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Yearly totals needed to prepare a business/commission tax return
If you are not sure about any items, please call us at 905-634-5605, From Toronto and the GTA call 905-330-9609
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Name of business
Total income for the calendar year 2009
Purchases of goods and materials if you resell them as part of your business
If you sell goods, inventory value on January, 1 2009 and on December 31, 2009
Amounts paid to a subcontractor
Advertising
Meals and Entertainment (write on the back of the receipt the name of the person you invited)
Bad Debts - amounts that you do not expect to ever collect
Insurance (liability and disability, life insurance is not allowed)
Interest on money borrowed to run the business (get a statement from the bank)
Business taxes paid to local municipalities, fees, licenses, dues,
Business related memberships and subscriptions
Office expenses (including, postage, business cards, stationery, telephone and other supplies)
Supplies under $ 500 for any one item.
Accounting (for example,
Burlington Tax Services
) legal, collection and consulting expenses
Rent (if you had a store or if you rented a locker in 2009)
Maintenance and Repairs, Leases of equipment, computers, etc.
Salaries (including the employer's contribution to CPP/QPP, EI, EHT, etc.)
Travel expenses such as taxi, trains, airlines, car rental, buses and hotels
Business Telephones (you are not allow to deduct the phone line in your home), cellular phones, pagers, etc.
Other expenses such as utilities in your store, etc.
Purchases of any supplies over $ 500 each such as computers, printers, furniture, software, etc.
Delivery, freight and express, couriers
Equipment rental
Internet
Bank charges, credit card charges
Training
Conferences and Meetings
Equipment rental
Storage
Premiums paid for coverage under a private health services plan
Car mileage (it is very important to keep a daily log of business and personal mileage)
How much you spent in gasoline in 2009
Car repairs
Car Insurance
Leasing costs if you do not own a car
How much to spent to buy your car and in which year (if car is not leased)
Car License
Automobile Club
Parking fees
If you borrowed money to buy the car, how much interest did you pay the bank (the bank will let you know if you ask them)
If you have an office in the house:
How much did you spend to heat the house in 2009 ?
Electricity for 2009
House insurance
House maintenance such as painting, house repairs, etc.
Interest on the mortgage (the bank should have sent you a statement in January 2010)
Property taxes on the house
Other expenses, for example cable TV if you have a daycare business
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