Canada Self-Employed Tax Checklist 2024 & 2025
Use this comprehensive checklist to make sure you have everything ready before filing your CRA (Canada Revenue Agency) self-assessment for 2024 & 2025. Covers allowable expense categories, record-keeping requirements, and key deadlines.
Allowable Expense Categories
- Gross Business Income (T2125 Part 2 — Income) — grossIncome
- Other Business Income (T2125 Part 2 — Income) — otherIncome
- Cost of Goods Sold (T2125 Part 3 — COGS) — costOfGoods
- Travel & Motor Expenses (T2125 Part 4) — travel
- Rent & Business Premises (T2125 Part 4) — rent
- Repairs & Maintenance (T2125 Part 4) — repairs
- Office Expenses (T2125 Part 4) — officeCosts
- Professional Fees (T2125 Part 4) — professionalFees
- Bank Charges & Interest (T2125 Part 4) — bankCharges
- Advertising & Promotion (T2125 Part 4) — advertising
- Telephone & Utilities (T2125 Part 4) — telephone
- Other Expenses (T2125 Part 4) — otherExpenses
- Personal / Excluded (N/A) — personal
Pre-Filing Checklist
- Gather all bank statements for the tax year
- Categorise all income and expenses
- Separate personal and business transactions
- Check for any unclaimed allowable expenses
- Calculate total income and total expenses
- Review estimated tax liability
- Set aside funds for tax payment
- File before the CRA (Canada Revenue Agency) deadline