Corporate Tax Return Checklist for Alberta Businesses

Before you start

Your corporate tax returns are built from your year-end financial statements, so the checklist starts with your books. For an overview of the full process and deadlines, see What Happens at a Corporate Year-End in Alberta?

1. Corporate information

• Articles of incorporation and any amendments (for a new client or first year)
• Business Number and CRA program accounts (corporate income tax, GST, payroll)
• Alberta corporate account number for AT1 filing
• Current list of directors and shareholders, with share ownership
• Any changes in ownership or control during the year
• Details of associated or related corporations
• Last year's T2, AT1, financial statements and notices of assessment

2. Books and bank records

• Accounting file or general ledger for the full year
• Bank and credit card statements for every account, including the month after year-end
• Bank reconciliations for each account at year-end
• Loan and line of credit statements showing year-end balances and interest paid
• Investment account statements, if the corporation holds investments

3. Revenue and receivables

• Sales records and invoices
• List of unpaid customer invoices at year-end
• Deposits or advance payments received for work not yet done
• Any government grants, subsidies or assistance received

4. Expenses and payables

• Receipts and invoices supporting expenses
• List of unpaid supplier bills at year-end
• Prepaid expenses such as insurance or annual subscriptions
• Expenses paid personally on behalf of the corporation
• Home office or vehicle use information, if applicable

5. Assets

• Purchase documents for equipment, vehicles, computers, furniture or property bought during the year
• Details of any assets sold, traded in or disposed of
• Lease agreements for vehicles or equipment
• Inventory count and valuation at year-end, if applicable

6. Payroll and owner compensation

• Payroll summary and year-end payroll reports
• T4 and T4 Summary filed for the calendar year
• Dividends declared, with resolutions, and T5 slips issued
• Any bonuses accrued at year-end and the date they will be paid
• Shareholder loan activity: amounts the corporation paid on your behalf and amounts you put in

7. GST and other filings

• GST returns filed for the year and the reconciliation to the books
• Any CRA or Alberta TRA correspondence received during the year
• Instalment payments made toward corporate tax (federal and Alberta)

8. Special situations

• R&D activity: project information, time records and expenses for a possible SR&ED and Alberta Innovation Employment Grant claim. See What Is the SR&ED Tax Credit?
• Foreign property or transactions: details of foreign bank accounts, investments or related-party transactions outside Canada
• Charitable donations made by the corporation
• Major events: a reorganization, share transfer, new business line or sale of the business

Tips for a smoother filing

• Send everything at once where possible. A complete package is faster than pieces over several weeks.
• Flag anything unusual. A large one-time expense, a new loan or a change in ownership is easier to handle when your accountant knows upfront.
• Don't wait for the filing deadline. Remember that tax owing is usually due two or three months after year-end, before the return itself is due.
• Think about next year. Year-end is a good time to review owner pay, instalments and tax planning.

Common questions

This article is general information only and is not tax or accounting advice for your specific situation. Refer to the Canada Revenue Agency and Alberta Tax and Revenue Administration for current requirements.