Getting Ready for Tax Season: A Checklist for SMEs

Tax season doesn't have to be stressful. With a bit of organization ahead of time, everything runs more smoothly — for you and for your accountant. Here's a practical checklist to help you prepare.

Gather your financial statements for the year

Balance sheet, income statement and cash flow statement must be finalized and accurate before starting tax preparation. If your bookkeeping is kept up to date throughout the year, this step becomes a simple formality.

Review your accounts payable and receivable

Make sure all invoices for the year are properly recorded, even ones received at year-end. Unpaid accounts receivable should also be reviewed — some may require a provision for doubtful accounts.

Collect your receipts and supporting documents

Business expenses, equipment purchases, vehicle costs: all these receipts need to be available and organized. A well-organized file considerably speeds up your tax preparation.

Confirm your GST/HST deductions

Review your input tax credits for the year to make sure nothing has been missed. A well-prepared annual GST/HST filing can represent significant savings.

Note important deadlines

Deadlines vary based on your business structure (self-employed, incorporated) and your fiscal year. Confirm your deadlines with your accountant or tax specialist at the start of the period, to avoid late-filing penalties.

Schedule a meeting with your accountant

Don't leave this step to the last minute. A meeting planned in advance lets you discuss your situation, ask questions, and identify tax optimization opportunities before it's too late.

"The best tax preparation starts well before tax season itself — it's built every month, with books that are kept up to date."

Want to approach the next tax season with peace of mind? Book a discovery call. Our tax preparation service ensures your file is complete, organized and ready on time.