Client Supplied Bookkeeping Checklist


The Following is What We Need To Prepare Your Business Tax Return If You Do Your Own Bookkeeping...


1. Bank Statement

1a)  Bank Statement showing the balance on your Fiscal Year End date


2. Credit Card Statement

2a) Credit Card Statement showing the balance on yourFiscal Year End date


3. Financial Statements

3a) Profit and Loss (aka Income Statement) - For Fiscal year (December 31 for Sole Proprietors)
3b) Balance Sheet - Dated for Fiscal year end. (Not needed for Sole Proprietors)
3c) If not first year Confirm Retained Earnings on the Balance Sheet match prior Year T2 Return (if does not match bookkeeping needs to be corrected before can proceed) (Not needed for Sole Proprietors)
3d) Confirm Balance Sheet matches Bank and Credit Card Statements (if does not match need explanation as to why or
bookkeeping is not complete) (Not needed for Sole Proprietors)

Format:    (Note: the following numbers should not include GST)

Annual Revenues: $0,000.00

(Separated by Category of Expense)

Accounting Fees
Bank Service Charges
Material and Supplies
Medical Expenses
Office Supplies

Profit: $0,000.00


4. GST

4a) Would you like for SBTA to file your GST? ($150 + GST)
4b) If yes, provide GST Summary Report(s)


5. Inventory

5a) Do you have inventory? If yes, please provide inventory count as of Fiscal Year End detailing dollar amount of inventory on hand.


6. Subcontractors or Payroll

6a) Do you have any subcontractor or payroll expenses? If so, please provide the General Ledger for these expense accounts for your fiscal year.


7. Business Use of Home Office Calculations

7a) Provided you don't have an office outside of your home, you are allowed to pay yourself for the use of an office inside your home as a reimbursed expense - tax free!

7b) Your home office should have office furniture and equipment to qualify... NOT a dining room table, kitchen table, bed, etc.

7c) Calculate what percentage of your home is being used for business by measuring the square footage of your home office and dividing the square footage of your home. So for example, if your home office is 360 square feet and your home is 1,800 square feet: 360 divided by 1,800 = .20 or 20%. Therefore you can expense 20% of the following home expenses...

7d) Mortgage Interest if you own your home and have a mortgage or rent if you don't own your home

7e) Utilities: oil, gas and electricity

7f) Insurance

7g) Cleaning Supplies

7h) Property Taxes if you own your own home

7i) Maintenance and Repairs to your home

7j) Maintenance and repairs to your home office can be calculated at 100%. For example, if you paint only your office, you can claim 100% of the paint and painter.

8. Vehicle Expense - Mileage Log 

8a) Whether you or your company owns or leases your vehicle, we need a mileage log to prove how much you drive for business and how much you drive for personal use. (Not needed for Sole Proprietors)

8b) If your company owns or leases your vehicle your expenses will be on your bank and credit card statements or cash receipts

8c) If you own your vehicle, we will calculate your vehicle expense based on your mileage log...

For 2023 it's $0.68 for the first 5,000 km and $0.62 for every km over 5,000
For 2022 it was $0.61 for the first 5,000 km and $0.55 for every km over 5,000
For 2021 it was $0.59 for the first 5,000 km and $0.53 for every km over 5,000
For 2020 it was $0.58 for the first 5,000 km and $0.52 for every km over 5,000
For 2018 it was $0.55 for the first 5,000 km and $0.49 for every km over 5,000.

9. Meals and Entertainment vs 'Customer Appreciation' Advertising

9a) In an effort to grow your business you are able to entertain, wine and dine clients, potential clients and business referrers, but becaue you ate/participated too, our accountant will back out 50% of everything you classify as Meals and Entertainment

9b) Six times per year you are able to host an 'Employer Sponsored' Event and categorize it as Advertising Expense at 100% instead of 50%. Better to pay for the event costs with your business account, but if you paid with your personal account, make sure you send us the receipts for 100% reimbursement. 

10. Medical Expenses: Doctors, Drugs and Travel Expenses for Medical Purposes

10a) Your corporation can expense the majority, if not all, of your medical expenses if you have an insurance policy allowing you to. Don't have one yet? We can give you a Health Spending Account aka Private Health Services Plan for $200/year that is retroactive 365 days from today.

11. Travel Expenses For Sales, Marketing and Inexpensive Labour

11a) Want to have your company pay for your travel? Your corporation can expense two out of town conventions per year.

11b) Going to a Third World Country? Many business owners go to third world countries looking for inexpensive labour for marketing and administration hires.

11c) Many business owners make a mistake with meals when traveling. Travel meals are categorized as Meals and Entertainment at only 50% unless you are in the transport business or in remote areas for business. Ask our staff for more info.

