Is Your Business Ready for Year-End? A Checklist from Your Whistler and Squamish Accountant
Fall is here, and for business owners across the Sea to Sky corridor, that means one thing: fiscal year-end is right around the corner. Whether you run a ski shop in Whistler, a construction company in Squamish, or a consulting practice with clients scattered between BC and Ontario, the weeks before your books close are the best window you have to catch problems while there's still time to fix them.
As a Whistler accountant serving businesses throughout the corridor, we walk every client through the same year-end checklist. It's not glamorous, but it's the difference between a smooth tax season and a stressful scramble in April. Here's what we check, and why each item matters more than it might seem.
Reconcile All Bank and Credit Accounts
Before anything else, every bank and credit card account needs to be reconciled against your books. Unreconciled accounts are the number one reason year-end financials don't match reality, and they're far easier to sort out in November than after your year has already closed. This is exactly the kind of work Whistler bookkeepers and Squamish bookkeepers handle for clients week to week — catching a missed transaction or duplicate entry now saves hours later.
Review Owner Draws and Payroll
If you've taken owner draws throughout the year, now is the time to review them against your compensation strategy. Whether you're paying yourself through payroll, dividends, or a mix of both affects your personal and corporate tax position significantly, and the right structure can differ depending on whether your business operates in BC, Ontario, or both.
Confirm GST/HST Filings Are Current
This one deserves special attention for our clients operating in more than one province. BC businesses charge GST plus PST, while Ontario uses the harmonized HST — and if you're selling into both markets, it's easy for a filing to slip through the cracks. Before year-end, confirm every return is filed and every remittance is up to date. A mismatch here tends to surface at the worst possible time: during a CRA review.
Tidy Up Outstanding Invoices
Go through your accounts receivable and get honest about what's collectible. Old invoices that are unlikely to be paid can often be written off, which affects your income for the year. Following up now also just makes good business sense heading into the new year.
Check Fixed Asset Additions
Did you buy new equipment, vehicles, or leasehold improvements this year? Make sure every purchase is recorded and depreciated correctly. This is especially relevant for Whistler and Squamish businesses in construction, hospitality, and recreation, where equipment purchases can be substantial and the tax treatment varies depending on the asset class.
Pull Mileage Logs
If you or your employees use personal vehicles for business, your mileage log needs to be current before year-end. This is one of the most commonly missed deductions we see, and it's also one of the easiest for the CRA to challenge if the documentation isn't there.
Organize Expense Receipts
Finally, gather and organize your receipts. A shoebox of paper in April is a headache; a folder of scanned receipts in December is a head start on next year's filing.
Why This Matters for Multi-Province Businesses
Running a business with operations or clients in both BC and Ontario adds a layer of complexity that a lot of generic checklists don't account for. Different sales tax regimes, different provincial tax credits, and different filing deadlines all need to be tracked in parallel. It's one of the reasons local businesses in Whistler and Squamish choose to work with an accountant who understands both provinces, rather than trying to piece it together themselves.
Get Ahead of Year-End With Local Support
If working through this list raises more questions than it answers, that's exactly what we're here for. Our team works with businesses throughout Whistler and Squamish, as well as clients in Ontario, to make sure nothing falls through the cracks before fiscal year-end. Whether you need a Whistler accountant to review your corporate structure or Squamish bookkeepers to help reconcile your accounts, reaching out now — rather than in March — gives us the time to actually help.
Get in touch today to book your year-end review, and head into the new fiscal year with confidence instead of guesswork.