As the year wraps up, Canadian small business owners face more than holiday rushes—you’re also racing the clock to close your books, file taxes, and plan ahead. If you wait till January, it might be too late to fix financial blind spots or claim valuable tax deductions.

That’s why we created this easy-to-follow, action-packed year-end checklist. It helps you simplify, organize, and make smart decisions now—so you start the new year strong.

1. Reconcile All Accounts

Make sure your books match your bank statements. This includes business bank accounts, credit cards, and payment platforms (e.g., PayPal or Stripe).

✅ Why it matters: Clean records reduce audit risk and help you make informed business decisions.

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2. Review Your Financial Statements

Analyze your income statement, balance sheet, and cash flow report. What were your biggest expenses? Where did your profits come from?

✅ Pro tip: Use this insight to cut waste and double down on what’s working.

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3. Organize Receipts & Records

Group and label all receipts, invoices, and expense records. Use cloud software or apps to make future audits and tax filings painless.

📂 CRA requires you to keep these for 6 years—don’t take chances.

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4. Assess Accounts Receivable & Payable

Follow up on unpaid invoices and settle any outstanding bills. Clean books = happy clients, vendors, and a healthier cash flow.

💡 Send polite reminders to clients now, before the holiday season distraction hits.

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5. Check Payroll Compliance

Verify that your payroll remittances are up to date with CRA. Double-check employee T4s and contractor T5018s if applicable.

💼 Avoid penalties. Ensure year-end bonuses, deductions, and reports are accurate.

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6. Review Tax Deductions & Credits

Take full advantage of allowable business deductions—home office, vehicle use, meals, capital assets, and more.

🧾 Haven’t claimed all you’re entitled to? We can help you find every legal saving.

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7. Purchase Before Year-End (If Needed)

Need to upgrade your laptop or office equipment? Buy it before Dec 31 to claim capital cost allowance (CCA) this tax year.

💸 Invest wisely now to save more at tax time.

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8. Meet with Your Accountant

Schedule a strategic year-end review with your accountant. Talk about tax planning, profit strategies, and 2025 goals.

🔍 Don’t wait till tax season. Book your free consultation with FANS Accounting today—we’ll help you end strong and grow smart.

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🚀 What Happens If You Ignore This?

• Missed deductions = lost money
• Messy records = CRA audits
• Poor planning = cash flow problems
• No strategy = slow or stalled growth

Don’t let that be your story.

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🎁 Your Next Step.

📅 Book Your Free Year-End Strategy Call
Let us simplify your books, find tax savings, and position your business for a powerful 2025.

👉 Click here to schedule now – it takes less than 15 seconds.

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🧠 Final Thoughts

Year-end isn’t just about closing the books. It’s about unlocking clarity, control, and confidence in your business. This checklist isn’t theory—it’s a proven path to less stress, fewer taxes, and smarter planning.

At FANS Accounting Services, we’re not just bookkeepers or tax experts—we’re your strategic partners. And we’re ready when you are.