TradeBooks
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What happened today?
Pick what you did — we'll walk you through exactly what to record, step by step.
I sold something
Client paid me · Invoice · Deposit received
I bought something
Business expense · AMEX charge · BMO purchase
I have a receipt
Paper or photo receipt · Log a single expense
I paid an employee
Payroll run · Salary · Hourly wages
I need to file / pay tax
Quarterly HST · Corporate T2 · Payroll remittance
I have a bank statement
AMEX PDF/CSV · BMO PDF/CSV · End-of-month catchup
Statement Importer
Upload your bank or credit card statement — PDF or CSV both work. AI reads every transaction, categorizes it, and extracts HST automatically.
Select bank & upload statement
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Drop your statement here
PDF or CSV · all major Canadian banks supported · drag or click to browse
📄 PDF detected — Claude will read the statement directly. No CSV conversion needed. Click Analyze with AI → to extract all transactions.
Categorized transactions AI
Analyzing...0%
| Date | Vendor | Amount | Category | HST paid | Net | Confidence |
|---|
Invoice Wizard
Fill in the fields — the invoice builds live on the right.
Billing from
Invoice details
1001
Line items
Charge taxHST 13%
Live preview
Your Business
Your City, Province
Invoice
#1001
| Description | Qty | Rate | Amount |
|---|
Receipt Scanner
Upload a photo of a receipt — AI reads the merchant, amount, date and suggests a category.
Upload receipt photo
Drop receipt photo here
JPG, PNG, HEIC, PDF · Takes a photo on mobile
Extracted details
🧾
Upload a receipt to get started
CRA Tax Filing
Pre-filled CRA form boxes for your business. HST returns, tax estimation, and payroll remittances.
Select Filing Period
Q1
Apr 1 – Jun 30
Due Jul 31
Q2
Jul 1 – Sep 30
Due Oct 31
Q3 ← CURRENT
Oct 1 – Dec 31
Due Jan 31, 2026
Q4
Jan 1 – Mar 31
Due Apr 30
GST/HST Return — Form GST34-2
Business: · HST# · · Reporting Period: Oct 1 – Dec 31, 2025
Part A — Sales & Revenue (what you charged HST on)
LINE 101
Total sales and other revenue (include HST-exempt and zero-rated)
Your total invoiced amount including HST collected. From the Income tab.
LINE 103
GST/HST collected or collectible (13% of taxable revenue)
Auto-calculated: Line 101 ÷ 1.13 × 0.13. Override if needed.
LINE 104
Adjustments to HST collected (corrections, bad debts recovered)
Usually $0 for most quarters. Enter positively.
LINE 105
Total HST and adjustments (Line 103 + Line 104)
Calculated automatically.
NOTE — ZERO-RATED / EXEMPT
Does your business have any zero-rated or HST-exempt sales?
Most consulting and lawn care revenue is fully taxable at 13% HST. Enter 0 unless you have specific exempt revenue.
Part B — Input Tax Credits (HST you paid on business expenses)
LINE 106
Input tax credits (ITCs) — HST paid on eligible business purchases
From Expenses tab: sum of all HST Paid (extracted) column. Auto-filled if Importer was used.
LINE 107
Adjustments for ITCs (bad debt write-offs, corrections)
Usually $0. Only enter if you're adjusting a prior claim.
LINE 108
Total ITCs and adjustments (Line 106 + Line 107)
Calculated automatically.
Part C — Net Tax
LINE 109
Net tax owing or refund (Line 105 − Line 108)
Positive = you owe CRA. Negative = CRA owes you a refund.
LINE 110
Instalments and other annual filer amounts paid this period
Enter any HST instalments already paid to CRA this quarter.
LINE 111
Rebates claimed (qualifying rebate programs)
Usually $0. Only if you have an approved CRA rebate program.
Part D — Payment / Refund Summary
LINE 112
Amount owing (if Line 109 minus Lines 110–111 is positive)
This is what you pay to CRA. Pay via My Business Account or bank.
LINE 114
Refund claimed (if Line 109 minus Lines 110–111 is negative)
CRA will issue a refund to your bank account on file.
FILING DATE
Date return is being filed
Must be on or before the due date to avoid penalties.
