Year-End Tax Planning Checklist for Alberta Small Businesses

Year-end is the last real opportunity to affect your tax bill for the year that's ending — once December 31 passes, most of your options close. Here's what's worth reviewing before then.

None of this replaces a conversation with your accountant about your specific numbers, but it's a reasonable starting checklist for an Alberta small business heading into year-end.

Before your fiscal year-end, review:

• Outstanding invoices — anything you can reasonably collect (or write off) before year-end affects your numbers.
• Planned equipment or asset purchases — timing a purchase before vs. after year-end can matter for depreciation.
• Salary vs. dividend mix for the year, if you haven't set it yet.
• RRSP contribution room, if this is relevant to your personal filing.
• Any shareholder loans that need to be cleared or documented.

If your corporate and personal tax planning haven't been looked at together this year, that's exactly what Corporate & Personal Tax covers — see the page for how we approach it.

The earlier this review happens before year-end, the more options are actually still available — a plan made in the last week of December has far fewer choices than one made two months out.