Expenses – copies of receipts and/or cheque stubs (try to get actual receipts to go with credit card and debit receipts). Separate into categories eg. supplies, office expenses, vehicle expenses, casual labour, etc.

- Advertising (can include trade show expenses)

- Bank charges, interest, credit card fees

- Bus taxes, licenses, fees, subscriptions, dues.

- Cost of goods (materials, stock, samples, returns)

- Office (delivery, freight, postage, photocopies, forms, cheques)

- Promotion and entertainment (meals, gifts…these will be a 50% deduction on taxes)

- Promotion 100% ( 5 events/yr, all staff, clients invited, eg> xmas, stampede, open house)

- Professional Fees (legal, accounting, coaching)

- Travel (anything incurred over 40 kms from home base, except vehicle expenses..see below)

- Telephone (cell, pager, long distance, email..not home phone basic charges)

- Wages (casual, contract labour expenses)

Vehicle expenses – GET A MILAGE READING AS OF DEC 31 and this will be the beginning reading for the following year. Determine business use of vehicle by kilometer log kept vs. personal use. Split vehicle expenses into categories.

- Oil and gas

- Repairs and maintenance

- Licenses and registration

- Insurance (can be determined from bank statements.)

- Lease payments if applicable

- Interest payments if paying on a vehicle loan (can get these figures from the bank)

Home expenses – separate into categories and determine percentage of business use of home (eg 20% average). Submit full amount of home expenses and the percentage will determine the business use percentage.

- rent (if paid, less GST)

- insurance (can get figures from bank statements)

- utilities

- telephone – long distance and features only.

- if home is owned get statement from bank for the following:

-mortgage interest

-property taxes

- repairs and maintenance to the home that affect the home office areas.

- Condo fees

- Security

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PERSONAL RECEIPTS

• RRSP’S  – get hold of me BEFORE Feb 28 to find out if RRSP’s are necessary and how much - provide receipts from bank for contributions or withdrawals.
• T’4. T’4E, T’5 etc. - if you worked at all for anyone, wait for T-4 , if you received benefits(eg EI) wait for receipts.
• Receipt for interest paid on student loans
• Medical receipts for entire family
• Stock Summary of Transactions
• Transit Tickets for entire family
• Day care and Child Fitness receipts
• Public Transit passes for entire family
• Last years tax assessment from Revenue Canada

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