Who this is for
Owner-managed corporations of any size: a one-person consulting company, a PREC, a trucking company, a restaurant, a shop. The list is the same; the volume differs.
The ten records
-
Bank statements for every company account, for the full fiscal year. Including accounts that were barely used.
-
Credit card statements for any card used for the business. If a personal card was used, the statements for those months with the business items marked.
-
Sales records. Invoices issued, point-of-sale summaries, platform payout reports, commission statements from a brokerage or carrier.
-
Expense receipts, or the bookkeeping file that holds them. Receipts, not just card statements, for anything over a small amount.
-
Payroll records and remittance confirmations. Pay records, the T4 summary, and proof each remittance went in on time.
-
GST returns filed and payments made. The filed returns and the confirmation numbers.
-
A list of money between you and the company. Every deposit from you and every payment to you, with what it was: loan, share purchase, salary, dividend, repayment, personal expense.
-
Equipment, vehicles and property bought or sold. Invoices with dates and prices. These drive depreciation and any recapture.
-
Loan and lease statements, including balances at year end.
-
Last year’s T2 and Notice of Assessment, the BC annual report confirmation, and the minute book. The minute book should hold any resolutions passed in the year, such as salary or dividend declarations.
One thing many people do not realize
The six-year rule runs from the end of the tax year the records relate to, not from the date you created them. Records for a year that ended in June 2026 must be kept until mid-2032. And some records last longer. Anything that supports the cost of property the company still owns is needed until six years after the year that property is sold.
What to prepare
Bring all ten, in any order. If the books are not up to date, bring items 1 to 4 and we start there. Say so when you call so the fee covers both the catch-up and the return.
When professional help may make sense
Owner transactions not recorded as they happened. Missed payroll or GST filings. Property bought or sold in the year. Those parts need attention before the return is prepared, not after.
How Rex Tax may be able to help
We prepare T2 returns and bring books up to date first when needed. Our corporate year-end checklist guide goes into more detail on each item.
Official sources
This guide is general information, not advice about your situation. It reflects the rules for the 2026 tax year. It has not yet been reviewed by a practitioner. The information was checked against the official sources listed above on the date shown. Rules change. Check the official sources above or ask us. How we prepare these guides.