Free guide
The Owner-Manager's Year-End Tax Checklist
Pull up a chair — and grab a coffee, because this one's practical. Owner-managers juggle two year-ends: your corporation's fiscal date (whenever that falls) and the personal December 31 deadline. Most checklists blur the two. This one doesn't.
General information for educational purposes only — not personalized tax or financial advice. Check with your own advisors for guidance specific to your circumstances, and confirm current dates and limits before you act.
🪣 Before your corporation's year-end (whatever date that is)
- Decide your salary vs. dividend mix for the year — mind RRSP room, CPP, and income smoothing.
- Consider whether to declare a bonus; an accrued bonus can be deductible now if it's paid within the required window.
- Time any major equipment or capital purchases to land before year-end where the write-off actually helps.
- Check shareholder loan balances — repay on time to avoid an unwanted income inclusion.
- Pay reasonable salaries to family members who genuinely work in the business (income splitting, done right).
- Review passive investment income — too much can grind your small-business deduction.
- Make sure mileage logs, home-office details, and receipts are current, not reconstructed in April.
📅 Before December 31 (personal)
- Tax-loss selling — trades must settle in time, so don't leave it to the 31st.
- Make any charitable donations you want to claim this year.
- RESP contributions (to capture the grant) and FHSA contributions.
- Plan TFSA withdrawals now if you'd like to re-contribute on January 1.
- Bundle medical expenses into the most favourable 12-month window.
- Pay deductible investment interest and expenses by year-end.
- Confirm your tax instalments are made and on time.
☕ The conversations worth booking with your accountant
- Is my salary / dividend mix still right for this year?
- Should I bonus down to manage the small-business limit or passive income?
- Am I offside on shareholder loans or anything else CRA might flag?
- If I'm thinking of selling — does the Lifetime Capital Gains Exemption apply?
- Does incorporating still fit? (See “When Should You Incorporate? — The Bucket.”)
One more thing. If any of these raise a question, bring it to the gazebo — reply to any of my emails, or ask a question here → The best ones become future articles and episodes.