Business Taxes

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.