Business Taxes Tel: 514-562-9971 email: info@sostax.ca
To do your Business taxes all your BUSINESS INCOME & EXPENSES have to be determined.
Business Income- For the period January- December - Break down revenues by source
- Do not include GST/PST if you are a GST/PST registrant
- Include any interest earned in your business, if not on a T5
- Include any fee’s charged to customers for NSF fee’s
- Include and reimbursed expenses such as utilities, motor vehicle mileage, meals
Business Expenses - required information - Accounting and Legal (Statement of accounts/invoices)
- Advertising (Receipts)
- Business meals (Receipts with names and business nature noted)
- Business Taxes (Business tax statement)
- Bank charges (Summary from bank statements)
- Bank loan interest (Loan statement, terms or letter from bank)
- Convention expenses (Receipts, explanation of business purpose and summary of meals included in cost or number of days at convention)
- Dues, fees from business related organizations
- Motor vehicle-Log of business usage and total usage of each automobile used in the business and receipts of gas & oil and receipts for any repairs to the motor vehicle and registration and insurance costs. Any lease agreement
- Office supplies and other office expenses (Receipts)
- Telephone, cable, internet connections (Statements and percentage used for business)
- Other in home office costs: -Rent, Repairs, Insurance
- State size of office area and total sq footage. Property tax assessment. Rental or lease agreement. Receipts and nature of repair to business. Insurance statement.
- Purchases goods for resale (Receipts, also include cost of ending inventory of the goods at year end.
- Capital additions.
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