Self-employed tax prep checklist in Canada

To read more chapters, click below:

Chapter 2: Canada Tax Checklist

Chapter 3: 2023 Canada Tax Checklist: What Documents Do I Need to File My Taxes?

Checklists are always so useful, especially when it comes to filing your taxes. Utilize this convenient checklist to streamline the gathering of essential information required for filing your self-employment income taxes.

General information

• Business name
• Business number
• Business address
• Business main product or service
• GST/HST number
• Gross business income (including GST/HST)
• Sales commissions (total before GST)
• GST collected
• HST collected
• Partnership business number (if applicable)
• Percentage of the partnership (if applicable)

Cost of goods sold

• Opening inventory of materials (at January 1)
• Sub-contracts
• Purchase of materials
• Direct wage costs
• Closing inventory of materials (at December 31)

Business expenses

• Insurance
• Advertising expenses
• Meals and entertainment
• Interest and bank charges
• Private health premiums
• Bad debts
• Salaries, wages, and benefits
• Maintenance and repairs
• Office expenses
• Property taxes
• Office stationery and supplies
• Travel
• Rent
• Internet
• Seminars and training
• Telephone and utilities
• Other expenses
• Business fees, licenses, dues and subscriptions
• Management and administration fees
• Professional fees (legal and accounting)
• Deliver and freight (postage, courier)

Vehicle expenses

• Make, mode, year
• Date or purchase or leased
• How many kilometers did you drive in total?
• How many kilometers did you drive for business purpose?
• Original cost of vehicle (if leased)
• Interest charges (if you are financing your vehicle)
• % of business mileage (business kilometers divided by total kilometers)
• Leasing cost (if you are leasing your vehicle)
• Auto insurance
• Fuel and oil
• Maintenance and repairs
• License and registration costs
• Parking fees due to business activities
• Supplementary business insurance
• Other expenses (please specify)

Business use-of-home expenses

• Heating
• Electricity
• Water
• Home/ rental insurance
• Maintenance
• Mortgage interest
• Property tax
• Repairs, cleaning, landscaping, and supplies
• Strata fee
• Other expenses
• Square footage of home office space
• Total square footage of home
• % used for business (home office divided by total)