Business Taxes Tel: 514-562-9971 email: email@example.com
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)
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.