The 2023 Year-End Compliance Checklist for Canadian Accountants and Bookkeepers

November 15, 2023

Community Manager

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!

Do you have any other tips on navigating the 2023 year-end season that could be helpful for our members? Share them in the comments section!

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