Checklist for Small Businesses

Income

☐ All invoices or receipts for services/products sold.

☐ Records of any other income (e.g., grants, rental income related to business).

Expenses

General Business Expenses

☐ Advertising and Marketing – Receipts for online ads, print ads, flyers, business cards, etc.

☐ Business Insurance

☐ Insurance premiums related to business operations.

☐ Professional Fees (Accounting and Legal)

☐ Office Supplies – Receipts for stationery, pens, paper, postage, etc.

☐ Interest and Bank Fees

Vehicle Expenses (if applicable)

☐ Logbook of kilometers driven for business vs. personal use (to calculate percentage of business use)

☐ Fuel receipts

☐ Maintenance and repair bills

☐ Insurance and registration documents

☐ Lease or loan payment details

Home Office Expenses (if applicable)

☐ Sq Footage of your home used for business

☐ Sq Footage of your total home

☐ Utility bills (electricity, heating, water).

☐ Internet and phone bills

☐ Property taxes and/or rent payment records.

☐ Home insurance premiums.

Travel Expenses

☐ Meals and entertainment expenses (ensure these are strictly for business purposes)

☐ Receipts for business-related travel (e.g., flights, accommodations)

☐ Transportation receipts (e.g., taxi, Uber, car rentals)

Employee or Contractor Expenses

☐ Payroll records for employees.

☐ Payments to subcontractors (include invoices and payment proof)

Capital Expenses (for Assets Depreciation)

☐ Receipts for purchases of assets (e.g., computers, equipment, vehicles).

☐ Description of assets and their business use.

Additional Documents

☐ GST/HST collected and remitted (if applicable)

☐ Loan or financing agreements related to the business

☐ Proof of business-related subscriptions (e.g., software, memberships)

Tips for Organization

• Separate business and personal expenses for clarity.
• Keep digital or hard copies of all receipts and documents.
• Maintain a summary or spreadsheet to track income and expenses.

Income T4002 Self-employed Business, Professional, Commission, Farming, and Fishing Income – Canada.ca

More details can be found here:

• Home Office Expenses How to claim – Home office expenses for employees – Canada.ca

• Motor Vehicle Motor vehicle expenses – Canada.ca

• Meals and Entertainment Line 8523 – Meals and entertainment – Canada.ca