Excel Spreadsheet for Your Business Income/Loss

Business Income

Total income
GST for the year and copy of returns
Any accounts receivable at year-end? Are these amounts included in total?
​Any accounts receivable for prior year? Are these included in total?

​Business Expenses
Meals/entertainment – is amount at 50%, was GST only claimed at 50%?
Any asset additions (computers, equipment, tools, furniture, or vehicles) during the year?
Bank charges
Business use of vehicle (Proportion business usage, total KM for year, gas, insurance, repairs, car wash, BCAA)
Office in home (Area of home, Portion for business, Insurance, Repairs, Interest, Property Tax, Hydro, Water/Sewer/Garbage, Heat)
Inventory (Ending balance details/Purchases/Opening balance)
Travel – Does this contain meals?  If so needs to be segregated.
Bad Debts (Are amounts included in sales?)
Wages (Have benefits been included in T-4’s )
Subcontract (Construction – Has T5018 been completed for contractors)
Dues, fees and  licenses
Telephone and utilities

Note: If your expense category is not listed here it is likely not on the tax return schedule and will require additional time to categorize.

Any amounts at year-end that have been billed (Relate to 2020) but not yet paid? (Are they included in totals)
​ Any amounts at prior year-end that were paid in current year but related to 2019? (Are they included in totals)