The Burnaby Business Owner’s 15-Minute Year-End Business Taxes Checklist

If you’re a Burnaby business owner, year-end can feel like a race against the clock. Between finishing client work, managing payroll, and wrapping up the holidays, your business taxes are often the last thing you want to think about. But here’s the truth: taking just 15 minutes now to review a few key items can save you hours of stress, and possibly thousands in missed deductions, come tax season.

At Rocket Accounting, we see it every year: business owners rushing to gather receipts or file their T2 return at the last minute. This simple checklist is your time-saving guide to getting organized fast, staying compliant with small business taxation in Canada, and entering the new year with confidence.

Step 1 – Review Your Income and Expenses

Before anything else, take five minutes to confirm your income and expenses are accurate and complete. If you use Bookkeeping Services from a professional firm, most of this should already be organized.

Quick checks:

• Ensure all invoices have been sent and paid.
  
• Record any outstanding bills or reimbursements.
  
• Match receipts to expenses for accuracy.
  
• Review your business bank account for uncategorized transactions.
  

If you’re missing receipts, now’s the time to request duplicates or digital copies from vendors. CRA expects full documentation, and missing records are one of the fastest ways to trigger an audit.

Step 2 – Reconcile Your Accounts

Once you’ve confirmed your transactions, it’s time to reconcile your accounts. This means matching your bank and credit card balances to your accounting software.

If you’re using modern Accounting Software, this process can be automated, but still double-check for duplicates or missed entries. Consistent reconciliation ensures your business tax in Canada filings reflect your true financial position and prevents surprises when your accountant reviews the books.

Step 3 – Review Your Payroll Records

Payroll is often overlooked until year-end and that can cause major headaches. Review your T4 summaries, ensure deductions (CPP, EI, and income tax) are correct, and confirm all remittances to CRA have been made.

If you’ve given bonuses, taxable benefits, or reimbursements, these should all be captured in your payroll software or accountant’s records. It’s much easier to fix errors now than after you’ve issued employee slips.

Step 4 – Capture All Business Deductions

Many small businesses miss deductions simply because they forget what qualifies.

Common write-offs include:

• Home office expenses (if you use a dedicated workspace).
  
• Vehicle mileage and maintenance.
  
• Professional fees (including legal and accounting).
  
• Office supplies and software subscriptions.
  
• Meals and entertainment related to client meetings.
  

If you’re unsure what’s deductible, a professional CPA Services review can help identify areas where you might be overpaying. Remember, CRA allows reasonable business deductions directly tied to generating income, but they expect proof.

Step 5 – Review Capital Assets and Depreciation

Did you purchase new equipment, computers, or vehicles this year? These assets need to be recorded for depreciation purposes. Your accountant will use the Capital Cost Allowance (CCA) system to calculate the deduction.

Keep receipts for large purchases and note the date you began using them for business. If you sold or disposed of an asset, record that too, it affects your CCA balance and may trigger a gain or loss.

Step 6 – Prepare for Your Year-End Financial Statements

Your Compiled Financial Statements summarize your company’s income, expenses, and overall position for the year. They’re essential for understanding your performance and for filing your T2 Corporate Tax return.

A quick review ensures:

• All adjustments (like accruals or prepaids) are properly recorded.
  
• Inventory is accurately valued and counted.
  
• Owner’s draws and shareholder loans are clearly tracked.
  

Even if you use Small Business Accounting support, it’s smart to understand these statements. They’re your financial dashboard for future decisions.

Step 7 – Review Your Tax Installments

If your corporation makes quarterly tax installments, confirm they match what CRA expects. Underpayments can lead to interest charges, while overpayments tie up your cash unnecessarily.

Your T2 Corporate Tax Services provider can calculate the right amount to remit based on your current profits. Don’t assume last year’s payments are still accurate. If your revenue changed significantly, your tax obligations likely did too.

Step 8 – Check Your GST/HST Filings

Make sure your GST/HST returns have been filed and paid for each reporting period. Missing a single remittance can create penalties and interest that add up fast.

If your business is near the small supplier threshold or considering voluntary registration, your accountant can advise whether it makes sense to register or deregister for GST/HST at year-end.

Step 9 – Review Owner Compensation and Dividends

How you pay yourself impacts both your taxes and personal finances. Review whether you took a salary, dividends, or a mix. Each option affects your CPP contributions and personal tax bracket differently.

If you’re unsure which structure is best for your corporation, a CPA can help you plan a mix that minimizes overall tax liability while meeting legal requirements.

Step 10 – Plan for the Next Fiscal Year

Finally, use this year’s data to plan ahead. Ask questions like:

• Did your profit meet expectations?
  
• Are you budgeting for upcoming expenses or tax bills?
  
• Do you need to adjust pricing or expenses?
  

A short strategy session now can help you avoid last-minute panic next year. If you’d like help reviewing your numbers or setting goals, you can Book A Call with one of our advisors.

Bonus Tips for Faster Tax Prep

Here are a few extra shortcuts to keep your business taxes in check all year:

• Keep everything digital. Use cloud storage or your accounting software’s upload feature to store receipts and invoices.
  
• Separate business and personal spending. Mixing the two complicates your books and can create CRA red flags.
  
• Automate reminders. Set up calendar alerts for filing deadlines and installment payments.
  
• Use professional support. A CPA can spot deductions, structure your income, and help you stay compliant with business tax in Canada.
  

Why Burnaby Business Owners Trust Rocket Accounting

At Rocket Accounting, we specialize in helping small business owners across Burnaby and the Fraser Valley stay organized, compliant, and stress-free at year-end. Whether you need Bookkeeping Services, Compiled Financial Statements, or full T2 Corporate Tax Services, we make sure everything is filed accurately and on time. Every time.

Our promise is simple: “If we miss your deadlines, we pay your fines.”
That’s the accountability Burnaby business owners deserve.

Your Next Step

Take this checklist, set a 15-minute timer, and start with the easiest item on the list. You’ll be amazed how quickly you can get your year-end organized.

If you need expert support or just want peace of mind that your taxes are done right, reach out through our Contact Us page.

Your books will be clean, your filings accurate, and your tax season stress-free.

FAQs