Tax season doesn't have to be a scramble. Whether you're a sole proprietor or an incorporated business owner in Ottawa, having a complete checklist before you sit down with your CPA can save you time, money, and stress. Here's everything CMP Accounting recommends you gather before filing.
1. Income
- All T4 slips (employment income from any employer)
- T4A slips (self-employment, pension, or other income)
- T5 slips (investment income — dividends, interest)
- Business revenue records (sales invoices, point-of-sale summaries, Stripe/PayPal statements)
- Rental income statements and rent rolls
- Government subsidies or grants received (e.g., CEBA repayment status if applicable)
- Any foreign income or foreign pension statements
2. Business Expenses
- Office rent or home-office-use-of-home calculation (Form T2200 if employer-required)
- Vehicle logbook and total kilometres driven for business vs. personal use
- Meals and entertainment receipts (note: only 50% deductible under ITA s.67.1)
- Professional fees (legal, accounting, consulting)
- Advertising and marketing costs
- Insurance premiums (business liability, errors & omissions)
- Software subscriptions and technology costs
- Capital asset purchases — equipment, computers, furniture (needed for CCA schedule)
- Prior year CCA schedule and undepreciated capital cost (UCC) balances
- Bank and credit card statements for the full fiscal year
3. Payroll & HST
- Copies of all T4 and T4A slips issued to employees and contractors
- PD7A remittance summaries (CRA payroll account)
- HST collected and HST paid (input tax credits) by reporting period
- HST returns filed (RT0001 account) — confirm all periods are reconciled
- Records of any HST quick-method elections, if applicable
- Worksafe Ontario (WSIB) clearance certificate and annual premium reconciliation
4. Corporate T2 (Incorporated Businesses)
- Prior year T2 corporate return and notice of assessment
- Year-end financial statements (balance sheet and income statement)
- Shareholder loan account balance — confirm it's cleared within the year or properly structured
- Dividends declared — T5 slips to shareholders
- CCPC status confirmation (Canadian-Controlled Private Corporation — affects small business deduction eligibility)
- Any inter-company transactions or related-party amounts
- Scientific Research & Experimental Development (SR&ED) work — document eligible expenditures throughout the year
- Corporate minute book — confirm it's up to date (annual resolutions, director changes)
5. Personal T1
- RRSP contribution room (from prior year NOA) and any contributions made by March 1
- TFSA contribution room — confirm no over-contributions
- FHSA contributions and account statements (First Home Savings Account, if applicable)
- Charitable donation receipts
- Medical expense receipts (12-month period ending in the tax year)
- Childcare expense receipts (daycare, camp, after-school programs)
- Tuition T2202 certificates for yourself or a dependent
- Home buyer's amount or first-time buyer documentation
- Ontario Trillium Benefit eligibility — confirm rent paid or property tax paid
- Prior year notice of assessment (NOA)
6. CRA Deadlines at a Glance
- February 28: T4/T4A slips issued to employees and contractors
- March 1: RRSP contribution deadline for the prior tax year
- April 30: Personal T1 filing deadline (balance owing due)
- June 15: Self-employed T1 filing deadline (balance owing still due April 30)
- 6 months after fiscal year-end: Corporate T2 filing deadline
- 3 months after fiscal year-end: Corporate tax balance due (CCPCs with <$500K prior-year taxable income may qualify for 3-month extension)
- Monthly or quarterly: HST remittance deadlines (depends on your reporting period)
Don't leave money on the table. Missing a deduction or filing late can mean penalties and lost refunds. If you're unsure whether you have everything, reach out to CMP Accounting — we serve small businesses across Ottawa, Kanata, Stittsville, and Carleton Place.