As your business approaches its corporate year-end, it’s essential to have all the necessary records and information ready to ensure a smooth and timely filing process. To help you stay organized, we’ve created a summary/reminder list that outlines everything we need from you to complete your Canadian T2 corporate year-end filing.
So, start getting this stuff together:
1. FINANCIAL RECORDS (If you do your own bookkeeping.)
- Income Statements – Your income statement showing revenue, expenses, and net income for the year.
- Balance Sheet – A summary of your assets, liabilities, and equity as of your year-end date.
- Trial Balance – If available, the trial balance report from your accounting system, showing the opening balances, transactions, and closing balances.
2. BANK & CREDIT CARD INFORMATION
- Bank Statements – All bank statements covering the entire fiscal year for each corporate bank account you have.
- Credit Card Statements – Statements for any corporate credit cards used during the year.
3. PAYROLL INFORMATION (If applicable)
- Payroll Records – Detailed payroll reports for all employees, including T4 slips and summaries.
- Source Deductions – Proof of remittance payments made to the CRA for payroll deductions (EI, CPP, income tax).
4. INVESTMENT & LOAN DETAILS
- Loan Statements – Copies of all loan agreements and year-end statements showing outstanding balances and interest paid.
- Investment Accounts/Broker Statements – Monthly statements for any investment or brokerage accounts held by the corporation, showing transactions and month-end balances.
- Corporate T-Slips – All t-slips that were issued to the corporation, if any.
* * *These are important - Don't forget them.* * *
7. GST/HST & PST (If applicable)
- GST/HST & PST Returns – Copies of filed GST/HST and provincial sales tax returns for the fiscal year, plus any related remittance receipts.
8. FIXED ASSETS & DEPRECIATION
- Asset Purchases/Sales – Details of any new fixed assets purchased or sold during the year (e.g., equipment, vehicles).
- Depreciation Schedule – If available, the depreciation schedule for existing fixed assets.
9. CORPORATE TAX INFORMATION
- Last Year’s Tax Return – A copy of your previous corporate tax return (T2) if this is our first time working together.
10. MISCELLANEOUS INFORMATION
- Legal Agreements – Any new or updated legal agreements, contracts, or leases entered into during the year.
- Business Changes – Information on any significant business changes during the year, such as new business locations or major restructures.