HST Filing Instructions
1. Where to file: CRA My Business Account → GST/HST → File a return. Use the line numbers above.
2. Payment: Pay via your BMO online banking — add "Receiver General for Canada" as a payee. Use your HST# .
3. Late filing penalty: 1% of amount owing + 0.25%/month up to 12 months. Always file on time even if you can't pay.
4. Record retention: Keep all receipts and records for 6 years.
5. ITCs for vehicles: If using a personal vehicle for business, only claim the business-use portion of HST.
2. Payment: Pay via your BMO online banking — add "Receiver General for Canada" as a payee. Use your HST# .
3. Late filing penalty: 1% of amount owing + 0.25%/month up to 12 months. Always file on time even if you can't pay.
4. Record retention: Keep all receipts and records for 6 years.
5. ITCs for vehicles: If using a personal vehicle for business, only claim the business-use portion of HST.
T2 Corporate Income Tax Return — Key Schedules
· Fiscal Year End: ·
Schedule 1 — Net Income for Tax Purposes (mapped to your expense categories)
REVENUE
Income Lines
Amount $
8000
Consulting revenue (management/professional fees)
8090
Lawn care / contract revenue
8230
Other revenue (interest, HST refunds received, etc.)
TOTAL
Total Gross Revenue
EXPENSES
Deductible Expense Lines (Schedule 1)
Amount $
9060
Salaries, wages and benefits (Employee, Employee, Employee payroll)
8810
Professional fees — accounting, legal (MNP LLP etc.)
8960
Meals & entertainment (50% deductible for tax)
50%
Deductible portion of meals & entertainment (50% of above)
9281
Motor vehicle expenses / fuel (business-use portion)
8520
Advertising and promotion
9270
Telephone & utilities (Rogers, Hydro, etc.)
8690
Insurance premiums
9220
Repairs & maintenance
9040
Supplies & uniforms (Costco supplies, A Cut Above, etc.)
8760
Dues & memberships (Costco membership, associations)
9180
Property taxes
8710
Interest & bank charges (BMO fees, CRA interest)
9936
Small tools (under $1,500 — deducted in current year)
8200
Equipment & capital purchases (see CCA Schedule 8 note)
9270
Other deductible expenses
TOTAL
Total Deductible Expenses
Net Income & Corporate Tax Estimate
LINE 300 — NET INCOME
Net income before tax (Revenue minus Expenses)
SCH 7 — SBD
Small Business Deduction limit (up to $500,000 active business income)
Ontario corps: SBD reduces federal rate from 15% → 9%. Claim full $500K unless associated corp rules apply.
FEDERAL TAX
Estimated federal corporate tax (9% SBD rate on active income)
9% on first $500K of active business income (after SBD). 15% on any amount above.
ONTARIO TAX
Estimated Ontario corporate tax (3.2% small business rate)
Ontario rate: 3.2% on first $500K (SBD rate). 11.5% on income above $500K.
LINE 700 — TOTAL TAX
Total estimated corporate tax (Federal + Ontario)
Combined rate ≈ 12.2% on active income under $500K.
T2 DUE DATE
T2 filing deadline (6 months after year-end)
Year-end March 31 → T2 due September 30. Tax balance due: June 30.
Schedule 8 — Capital Cost Allowance (CCA) — Depreciation on Equipment
CLASS 8 (20%)
Miscellaneous equipment, tools >$1,500, trailers (tractor)
Tractor purchased Nov 2025 for $33,900 likely Class 8 or 10. CRA allows 20%/yr declining balance.
CLASS 10 (30%)
Motor vehicles, certain equipment
30% declining balance on motor vehicles used for business.
CLASS 50 (55%)
Computer equipment, software, data storage
55% declining balance on computers and qualifying tech.
HALF-YEAR RULE
Year of acquisition: only 50% of normal CCA allowed
For assets acquired in 2025/26, CRA limits CCA to 50% in the acquisition year.
TOTAL CCA
Total CCA deduction for the year (reduces taxable income)
⚡ ACCEL. (CL 14.1)
Accelerated Investment Incentive — bonus first-year CCA (1.5× multiplier on new assets)
Canada's AII program may allow 1.5× CCA in year of acquisition for eligible property. Ask CRA or check my.business.account.
