Preparing Business Taxes

MikebrcicMikebrcic Member Posts: 3

I need to submit my business return to CRA and because my first year was very simple (zero revenue, very few expenses), I don't want to use my accountant for this (I have another business that is much more complicated and he and my bookkeeper use Quickbooks to manage bookkeeping and accounting for that).

From what I can tell, Wave doesn't have any useful exporting features to export our financials in a format that can be used/imported by CRA or other business tax return software?

I can file a short T2 return, but CRA asks for income statement and balance sheet Schedule forms, which means I would have to manually input all that information into a form (again, there aren't many transactions/items, but enough that it would be a pain in the arse to input all of this manually).

Any suggestions?

Comments

  • KirkKirk Administrator Posts: 25 admin

    @Mikebrcic Wave does not integrate with the CRA or business tax return software, sorry. You will notice that Wave has a suite of reports including an income statement report and balance sheet where you can get the information for the return though. And there are a lot of accountants that are active in the forum that could use the information from Wave (we have full collaborator access) to get you out to a T2 return in a cost efficient manner I'm sure.

    edited January 17, 2019
  • MikebrcicMikebrcic Member Posts: 3

    Thanks Kirk. Any plans to add tax-friendly export options (e.g. GIFI files)?

  • JamieDJamieD Administrator Posts: 875 admin

    @Mikebrcic No plans as of right now -- will be sticking with PDF and CSV files for the time being.

  • MikebrcicMikebrcic Member Posts: 3

    Hmm, that's a big minus for using Wave as my business accounting - I will probably switch over to another platform, which is a bummer because I enjoy Wave for everything else.

  • greenwavegreenwave Member Posts: 3

    I too would like to see ability to produce a report with tax line codes (GIFI) it would make it much quicker and easier to complete the [email protected] return. The end game of accounting for me is completing the CRA T2 tax. I would imagine this is the same for most wave users.

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