|CORPORATE YEAR-END CHECKLIST
(NOTE: Not all items apply to every corporation)
| We need the synoptic or cheque register balanced for the current year plus the subsequent months,
if started or, if computerized, detailed general ledger for the year (except if Simply or Quickbooks disk enclosed).
If your records are on Excel, please supply us with a backup disk or CD.
| We are able to obtain general ledger information directly from your computer disk ONLY if you are using Simply Accounting or Quickbooks.
Please send a back-up disk of all your data for the fiscal year. (We still need the printed information listed below).
We strongly recommend all of our clients on Simply Accounting and Quickbooks upgrade to the latest version.
| We can no longer update for the year-end entries and give you a carryforward disk unless your program is current.
| Trial Balance - Make sure retained earnings equal last year's financial statement amount.
| List any cash and cheques, or till floats on hand at year end.
| If the bank reconciliation is done, only year-end bank statement - The bank statements including the paid cheques for the year.
| Marketable securities - need a stock continuity schedule (ask your broker to do) and/or all monthly securities transaction reports.
| List of accounts receivable - customers for which work was billed prior to your year end but not paid until after.
| List of doubtful accounts - accounts receivable which may not be collectible, Also note what happened to the prior year's doubtful.
| List of work in progress - jobs in progress at end of year but not billed until after year end. Need only cost of labour and materials for unbilled work done prior to year end.
| List of any customer deposits for which funds are received before year end, but work not done nor billed until after year end.
| List of inventory of consumable or resaleable items valued at lower of cost and net realizable value.
Please count your inventory and provide us a costed list to support your total.
| List of insurance policy amounts and dates of expiry.
| Invoices on capital assets additions or disposals - land, buildings, automotive or equipment over $ 2,000 each.
| List of accounts payable - amounts owed by the company to suppliers for work done prior to year end but not paid until after the year end.
Also include items such as phone bills, payroll deductions, Visa and utility bills.
If a manual list, would you also please indicate what the payable is owed for and split between the expense and GST.
| Please also bring in your last GST form ONLY.
| Bring in your company's Notice of Assessment from each of the Federal and Provincial income tax departments and,
if you are making instalments, your last instalment slip. Also, please bring in at least one BLANK Federal instalment form.
| Bring in all new finance contracts, loan agreements or lease agreements.
| Note any payments made by shareholders for the company or to the company.
| List of any extraordinary items, commitments, contingencies or material subsequent events or environmental problems.
| Copy of management payroll journals for current and prior year.
| Separate total of meals and entertainment, golf dues or fees, and any fines/penalties paid during the year.
| Are there taxable employee benefits to report - i.e.: personal use by shareholders/employees of company vehicles?
| Please bring in only details of changes to your Corporate Minute Book. Ensure we are listed as accountants, not auditors.
PERSONAL TAX RETURN CHECKLIST
Your personal tax labels.
Copies of any assessment/reassessment notices you have received during the year.
Information regarding change of name, address, marital status and/or dependants during the year;
Any new social insurance numbers for your family members;
Income for dependants for the year;
Tuition and Education Deduction slips (form T2202A) for dependants transferring their deductions to you signed by the dependant on the back where shown;
Support payments to separated or ex-spouses and a breakdown between child support and spousal support paid;
Payments made for other dependant relatives.
Employment Income - T4;
Investment Income - T5;
Trust Income (usually mutual funds) - T3 (Careful: These do not have to be mailed to you until March 31);
Canada Pension Plan - T4A(P);
Old Age Security - T4A(OAS);
Alberta Seniors Benefit - T5007;
Annuity Income - T4A;
RRSP withdrawals - T4RSP;
RIF withdrawals - T4RIF;
Other Pension Income - T4A;
Canada Savings Bonds - T5 or T600;
Universal Child Care Benefits - RC62;
Other Income (honorarium, patronage allocations, directors' fees, etc.) - T4A.
SELF-EMPLOYED INCOME (e.g. Business and Farm)
Income and expenses for the year;
Copies of invoices for capital assets (equipment) additions and sales;
For farmers, market value of farm inventory on hand at year end (e.g. animals, feed supplies, fertilizer, gas, etc.);
For farmers, details of purchased inventory on hand at year end (i.e. description, registered or not for cattle, year purchased and original cost);
For business - cost of consumable inventory on hand;
For business - list of accounts receivable and accounts payable at year end.
OTHER INCOME NOT INCLUDED ABOVE
Information on such. This would include income from items listed in #3 for which no information slip was received.
Cost including commission;
Commission paid on sale.
REGISTERED RETIREMENT SAVINGS PLAN
Slip regarding required repayment if you withdrew funds under the RRSP Home Buyers Plan;
RRSP contribution slips including contributions to March 1.
Child care expenses - include name, address and SIN of daycare or caregiver;
Moving expenses - including cost to sell old house, and legal fees to acquire new house, also any reimbursement of your moving expenses by your employer;
Interest paid on student loans;
Tuition and education amounts for yourself or your spouse (Form T2202A);
Employment Insurance repaid;
Safety deposit box fees;
Interest on loans for investment purposes;
Government student loan interest receipts;
Slips for instalment payments made for the current taxation year.
Did you own foreign property at any time in the year with a total cost of more than $100,000 CDN? If so, please provide details of these investments.