What to include in a year-end accounting records package for your accountant

Why a complete year-end accounting records package matters

Preparing a clear year-end accounting records package helps your accountant close the year faster, reduces the risk of missing deductions, and means more reliable financial statements for shareholders and lenders. For incorporated businesses in Ontario—especially those in Brampton and Toronto—having a consistent package reduces back-and-forth and supports compliance with CRA, WSIB and provincial requirements.

What to include: essential documents

1. Summary financials and workpapers

– Trial balance and general ledger (for the fiscal year). Provide a trial balance by account with opening and closing balances and year-to-date activity.

– Preliminary financial statements (if you prepare draft statements) and any accountant workpapers you already have.

2. Banking and cash records

– Bank statements for all business accounts for the full year.

– Bank reconciliations and copies of cleared cheques or digital images where available. Include merchant-account or payment-processor (e.g., Stripe, PayPal) settlement reports.

3. Sales, revenue and GST/HST records

– Sales reports, summaries by month and supporting invoices.

– GST/HST returns filed and supporting worksheets, including input tax credit documentation and any GST/HST adjustments or rebate claims.

4. Accounts receivable and payable

– Aged accounts receivable listing (customer names, invoice dates and amounts) and any notes on doubtful balances.

– Accounts payable listing and sample supplier invoices, especially for large or one-off purchases.

5. Payroll and employment records

– Full payroll register for the year showing gross pay, deductions (CPP, EI, income tax), net pay and employer contributions.

– T4/T4A slips and summaries (or draft copies) and Records of Employment (ROE) where relevant. Keep timesheets and personnel records that support payroll entries.

Note: WSIB and other agencies expect employers to keep payroll and related records; include payroll ledgers, timecards and reconciliations. Also provide contracts or documentation for any contractors so your accountant can determine whether amounts should be reported as payroll or as payments to independent operators.

6. Corporate and governance documents

– Current minute book information: articles of incorporation, shareholder register, director/officer list and resolutions affecting fiscal year-end transactions (dividend declarations, share issuances, loans to shareholders).

7. Income tax and related filings

– Prior-year corporate tax return and notice of assessment / reassessment.

– Any correspondence with CRA about assessments, waivers, elections (for example, GST/HST or payroll-related notices) and copies of instalment payments.

8. Fixed assets and depreciation

– A fixed asset register (date placed in service, cost, class, accumulated depreciation/CCA claimed and description for each asset).

– Invoices and title documents for major purchases or disposals during the year.

9. Loans, leases and insurance

– Loan agreements, bank covenants, year-end loan statements and details of interest paid.

– Lease agreements (office, equipment) and insurance policies showing coverage dates and premiums paid.

10. Significant contracts and one-time transactions

– Contracts or settlement agreements, large vendor agreements, purchase or sale of business assets, or other one-off items that affect the year-end balance sheet or taxable income.

Digital file organization and naming tips

Supply files in a structured folder format (e.g., /Year-End/2025/BankStatements/, /Year-End/2025/Payroll/). Name files consistently: YYYY-MM-DD_BankName_Statement.pdf or 2025_Q4_PayrollRegister.xlsx. If you use cloud accounting (QuickBooks Online, Xero), provide accountant access or export your chart of accounts and trial balance to CSV.

How long to retain records

Federal guidance on record keeping explains what records must be kept and the acceptable formats (paper or electronic). Keep tax, payroll and GST/HST records long enough to satisfy CRA review or audit periods. Provincial and agency rules (for example, employment standards and WSIB) set additional retention expectations for payroll, ROEs and contractor clearance certificates. Retain supporting documents for the longest applicable period across tax, employment and safety rules to avoid unintended gaps.

Practical examples for Brampton and Toronto businesses

Example 1 — A small incorporated landscaping company in Brampton: include year-end trial balance, all bank statements and merchant settlement summaries, payroll register and contractor clearance certificates for subcontractors, fixed-asset list for equipment purchases, current WSIB account statements and prior-year corporate tax return.

Example 2 — A Toronto-based tech services corporation: include subcontractor contracts, detailed project revenue reports (by client and project), timesheets linking staff hours to projects, invoices for large capitalized software purchases, and GST/HST return details.

Checklist: year-end accounting records package (quick reference)

• Trial balance and general ledger export (year-to-date)
• Bank & credit card statements + reconciliations
• Sales invoices and GST/HST filings & worksheets
• Aged AR and AP reports
• Payroll register, T4/T4A drafts and ROEs
• Fixed asset register and invoices for additions/disposals
• Loan statements, lease agreements, insurance policies
• Corporate minute book updates and shareholder resolutions
• Contracts, contractor clearances and WSIB-related records
• Prior-year tax returns and CRA correspondence

How we help and what to send to your accountant

We recommend compiling digital folders and sharing them via secure cloud links or encrypted email. If you prefer, bring a thumb drive with the organized folders to your meeting. For new clients or incorporations, see our incorporating services so your records start clean and audit-ready: https://wealthywaveaccounting.com/services/incorporating/.

To learn more about our firm and approach, visit our homepage and about page: https://wealthywaveaccounting.com/ and https://wealthywaveaccounting.com/about-us/. When you’re ready, contact us directly to arrange a year-end review: https://wealthywaveaccounting.com/contact-us/.

Final tips before you submit your year-end package

– Start early: gather bank reconciliations and payroll information at least 2–4 weeks before your fiscal year-end meeting.

– Label any unusual items and provide explanatory notes (e.g., shareholder loans, related-party transactions, or large write-offs).

– Keep originals of legal documents and leases; supply copies to your accountant.

Conclusion

Preparing a complete year-end accounting records package makes year-end closing faster and more accurate, reduces compliance risk with CRA and WSIB expectations, and gives directors and shareholders clear financial information. Use the checklist above as a starting point and tailor it to your business size and industry. When you want help preparing or reviewing your package, book a consultation with us or call (647) 606-1824.

General information only. Tax, accounting, legal, and financial outcomes depend on each client’s facts and applicable rules. Professional advice should be obtained before acting.