Introduction

Tax season doesn’t have to be stressful if your books are in order. Whether you’re a small business or a freelancer, following a structured checklist can make filing taxes easier and faster.

1. Reconcile All Bank Accounts

Match your books with bank statements to ensure no transactions are missed or duplicated.

2. Categorize All Income and Expenses

Proper categorization helps you understand profitability and makes it easier to file taxes accurately.

3. Review Accounts Receivable and Payable

• Follow up on unpaid invoices
• Pay outstanding bills before year-end where possible
• Record any bad debts

4. Check GST/HST Filings

Ensure all filings are accurate and up to date. Late or incorrect submissions can lead to CRA penalties.

5. Prepare Financial Statements

Having a balance sheet, income statement, and cash flow statement ready ensures a smoother tax filing process.

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Not sure if your books are ready for tax season? ML Financials can review, organize, and prepare your year-end accounts — book a consultation today!