Year-End Bookkeeping Checklist for 2026

As 2026 draws to a close, Calgary business owners need to wrap up their finances properly. A thorough year-end process ensures accurate financial statements, a smooth tax-filing experience, and a clean slate for the new year. Here is your complete 2026 year-end bookkeeping checklist.

December Action Items

• Record all revenue through December 31 — don't let late-December invoices slip into January
• Enter all outstanding bills and expenses for December
• Process your final payroll for the year
• Make any planned year-end purchases (equipment, supplies) to capture 2026 deductions
• Review your RRSP contribution room if you're a sole proprietor (deadline is March 1, 2027)

Reconciliation Checklist

• Reconcile all bank accounts through December 31
• Reconcile all credit-card accounts through December 31
• Reconcile loan balances against lender statements
• Review accounts receivable — write off any uncollectible amounts
• Confirm accounts payable is complete — all December bills entered

Adjusting Entries

• Record depreciation for all capital assets
• Adjust prepaid expenses (insurance, rent paid in advance)
• Accrue any expenses incurred but not yet invoiced
• If applicable, perform a physical inventory count and adjust your records

Payroll and T4s

• Verify all 2026 payroll has been processed
• Confirm source deductions match CRA records
• Prepare T4 slips — due by February 28, 2027
• Prepare T4A slips for contractors if applicable

GST

• File any outstanding quarterly returns
• If you file annually, prepare your 2026 annual return (due March 31, 2027 for calendar year-end)
• Reconcile total GST collected against GST remitted for the year

Financial Reporting

• Generate year-end income statement and balance sheet
• Compare 2026 results to 2025 and to your budget
• Prepare your financial package for your accountant

Castle Makes Year-End Easy

Castle Bookkeeping handles the entire year-end process for our clients. From final reconciliations to T4 preparation to assembling your tax-filing package, we ensure nothing falls through the cracks. Get in touch today.