Requirements for Small Business and Rental Property Tax Returns:

GST Number if applicable

You should know your Income for the year.

• Expenses must be categorized and preferably totaled.
• Purchases over $100 depending on the item in question should be shown separately, bring receipts.
• Interest on Mortgage or Business Loans
• Cost of repairs (e.g. replacing a broken window; a new furnace would not be a repair)
• Insurance (excluding Auto)
• Property taxes
• Utilities
• Wages paid
• Clothing (applies only to Entertainers or those requiring special uniforms e.g. Mechanics)
• Other expenses

Vehicle expenses (if driving is involved in your business)

• Car Insurance
• Value of vehicle if leasing, or newly purchased
• Interest on car loan payments
• parking fees and tickets
• repairs and maintenance (tune ups)
• Gas and Oil
• distance traveled for business and for the year

NOTE: If your rental property is also your residence, or you operate your business from your residence, I will need to know the area used for both.  For example, you lease two rooms out of five, or if you know the exact area used (e.g. 1250 sq. ft out of 3000 sq. ft) that is better.  The latter is the preferred method used by Canada Revenue Agency.

A GST number is required for most businesses (excluding residential rental property) if your gross income exceeds $30,000. 

Guerin Financial Services

Toronto, Canada