heat

  • Hydro

  • Water

  • Internet

• Auto Expenses:

  • Fuel and Oil

  • Insurance

  • Capital Cost Allowance (if you own)

  • Lease Payments

  • Repairs and Maintenance

  • Parking Fees

  • Toll Charges

  • Vehicle Registration Fees

• Professional Fees:

  • Bookkeeping

  • Accounting

  • Lawyers

  • Business Advisors

• Office Rent:

  • Copies of lease agreement(s)

  • Rental receipts - receipts can be provided from your landlord monthly or annually.

• Advertising/Marketing:

  • Online advertising (Facebook, Instagram, Twitter, etc.)

  • Television or Radio advertising

  • Magazine or Newspaper advertising

  • Subscriptions (Etsy, Shopify, Canva, QuickBooks, etc.)

• Entertainment and Meal Expenses:

  • Receipts for meals and entertainment - including but not limited to;

    • Staff parties and events

    • Meals and entertainment for registered charity fundraisers

• Insurance:

  • General Business Liability Insurance

  • Business Property Insurance

  • Business Interruption Insurance

  • Life Insurance

• Capital Assets: can include but are not limited to;

  • Furniture and fixtures

  • Equipments

  • Computers

  • Inventory

  • Buildings

  • Vehicles

NOTE: Not all categories are considered 100% tax deduction. Some may vary.

Click below for your own printable copy of our checklist!

Tax Deduction Checklist