Tax-time checklist for the self-employed and small corporations

1. Gather your records

• Every invoice you sent in the year, including ones still unpaid
• Every business expense, with a receipt photo or copy
• Bank and credit card statements for every account the business uses
• Your GST/HST number and how often you file (annually or quarterly)
• What you already paid CRA this year: instalments and GST/HST payments
• Your home office size and costs, and your vehicle logbook, if you claim them

2. Check before you claim

• Purchases of $100 or more show the supplier's GST/HST number
• Purchases of $500 or more also show your business name, the terms and a description
• Personal costs are taken out, or only the business share is claimed
• Meals and entertainment are claimed at 50%
• Bank deposits match the invoices marked paid

3. GST/HST return

If you are registered

• Line 101: total sales for the period
• Line 103: GST/HST you charged, paid or not
• Line 106: input tax credits from your receipts
• Line 109: net tax, before any instalments you already paid
• File in CRA My Business Account or with NETFILE-certified software

4. Income tax, sole proprietors

T1 with form T2125

• Business income from your sales, without the GST/HST you charged
• Expenses grouped by T2125 line
• Home office and vehicle share worked out
• Capital purchases, like a laptop or tools, listed for capital cost allowance
• File with NETFILE-certified tax software

4. Income tax, corporations

T2

• Balance sheet and income statement for the year, with GIFI codes
• Salary paid to owners (T4) and dividends paid (T5)
• Shareholder loan balance at the year end
• File the T2 with CRA-certified T2 software; Ontario's corporate tax is on the same return
• File the Ontario annual return with the Ontario Business Registry

5. Dates that matter

April 30

Sole proprietors: pay income tax and annual GST/HST owing for last year

June 15

Sole proprietors: file your income tax return with T2125, and your annual GST/HST return

2 or 3 months after year end

Corporations: pay corporate tax owing (3 months for many small CCPCs)

3 months after year end

Corporations filing GST/HST annually: file and pay

6 months after year end

Corporations: file the T2 and the Ontario annual return

Last day of February

Corporations that paid salary or dividends: file T4 and T5 slips

Your own dates, including instalments, are in the CRA dates calendar.