There are some things you can do throughout the year to be better prepared for your accountant when the time comes to prepare your year end file. This can save that long list of items to deal with at what always seems to be the worst time.

Here is a good place to start.

  • Create a Year End Documents Folder. In this folder you want to have separatecopies of all asset purchaseinvoices, lease agreements, details and terms of any long term debt that is recorded on the balance sheet for the fiscal year.
  • At the end of the year you can add copies of all your reconciliations (bank, credit card accounts) including any statements pertaining to long term debt.
  • You will also need your most recent GST/HST return and CRA source deductions statement (if you had any payroll).
  • You can also add your prior year’s Notice of Assessment for taxes filed if you have not already sent that to your accountant.

If you do this throughout the year than you won’t have a list of items to source and locate, copy, package and deliver to your accountant.