What Documents are Needed for Tax Season: The Ultimate Checklist for Small Business Owners
- Emily Mason
- Feb 4
- 3 min read
Facing tax season without knowing the financial documents you need is like showing up to a potluck without knowing what dish to bring — you're unprepared, and it leaves everyone scrambling to fill in the gaps. To ensure that your tax prep isn’t a recipe for disaster, you need to be aware of the required documents and organize them early. But what documents do you need for tax season as a small business owner? Keep reading as we review a checklist of all the documents, records, forms and files you need for the upcoming tax season.
1) Business Records ✅
First, you will need to organize your business records. This includes documents or data created, received and maintained by an organization as evidence of its business activities, transactions, or decisions. This includes:
Deposit slips
Bank statements
Business credit card statements
Business income records
Sales invoices
Receipts
Bank deposit slips
Fee statements
Contracts
Loan agreements and year-end balance statements
Detailed year-end inventory listing
Receipts on capital purchases or sales in 2024
2) Employee or Subcontractor Files ✅
If you have employees or subcontractors, you will need to collect the documents and records related to their work. This includes:
T4SUM: Summary of remuneration paid
Worker’s compensation payments or benefits
Payroll, source deductions and taxable benefits for employees
If you make payments to subcontractors (construction only)
T5018: statement of contract payments
3) Tax Slips ✅
Next, you will need to gather your tax slips. This includes official documents issued to businesses that summarize income earned, deductions, or other relevant tax-related information for a specific tax year. This includes:
2024 tax return(s)
T1, T2125
2024 notice(s) of assessment
CRA correspondence received throughout the year
Instalment payments made for income tax, GST/HST/PST and payroll
T4: Statement of remuneration paid
If you’re in a partnership, also include:
T5013: Partnership information return
4) Incorporated Business Records ✅
If your business is incorporated, you will also need to gather documents that pertain specifically to your business being legally incorporated. This includes:
T2: Incorporation income tax return for 2024
Shareholder transactions and dividends
T2 financial statements
T5SUM: Return of investment income
Articles of incorporation
Annual registry return
5) Investment information ✅
You will also need to retrieve the records that detail the financial investments held by your business. This includes:
T3 slips
T5 slips
T5008 Statement of security transactions
Stock purchases and sales invoices
6) Personal receipts (T1 only) ✅
Lastly, you will need to collect your personal receipts or documentation that are specifically used to support claims on your T1 tax return. This includes:
Receipts for eligible medical expenses
Receipts for charitable donations
Tuition or educational expenses
Interest paid on student loans
Childcare expenses
Moving expenses
Tax season is a highly stressful time for small business owners but with this checklist you can simplify the process. That said, although this checklist is useful, every business is different and depending on the industry and structure of your business you may require different documents for tax season. What if we told you there are experts available to help you organize your documents and ensure compliance with the rules and regulations of your area? Our consultants are here to support you! Here at STEPS, we offer small business bookkeeping services and can help you get ready for the upcoming tax season. To learn more, visit our bookkeeping tab or reach out to us on our contact page.
Comments