T2 Important Notes
Balance due date: June 30 (3 months after year-end March 31) — pay any tax owing to avoid arrears interest.
T2 filing date: September 30 (6 months after year-end) — late filing penalty is 5% + 1%/month up to 12 months.
Tractor CCA: Your $33,900 tractor (Nov 2025) goes on Schedule 8. Confirm class with CRA — likely Class 8 (20%) or Class 10 (30%). With half-year rule and AII, year 1 CCA could be $5,085–$14,850.
Paying yourself: Salary (deductible for corp, taxable for you personally) vs. dividends (corp pays tax first, then lower personal rate). Worth optimizing with an accountant once annually.
Small Business Deduction: As long as is Canadian-controlled and active income is under $500K, the 9% + 3.2% = 12.2% combined rate applies.
T2 filing date: September 30 (6 months after year-end) — late filing penalty is 5% + 1%/month up to 12 months.
Tractor CCA: Your $33,900 tractor (Nov 2025) goes on Schedule 8. Confirm class with CRA — likely Class 8 (20%) or Class 10 (30%). With half-year rule and AII, year 1 CCA could be $5,085–$14,850.
Paying yourself: Salary (deductible for corp, taxable for you personally) vs. dividends (corp pays tax first, then lower personal rate). Worth optimizing with an accountant once annually.
Small Business Deduction: As long as is Canadian-controlled and active income is under $500K, the 9% + 3.2% = 12.2% combined rate applies.
Employee Roster
Manage your team here. Changes sync automatically to the PD7A and T4 sections.
Full NameRole / TitlePay TypeGross / PeriodRemove
Note: "Gross / Period" is the amount paid each pay run. For monthly payroll, enter the monthly gross. Use CRA PDOC for exact tax deductions.
Payroll Remittance — Form PD7A
CRA payroll deductions must be remitted by the 15th of the month following payroll.
PD7A — Payroll Deductions Remittance
· Regular remitter — due 15th of following month
Pay Period Summary — From Employee Roster
EmployeeGross WagesCPP (5.95%)EI (1.66%)Est. Income Tax
PD7A Box Totals — What to Remit to CRA
BOX 14 — TOTAL INSURABLE EARNINGS
Total insurable earnings (gross wages subject to EI)
BOX 16 — CPP CONTRIBUTIONS
Total employee CPP deducted + employer CPP match
Employer matches employee CPP 1:1. Total = employee CPP × 2.
BOX 18 — EI PREMIUMS
Total EI deducted (employee 1.66%) + employer (1.66% × 1.4 = 2.324%)
Employer pays 1.4× employee EI. Total = employee EI × 2.4.
BOX 22 — INCOME TAX
Total federal + provincial income tax deducted from all employees
Use CRA's Payroll Deductions Online Calculator (pdoc.cra-arc.gc.ca) for exact amounts.
TOTAL REMITTANCE
Total amount to remit to CRA (CPP + EI + Income Tax)
DUE DATE
Remittance due date (15th of following month)
Regular remitters: 15th of month following payroll. Late = 10% penalty.
Payroll Remittance Quick Reference
CPP 2025: Employee rate 5.95% · Max annual contribution $3,867.50 · Exemption $3,500
EI 2025: Employee rate 1.66% · Max annual premium $1,049.12 · Employer pays 1.4× employee
Due date: Regular remitter — 15th of following month (e.g., December payroll → January 15)
How to pay: BMO Online → Add payee → "Canada Revenue Agency – Payroll" → Use your Business Number + RT0001
PDOC tool: Use CRA's free Payroll Deductions Online Calculator at pdoc.cra-arc.gc.ca for exact tax withholdings
T4 slips: Issue to all employees by last day of February following the calendar year
EI 2025: Employee rate 1.66% · Max annual premium $1,049.12 · Employer pays 1.4× employee
Due date: Regular remitter — 15th of following month (e.g., December payroll → January 15)
How to pay: BMO Online → Add payee → "Canada Revenue Agency – Payroll" → Use your Business Number + RT0001
PDOC tool: Use CRA's free Payroll Deductions Online Calculator at pdoc.cra-arc.gc.ca for exact tax withholdings
T4 slips: Issue to all employees by last day of February following the calendar year
T4 Slip — Statement of Remuneration Paid
Issue a T4 for each employee paid in the calendar year. T4 Summary and slips due to CRA by last day of February.
