Tax Filing Checklist for Small Businesses in Canada (2026)

Tax season can be stressful for small business owners, but having the right documents ready can save time, reduce errors, and help you maximize deductions. Use this checklist before filing your business taxes with the CRA.

Small Business Tax Filing Checklist Summary

Before filing, confirm you have:

☐ Income records

☐ Expense receipts

☐ Mileage logbook

☐ Home office records

☐ GST/HST information

☐ Payroll records (if applicable)

☐ Asset purchase records

☐ T2125 or T2 information

☐ Updated CRA account details

☐ Organized supporting documents

1. Gather Your Income Records

Make sure you have:

✅ Sales invoices

✅ Bank deposit records

✅ Payment processor reports (Square, Stripe, PayPal, etc.)

✅ Platform income statements (Uber, Instacart, DoorDash, Amazon, Etsy, etc.)

✅ Rental income records (if applicable)

Your records should clearly show all business income earned during the year.

2. Organize Your Business Expenses

Collect receipts and invoices for:

• Advertising and marketing
• Office supplies
• Professional fees (accountant, lawyer, bookkeeper)
• Business insurance
• Telephone and internet
• Software subscriptions
• Rent and utilities
• Travel expenses
• Meals and entertainment (where eligible)
• Vehicle expenses

Proper record-keeping is essential to support expense claims.

3. Prepare Vehicle Expense Records

If you use your vehicle for business:

✅ Beginning and ending odometer readings

✅ Mileage logbook

✅ Fuel receipts

✅ Insurance statements

✅ Repair and maintenance invoices

✅ Lease or loan documents

The CRA requires sufficient records to support business-use percentages.

4. Review Home Office Expenses

If you work from home, gather:

• Rent receipts or mortgage information
• Property tax statements
• Home insurance
• Utilities
• Internet bills

You may be able to claim a business-use-of-home deduction if you meet CRA requirements.

5. Check GST/HST Obligations

If registered for GST/HST:

✅ Sales records showing GST/HST collected

✅ Expense receipts showing GST/HST paid

✅ Input Tax Credit (ITC) calculations

✅ Previous GST/HST filings

Remember that GST/HST returns are separate from your income tax return.

6. Review Payroll Records

If you have employees:

✅ Payroll summaries

✅ T4 slips and T4 Summary

✅ Employee TD1 forms

✅ CPP, EI, and income tax remittance records

Employers must maintain detailed payroll records.

7. Identify Capital Assets

Create a list of assets purchased during the year:

• Computers and laptops
• Printers
• Office furniture
• Vehicles
• Equipment and machinery

These items may need to be claimed through Capital Cost Allowance (CCA) rather than as regular expenses.

8. Complete Required Tax Forms

Sole Proprietors

Prepare:

• Personal tax return (T1)
• Form T2125

The T2125 reports your business income and expenses as part of your personal return.

Corporations

Prepare:

• Corporate tax return (T2)
• Financial statements
• Supporting schedules

Corporate returns are separate from personal tax returns.

9. Verify CRA Account Information

Check that your:

• Business Number (BN)
• GST/HST account
• Payroll account
• Business address
• Direct deposit information

are up to date with the CRA.

10. Keep Records for Future CRA Reviews

Store all supporting documents:

✅ Receipts

✅ Invoices

✅ Bank statements

✅ Mileage logs

✅ Payroll records

✅ GST/HST records

The CRA requires businesses to keep records and make them available if requested.