Year-End Corporate Tax Prep Checklist (BC)

Preparing for the corporate year-end can feel overwhelming, especially when you’re running a small business.

This checklist walks BC corporations through every key step of year-end tax prep, from reconciling accounts to gathering deductible expenses to help you stay organized, avoid penalties, and make tax season easier for both you and your accountant.

What’s in this Checklist

Step-by-step tasks to prepare your corporate year-end
Key records and receipts to gather before filing
Tips to stay organized and avoid CRA penalties
A clear, ready-to-use checklist for small BC corporations
Essential year-end tasks to help small corporations prepare accurate filings and stay CRA-compliant.

1. General Year-End Preparation

Confirm your corporation’s fiscal year-end date
Review accounting software (e.g., QuickBooks Online) for up-to-date reconciliations
Back up your accounting data and digital records
Confirm all invoices and bills have been entered and categorized
Record any outstanding deposits or unbilled revenue

2. Bank, Credit Card & Loan Reconciliations

Reconcile all bank and credit card accounts to the latest statements
Verify business loan and line-of-credit balances
Record any interest expense and ensure amortization schedules are current
Identify and explain any unreconciled transactions

3. Payroll & Shareholder Transactions

Reconcile payroll records with CRA remittances (CPP, EI, and income tax)
Review shareholder advances, loans, and repayments
Ensure all dividends and bonuses are recorded before year-end cutoff
Prepare T4 and T5 slips as required

4. Fixed Assets & Depreciation

Review purchases and disposals of equipment, vehicles, or property
Update your fixed asset register
Calculate depreciation (CCA) for the fiscal year
Gather receipts and invoices for any new capital assets

5. Expenses & Deductions

Review deductible expenses such as insurance, interest, and professional fees
Confirm all recurring subscriptions, utilities, and software costs are recorded
Verify business use % for home office, vehicle, or cell phone expenses
Identify any prepaid expenses or accrual adjustments

6. Taxes & Compliance

Review GST/PST filings for the year for completeness
Confirm corporate income tax installments are up to date
Note any CRA correspondence or balance owing
Gather prior-year Notice of Assessment and corporate tax returns
Verify registered business numbers (BN, GST, Payroll, WorksafeBC)

7. Financial Statements & Review

Prepare draft income statement and balance sheet
Compare results to prior year for major variances
Note any significant one-time transactions
Flag any questions for your accountant or advisor

8. Ready for Your Accountant

Save a year-end folder with all reconciliations, reports, and receipts. Include copies of: Trial balance, General ledger, Bank statements (final month), Loan statements, payroll summaries, and asset register
Share secure access or upload files for your accountant

Optional: Year-End Planning

Schedule a review call with your accountant for tax planning
Discuss dividends vs. salary mix for next year
Set reminders for corporate filing deadlines (T2 return, annual report, GST, etc.)

Review your checklist with your accountant to confirm everything is complete.

Need help preparing or filing your corporate return?
Contact Purpose CPA for year-end support and tax planning tailored to BC businesses:

[email protected]
604-800-7570
www.purposecpa.ca

Purpose CPA are Quickbooks Certified ProAdvisors.

We’re a QuickBooks Online-first firm by choice. It’s the platform we trust most for accurate reporting and smoother workflows. This Resources hub was created with support from Intuit.

Year-End Corporate Tax Prep Checklist BC Edition