![](https://hcmdialogue.ca/wp-content/uploads/2023/11/EN_The-2023-Year-End-Compliance-Checklist-for-Canadian-Accountants-and-Bookkeepers.jpg)
As 2023 comes to a close, Canadian accountants and bookkeepers have their work cut out for them. From tax filings to financial statements, the year-end is a busy period that requires meticulous planning and execution. The 17th Floor compiled a comprehensive checklist with links to essential resources to make things easier.
Income Tax Preparation
1. T4 and T5 Preparation
What: Prepare T4 slips for employees and T5 slips for contractors.
Deadline: Last business day of February 2024.
Where to Go: CRA's My Business Account
2. Corporate Tax Returns
What: File T2 Corporate Income Tax Returns for corporations.
Deadline: Six months after the fiscal year-end.
Where to Go: CRA's Corporation Internet Filing
Payroll Compliance
3. Reconcile Payroll
What: Reconcile payroll amounts, contributions, and withholding taxes.
Deadline: Last payroll of December 2023.
Where to Go: Your payroll software or CRA’s Payroll Deductions Online Calculator
4. ROE (Record of Employment)
What: Issue ROE for employees who have left or will leave the company.
Deadline: Five days after the employee's last day.
Where to Go: Service Canada’s ROE Web
Financial Reporting
5. Year-End Financial Statements
What: Prepare financial statements, including balance sheets, income statements, and cash flow statements.
Deadline: Dependent on corporate by-laws or partnership agreements.
Where to Go: In-house accounting software or an external auditor.
6. GST/HST Returns
What: File annual GST/HST returns for the fiscal year.
Deadline: Depends on your assigned filing frequency.
Where to Go: CRA’s My Business Account
Compliance Audits
7. Internal Audit
What: Conduct internal financial and compliance audits.
Deadline: Before the corporate tax return deadline.
Where to Go: In-house or third-party audit firms.
8. Records Management
What: Ensure all financial records are accurate, complete, and securely stored.
Deadline: Ongoing.
Where to Go: In-house record-keeping system.
Provincial Regulations
9. Provincial Tax Filings
What: File provincial taxes relevant to your jurisdiction.
Deadline: Varies by province.
Where to Go: Provincial revenue agency websites.
10. WorkSafe or WSIB Filings
What: File annual workplace safety insurance forms.
Deadline: Varies by province.
Where to Go: Provincial WorkSafe or WSIB websites.
As regulations can change, it’s crucial to stay updated by consulting the respective government websites and professional advisory services.
Happy year-end closing!
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6 Comments
Great checklist! Lots to keep in mind.
10 months agoReady or not, Year is coming! Thanks for this checklist to help us keep on track!
10 months ago*Year End is coming 😉
10 months agoThanks for the comments! We need to get prepared 😁
10 months agoVery comprehensive and a lot of work, but does not have to stressful if monthly is being done efficiently
10 months agoYou’re right, Nadera!
10 months ago