Important details business owners need to send their accountants every year

Being an entrepreneur often means that you are responsible for more than just the delivery of your services or products. From marketing to administration, work that is typically handled by multiple people frequently falls to you, the business owner. This is especially true when you’ve just launched your business or are initially growing your company.

With so much on your plate, staying on top of responsibilities outside of your day-to-day can feel overwhelming, especially those that deal with your finances and corporate compliance.

In this article, we’ll share 7 important items to send to your accountant annually, so you can feel confident about what you need to provide for your T2 filing each year.

7 key things to send to your accountant annually for your corporate filing

1) Introductions to your team of advisors

If you work with other professionals who also support your business or personal finances, it’s always a good idea to connect your accountant with these individuals as soon as possible. If you’ve already connected your accountant with some of your advisors, it never hurts to confirm that you are still working with those same individuals.

A few examples of professionals to consider connecting your accountant with include:

• Payroll providers for salary details
• Financial advisors for information about your investments
• Lawyers for details about any legal and accounting cross-work

At Loren Nancke, we work with your team of advisors as part of our financial serenity approach, an integrated service model which seeks to help you gain more clarity and control by aligning all areas of your financial life.

2) Access to your bookkeeping records

If you prepare your own bookkeeping or if you work with an independent bookkeeper, you should send your records to your accountant. Below are a few different ways to share this information, depending on how you keep track of your bookkeeping:

• Online software: Provide access to the digital platform that you use
• Desktop program: Download and send a copy of your data file

If neither of these options are available to you, it’s possible to substitute the above with printed year-end reports. That said, it’s important to note that printed year-ends do not always tell the whole financial story. Therefore, it’s likely that your accountant will prefer one of the other methods of recording sharing.

3) Incorporation or corporate registry information

If this is your first time filing taxes for your business or if you haven’t worked with your accountant before, it’s important that you send through your incorporation or corporate registry information. These records can shine a light on how to distribute funds from the company or expand and refine tax planning between the company and the shareholders.

4) Annual corporate registry receipt

Your accountant will need to verify that your company has not been struck from the provincial or federal corporate registries to properly file any tax returns. Your annual corporate registry receipt provides this information.

5) Bank and credit card statements

If your accountant is preparing your annual bookkeeping, they will need to see all the transactions for the year. If they are preparing your financial statements, they will also need to see the final statement for the fiscal period to verify the balances on the books.

6) Tax documents and letters from the CRA

The Canada Revenue Agency (CRA) sends out a lot of information through a combination of mail and online distribution.

Gather everything you have received throughout the previous calendar year and send it to your accountant. They can look through the records to determine which notices are for information purposes and which ones might require action.

7) Access to your online CRA My Business Account

Providing your accountant with access to your CRA My Business Account will help facilitate many filings via direct online submission. It will also allow your accountant to verify your book balance records against the CRA’s posted account values.

Most importantly, access to this account will allow your accountant to speak to CRA agents on your behalf if needed, so that you can remain focused on your business.

Find out how Loren Nancke can support your finances

We’re known for our smart, straightforward corporate tax and accounting services, as well as our expertise in wealth, legacy and estate planning. Our ultimate goal is to support you on your journey to what we like to call financial serenity by bringing all aspects of your financial life together.

Get in touch with our CPA firm to learn more about how we can support you and your financial goals.

By Jacob van Gaalen

Jacob Van Gaalen, CPA, BBA, is an Associate with Loren Nancke. As a senior accountant with a background in Business and IT Administration, he uses his experience to mentor and train the up-and-coming accountants at the firm.

Learn more about Jacob and the rest of our team.