T4 Summary — Employer Summary of Remuneration Paid
· Due: Last day of February following the tax year
BOX 88 — CALENDAR YEAR
Calendar year for which T4s are being filed
BOX 76 — TOTAL EMPLOYMENT INCOME
Total Box 14 from all T4 slips (gross wages)
BOX 78 — TOTAL CPP CONTRIBUTIONS
Total Box 16 from all T4 slips (employee CPP)
BOX 80 — TOTAL EI PREMIUMS
Total Box 18 from all T4 slips (employee EI)
BOX 82 — TOTAL INCOME TAX DEDUCTED
Total Box 22 from all T4 slips (income tax withheld)
BOX 84 — EMPLOYER ACCOUNT NUMBER
CRA Business Number (payroll account)
Tax-Saving Ideas
Legitimate tax strategies for an Ontario corporation in consulting + lawn care. These are ideas to explore — always confirm with CRA or a tax professional.
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Income Splitting via Salary
Pay reasonable salaries to family members who perform real services for the business. Their income is taxed at their lower personal rate, and the business deducts the salary. Ensure work is real and salary is reasonable — CRA scrutinizes this.
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Vehicle Expenses (Log Required)
Keep a mileage log for any vehicle used for business. Deduct the business-use percentage of gas, insurance, repairs, and CCA. For a vehicle used 70% for business, claim 70% of costs. CRA requires a logbook to support the claim.
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Home Office Deduction
If you use a dedicated home office space for your business, claim a portion of rent/mortgage interest, utilities, and internet. Calculate by area (e.g., 10% of home = 10% of eligible expenses). Must be the principal place of business.
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Technology & Equipment
Laptops, tablets, phones, software used for business are deductible. Phones are typically 50–100% deductible if used mainly for business. Equipment over $1,500 goes on Schedule 8 CCA. The Accelerated Investment Incentive allows 1.5× first-year CCA on new eligible property.
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Defer Income / Accelerate Expenses
Near year-end (March 31): delay issuing invoices until April if possible (defers tax one year). Also prepay or incur deductible expenses before March 31 — prepaid insurance, supplies, conference fees, professional development. Every dollar of expense = ~12.2 cents of corporate tax saved.
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EPSP / Bonuses to Reduce Corp Income
The corporation can declare a bonus to you (the owner) payable within 179 days of year-end, deducting it in the current corp year. You'd pay personal tax on it, but it reduces corp income. Useful if corp income is near the $500K SBD limit or if your personal rate is lower.
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Charitable Donations via Corp
Donations made by the corporation give a federal tax credit of ~38.33% (vs. only ~15% for personal donation in low-income years). Make charitable gifts through the company to maximize the benefit.
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Scientific Research / SR&ED
If any work involves technological advancement or developing new systems (e.g., your bookkeeping app development), it may qualify for SR&ED credits — 35% federal ITC on qualifying R&D expenses. Worth reviewing with a SR&ED consultant for the app development costs.
Year-End Tax Checklist (Before March 31)
Tax Intelligence
Real-time tax position, year-end strategy, and AI advisor — specific to your business.
📊 Live Tax Position
GROSS REVENUE
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TOTAL EXPENSES
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NET INCOME
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EST. CORP TAX
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ENTER YOUR YEAR-TO-DATE TOTALS FROM GOOGLE SHEET
📅 Year-End Countdown
💡 Smart Tax Actions Personalized
⚖️ Salary vs Dividend Optimizer
Based on your business structure. The optimal mix depends on each person's income. Adjust below to model different scenarios.
CURRENT YEAR WAGES PAID
TAX COMPARISON
🤖 AI Tax Advisor AI
Ask anything about your tax situation. The AI knows your structure: Ontario corp, family trust, income sprinkling, fiscal year April–March.
⚠️ AI-generated guidance based on current Canadian tax law. Verify significant decisions with a CPA before acting.