A year-end records package should let an authorized accountant move from summary totals to the underlying evidence without searching across inboxes, phones and unrelated Businesses.

The package is not the tax return and does not replace professional judgment. It is an organized, dated handoff of the facts the Business has recorded.

Define the Business and period

Put the Business name, fiscal year-end, reporting currency and package preparation date on the cover index. If the owner has several Businesses, prepare a separate package for each one.

Use year-end readiness to keep the cutoff and outstanding issues visible.

Include the core record groups

A practical package may contain:

Income and receivables

• income register or sales summary;
• customer invoices and payment status;
• deposits that have not been matched;
• credits, refunds and disputed balances.

Expenses and payables

• expense register by category;
• supplier invoices and receipts;
• unpaid bills and contractor records;
• missing-document exception list.

Banking and owner activity

• bank and card statements for the period;
• reconciliation summaries and unresolved items;
• owner contributions, owner-paid expenses and repayments;
• transfers clearly separated from income and expenses.

Other supporting records

• vehicle and business-trip logs;
• asset purchase and disposal documents;
• GST/HST and payroll records when applicable;
• relevant contracts and year-end correspondence.

The exact package depends on the Business and accountant's instructions.

Reconcile before exporting

Run a final monthly review for the last period. Compare statements with recorded transactions, link receipts, review duplicate entries and confirm invoice balances.

Do not force unresolved amounts into categories simply to make the checklist green. Maintain an exception list with the issue, available evidence, responsible person and next action.

Add an index and control totals

The index should show each section, date range, record count and any exclusions. Include control totals that help the accountant confirm the export is complete, such as total recorded income, expenses, invoices and owner repayments for the period.

Control totals are navigation aids, not tax conclusions.

Preserve original evidence and audit history

Keep original filenames, dates and links where practical. Corrections should be traceable rather than overwriting the history. If a document was replaced because it was unreadable, keep a note connecting the replacement to the original record.

The CRA says transaction records and source documents must be retained, and electronic systems must preserve sufficient detail and audit trails. Its general guidance says records are usually kept for at least six years from the end of the last tax year they relate to, though exceptions may apply. See Keeping Records and Business records.

Share the package securely

Give the accountant only the correct Business and period. Prefer controlled, revocable access; confirm the recipient before exporting; and keep a record of what was shared. Do not include passwords, authentication codes or irrelevant personal information.

Frequently asked questions

Should every document be combined into one PDF?

Not necessarily. An indexed folder or authorized workspace can preserve searchable records and links more effectively. Follow the accountant's requested format.

Should I wait until every exception is solved?

No. Share the exception list when the accountant's input is needed, but distinguish complete records from open questions.

Is six years always the exact retention period?

Six years is the CRA's general rule, but certain records and circumstances can require longer retention. Confirm the rule for the Business and document type before destroying anything.

Does SilaTrail prepare or file the tax return?

No. SilaTrail organizes records and readiness evidence. It does not calculate tax payable, certify the books or file a return.