12. Payroll for Your Employees: Summaries are Due By Feb 28

9a) Paying employees is considered bookkeeping at SBTA and takes approximately one minute per employee per pay period. T4 Summaries must be submitted to the CRA by February 28. We need a TD1 Form and the following information for each employee:

12b) Full Name

12c) Full Address including Postal Code

12d) Date of Birth in this format: Month, Day and Year. Example: January 30, 1985

12e) Social Insurance Number

12f) Hourly Rate of Pay

12g) Vacation Pay Agreement: Labour Standards say vacation pay is 4% (2 weeks per year) minimum

12h) Pay Frequency: Monthly, Semi Monthly, Bi Weekly, or Weekly

12i) Your spouse can work for you 

12k) Your children can work for you. Atlantic Provinces, your children can work at any age, western Provinces are 12 year olds and eastern Provinces are 14 year olds. They must have their own bank account that's not joint with Mom or Dad; they must be paid at regular pay periods of other employees; you need to keep detailed timesheets; they may be interviewed by CRA auditors so be sure they actually work and can answer questions about their tasks. They can do simple marketing and administrative tasks if underaged. Ask our staff for details.

13. Dividends For Shareholders. Summaries Are Due By Feb 28

10a) Paying dividends to shareholders are usually etransfers and should be highlighted on your business bank statements by you so that we know how much you pay yourself in dividends.

10b) A Dividend Summary must be submitted to the CRA by February 28 or there is a $100 penalty

10c) We charge dividends at $50 per shareholder

14. Prior Year Tax Return or Articles of Incorporation and NOA

14a) If this is your first year in business we'll need your Articles of Incorporation which also has your Corporate Access Number and Date of Incorporation

14b) If you've already filed a T2 Corporate Tax Return, we'll need the last one that was filed as well as a Notice of Assessment (NOA) from the CRA if you have one.

14c) Corporation's Address (If changed from what on previously filed Tax Return)

14d) Phone Number (If changed form what’s on previously filed tax return)

14e) Director/President/Signers Address and Phone Number (if different from previous tax return)

14f) Schedule 50 Shareholder information; Full Name and BN or SIN for each shareholder and percentage of Ownership
(If any changes from previous Tax Return)

15. You Need to Pick a Fiscal Year End and File GST Accordingly

15a) If this is your first year in business we recommend that you set your fiscal year end for the end of the month before you incorporated. For example if you incorporated on October 15 we recommend that you choose September 30 as your fiscal year end. That way you don't have to pay taxes for 15 months. Some business owners pick December 31. In that case they need to pay any corporate taxes owing much sooner than 15 months.

15b) We should submit your GST within 30 days after the end of your fiscal year.

15c) If you submit over $3,000 in GST then you must file quarterly moving forward, so therefore your bookkeeping must be done quarterly to know how much GST that you owe. You have 30 days after the quarter to file.

15d) If your sales volume is over $1,000.000 then you need to file GST monthly, by the 20th of the following month

15e) Do you use the “Quick Method” for GST calculation?

16. Business Number

16a) When you incorporate your business you were given a Business Number. (Not to be confused with your Corporate Access Number)

17. Annual Return - $80 or $130?

17a) Every year you need to tell the Registry Office in your Province if any of the Shareholders have changed or if the Head Office address has changed. If you go to the Registry and do it it's approximately $80. If you want us to do it, we charge $130

17b) If you don't file your Annual Return for 2 years your corporation will be dissolved and if you want to keep operating you will need a Corporate Revival

18. Loan Documents

18a) Do you have a corporate loan? We need the loan agreement

19. Lease Documents

19a) Do you have a corporate lease? We need the lease agreement

20. Multiple Corporation Ownership

20a) Do you or any Immediate family members (Spouses, Children, Parents, or Siblings) own shares in a private corporation other than the Corporation we are currently preparing tax return for? (Excludes Aunts, Uncles, or Cousins)

21. Main Business Activity and Construction T5018

21a) What is the corporation's main revenue-generating business activity?

21b) Please Specify the principal products or services provided and their percentage of the Total Revenue

21c) If your corporation's main revenue generating activity is Construction, a T5018 for each Subcontractor needs to be filed.

21d) If we are filing the T5018 we need all Subcontractor Information

Full Name or Business Name
Sin or GST Number
Address of Sub contractor
Phone Number
Calculated Total Amount paid to Contractor for Calendar Year

21e) Have you filed a T5018?

21f) Are you a non-construction business that has subcontractors?

22. My Business Account

22a) Do you have a CRA My Business Account?

22b) If not, please visit the following link to set this up:

23. Other Income

23a) Are you earning income outside of Canada (employment, business, or investment), and if so, where?