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Unincorporated Small Business Checklist
(in addition to Personal Income Tax Return Checklist)
(ie - Sole proprietors / partnerships)
Bookkeeping Done By You (or
Your Bookkeeper
If you
have done your bookkeeping on spreadsheets or manually
added receipts, please provide a one or two page summary of income
and expenses similar to the accounting software examples below.
- If you have done your bookkeeping on computerized accounting software
please print hardcopy, check for reasonableness, and submit:
q
the “Income and Expense
Statement” (sometimes called “Profit and Loss Statement”) at yearend
o
In Simply Accounting
select the “Reports” tab then “Financials” then “Income Statement”
o
In Quickbooks / Quicken
select the “Reports” tab then “Company and Financial” then “Profit
and Loss Standard”
o
If you use MYOB select
the “Reports” tab then “Index to Reports” then “Standard Profit
and Loss”
Below is an example
of an "Income Statement" from Simply Accounting
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Below is an example
a
"Profit & Loss" statement
from Quickbooks
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(These examples are
not inclusive of all income & expense categories)
- Please
give us, with the one or two page summary above, a covering note
that includes the following information;
q
All “Personal
Information” per our Andrews-Greene CPA “Personal Canadian Tax Checklist”
handout
q
If you have a vehicle
you use for business - calculate or estimate your percentage
of business use of your vehicle during the calendar year
q
Note whether 100%
of vehicle expenses are included (preferred) – or if only
the prorated business portion is included
q
If you have a home-based
business – calculate the percentage of business use of
your home (either based on business office square footage /
overall square footage of the house or number of rooms used
for business/ total rooms of your house)
q
Note whether 100%
of your home-based expenses are included or if only
your prorated business portion is included
q
Note whether meals
& entertainment expenses are included at 100% or only the
prorated deductible portion is included
q
If you sell inventory – count (or estimate) your business’ inventory on hand and unsold
as at December 31 at, or converted to, your estimated cost
for these items.
q
List any other
expenses you think might be deductible (for example, these may
include expenses such as home-based expenses, auto expenses, promotional
or travel expenses that were paid with personal funds, etc)
-
Copy of most recently-filed GST and T4/WCB summaries.
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