1 / Reconcile every account

Bank accounts, credit cards, loans and payment apps like PayPal or Square should all match their statements at your year-end date.

2 / Check who owes you and who you owe

List what customers still owe you and what bills you haven't paid, as of your year-end date. Anything old that you don't expect to collect is worth a conversation before the books close.

3 / Gather receipts and records

Pull together anything that isn't on a bank statement, like cash purchases, mileage, home office costs and receipts for large purchases.

4 / Confirm payroll and source deductions

Check that CPP, EI and income tax deductions have been remitted to CRA and match your payroll reports, and that T4s are ready to go.

5 / Check your GST/HST and other filings

Make sure your GST/HST, PST and any other returns are filed up to date, and that the amounts match what's in your books.

6 / Review loans and owner transactions

Gather loan statements and note any money you put into the business or took out personally, including shareholder loans, so they're recorded correctly.

7 / Hand it to your accountant

Once everything above is in order, your accountant gets clean books and answers to their questions, so tax time stays quick and calm.