At tax time, the Tax year tab gathers your business year into files you or your accountant can work from. Included with Thrive and Thrive Duo.
Download the tax pack
Open Tax year
Go to Business and choose Tax year.
Pick the year
Use the arrows beside the year. The current year reads as so far, since it isn't over.
Choose Download the tax pack
An Excel workbook downloads. It opens in Excel and most other spreadsheet apps.
Sheet | What's in it |
|---|---|
Summary | The year's figures by tax line, GST/HST, and money between you and the business. |
Income | Every sale and other income, with any GST/HST collected. |
Expenses | Every business cost: its line, business share, GST/HST credit, deductible amount and receipts. |
Capital purchases | Equipment and other things claimed over years as capital cost allowance. |
Owner draws | Money you took out of the business or put in. |
To review | Business transactions that still need a tax line or a home office or vehicle share. |
The Summary sheet ends with notes on what the figures are and what they aren't.
Download receipts
Receipts you keep with a business transaction, from its Receipts & documents, can be downloaded together. Under Receipts on the Tax year tab, choose Whole year, or Q1 to Q4 for one quarter.
You get a zip with a folder for each tax line and an index of every file. Quarters match quarterly GST/HST returns. One download holds up to 600 receipts; if you have more, download them by quarter.
Before you hand it over
- Clear What needs you on the Business page's Overview. Transactions without a tax line aren't in the figures; they're listed on the To review sheet instead.
- If you claim a home office or a vehicle, give your shares in Settings, or those costs count nothing.
- If you're registered for GST/HST, add the tax from your receipts so your input tax credits are counted. See how GST/HST works.
- Add your business name in Settings if you'd like it on the tax pack and receipts download.
The Tax year tab also links to the CRA's own pages on completing form T2125, its expense lines, GST/HST return deadlines and important dates.