Year-End Checklist for Small Business Owners in Canada
As the year ends, Quebec small business owners need to stay on top of payroll, tax filings, inventory, and record keeping to avoid penalties and ensure smooth operations. A&S Financials supports businesses with expert guidance on payroll, GST/QST, inventory reviews, and audit preparation, helping you close the year confidently and start the next one on the right track.
As the year comes to a close, small business owners—whether running salons, restaurants, or retail operations across Quebec—face crucial administrative tasks. From payroll finalization to sales tax reconciliation, staying organized now prevents headaches later.
Payroll and Year-End Slips
Ensure employee details are accurate and payroll amounts—regular wages, bonuses, taxable benefits—are properly recorded (CRA Payroll Guide). File T4 slips federally and RL-1 slips provincially (Revenu Québec RL-1). Missing deadlines can trigger penalties, so review carefully.
GST/QST Reconciliation
Confirm that GST and QST collected matches records and that input tax credits (ITCs) are applied correctly. Filing frequency may vary, so ensure you’re compliant and up to date.
Inventory, Receivables, and Payables
Conduct a year-end inventory count to ensure accurate financial statements. Review receivables for uncollected payments and payables for outstanding obligations. Proper documentation supports deductions and prevents errors.
Record Keeping
Organize statements, sales reports, payroll summaries, tax filings, and contracts. Keep digital copies clear and accessible for CRA and Revenu Québec reviews (Record Keeping Guide). Separate business and personal transactions to simplify reporting and future audits.
How A&S Financials Helps
Our CPA-led teams assist small business owners across Quebec and Canada with payroll, GST/QST filings, inventory and expense reviews, and audit support. We offer in-person consultations in Montreal or virtual services nationwide.
Start the New Year Right
A structured year-end process protects cash flow, reduces stress, and sets your business up for success. With A&S Financials, close your year with confidence and clarity.