To prepare your Business Income Tax, bring in the following details for each separate business:
Details of business:
- Name of business
- Address
- Fiscal year end (if not December 31)
- Main product or service
Income:
- Income on T4A slip
- Income not on T4A slip (sales, fees, etc.)
Cost of goods sold:
- Inventory at start and end of year
- Purchases
- Sub-contracts and wages
- Other direct costs
Expenses:
- Advertising
- Meals and entertainment (staff and non-staff)
- Bad debts
- Insurance
- Interest
- Business tax, fees, licences, dues, memberships, and subscriptions
- Office expenses
- Supplies
- Legal, accounting, and other professional fees
- Management and administration fees
- Rent
- Maintenance and repairs
- Salaries, wages, and benefits (including employer’s contributions)
- Property taxes
- Travel