Bookkeeping doesn't have to be complicated
Straightforward guidance on organizing receipts, tracking expenses, invoicing clients, and preparing for tax season—written for small business owners in Canada.
Core Topics
The essentials of small business bookkeeping
Whether you run a sole proprietorship or a small corporation, these fundamentals apply.
Receipt Organization
Consistent filing habits prevent year-end scrambles. The CRA generally requires you to keep supporting documents for six years from the end of the tax year they relate to.
Expense Tracking
Separating personal and business expenses is foundational. A dedicated business bank account and credit card make tracking straightforward and defensible during an audit.
Invoicing Clients
Invoices serve as the primary record of revenue. They should include your business name, HST/GST number if registered, a unique invoice number, and itemized services or goods.
Tax Season Prep
Canadian small businesses report income on a T1 (sole proprietors) or T2 (corporations). Preparing throughout the year rather than in a rush reduces errors and stress.
GST/HST Basics
Once annual revenues exceed $30,000, most businesses must register for GST/HST. Understanding input tax credits (ITCs) ensures you reclaim tax paid on business expenses.
Record Retention
The CRA expects records kept for six years. Digital records are accepted, provided they are stored in a readable format and backed up reliably.
Articles
In-depth guides
Practical articles with specific examples from Canadian bookkeeping practice.
How to Organize Receipts for Your Small Business
A step-by-step system for capturing, categorizing, and storing business receipts throughout the year so nothing falls through the cracks at tax time.
Tracking Business Expenses in Canada: A Practical Guide
From choosing a tracking method to understanding which expenses are deductible, this guide covers the mechanics of expense management for Canadian sole proprietors and small corporations.
Preparing for Tax Season as a Canadian Small Business Owner
A month-by-month checklist approach to tax preparation, covering filing deadlines, required forms, and the documentation the CRA expects.
Quick Reference
Key Canadian tax dates for small businesses
Sole Proprietors
- April 30 — Balance of taxes owing due
- June 15 — T1 filing deadline (with self-employment income)
- Quarterly — Instalment payments (if required)
- Monthly/Quarterly — GST/HST remittances
Canadian Controlled Private Corporations
- 6 months after fiscal year-end — T2 filing deadline
- 2 or 3 months after year-end — Balance of corporate tax due
- Monthly/Quarterly — Payroll remittances (if applicable)
- Monthly/Quarterly — GST/HST remittances
Dates are general references based on CRA guidelines. Always verify current deadlines at canada.ca.
Contact
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