Most tax penalties and accounting headaches come from the same thing: work left until the deadline. This checklist spreads the work over the year so nothing piles up.

Every week

  • Photograph or forward receipts as you get them, and store them in one place.
  • Send invoices as soon as the work is done, with your GST and QST numbers on them if you're registered.
  • Pay business expenses from the business account only.

Every month

  • Reconcile your bank and credit card accounts with your accounting software.
  • Follow up on unpaid invoices older than 30 days.
  • Remit payroll source deductions on time, if you have employees.
  • Look at your profit and loss: is the month in line with what you expected?
  • Set aside money for income tax and for the GST/QST you collected: it isn't yours to spend.

Every quarter

  • File your GST/QST return if you're on a quarterly schedule.
  • Pay tax instalments if you've been asked to.
  • Compare your revenue with the $30,000 small supplier threshold if you aren't registered for GST/QST yet.
  • Review your cash flow for the next three months: big expenses, slow seasons, tax payments.

Every year

  • By the end of February: T4/RL-1 slips for employees and T5/RL-3 slips for dividends.
  • April 30: personal returns and balance owing; June 15 filing deadline for the self-employed.
  • Within six months of your fiscal year-end: the T2 and CO-17 for a corporation (balance due earlier, generally two or three months after year-end).
  • The annual declaration with the CNESST if you have employees, and the annual update with the Registraire des entreprises for a corporation.
  • Before your year-end: decide on salary vs. dividends, bonuses and equipment purchases. See our guide to tax planning for small corporations.

Habits that save money

  • Use accounting software connected to your bank, such as QuickBooks Online.
  • Keep a vehicle logbook if you use your car for business.
  • Keep records for six years.
  • Ask before big decisions, like buying a vehicle, hiring or incorporating, not after.

Or hand it over

Our full accounting package (from $250 per month) covers the monthly bookkeeping, GST/QST returns and year-end, so this calendar is handled for you. See our prices or ask for a fixed quote.

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