Year-end Reports for Your Accountant

At tax time, your accountant needs your business's numbers for the year. RelistKit lays them out line by line the way the CRA's form asks for them, checks that nothing's missing, and packs every report into one file you can send. Year-end reports are part of the Pro plan.

Your T2125

If you run your business as a sole proprietor (you haven't incorporated), you report its income on a form called the T2125, the CRA's Statement of Business or Professional Activities. RelistKit fills in its figures for you.

1. Click Reports in the top menu.
2. Click the Year-end tab.
3. Choose the year from the Year dropdown.

The page shows each T2125 line with where its figure comes from:

• Income: your sales, plus any other income.
• Cost of goods sold: what you spent on stock, adjusted for the stock you had at the start and end of the year.
• Expenses: your business expenses, sorted onto the CRA's lines.
• Equipment bought and gone: equipment you got or got rid of during the year.
• Details of equity: what the business owed at the end of the year, and the money that went in and out between you and the business.

Two lines stay empty for your accountant: car expenses and capital cost allowance. They work those out from your mileage log and your equipment list.

If the year isn't over yet, the page shows the figures so far.

Before you hand it over

At the top of the page, Before you hand it over checks three things. Each one gets a green tick once it's done:

• Every item that sold has a cost. An item with no cost counts as $0. If any are missing, click See them under the profit and loss to fill them in.
• Your December 31 balance sheet is saved. It gives your accountant the business's total liabilities, meaning everything it owed at the end of the year.
• Your drawings and capital contributions are entered.

Save your December 31 balance sheet

1. Click Reports, then the Balance sheet tab.
2. From the Day dropdown, choose December 31 of the year.
3. Enter what was in your bank and payment accounts, and what you owed on credit cards and loans.
4. Click Save the figures for Dec 31, followed by the year, like Save the figures for Dec 31, 2025.

Enter your drawings and capital contributions

Drawings are the money (and things) you took out of the business for yourself during the year. Capital contributions are the money you put into the business from your own pocket.

1. On the Year-end tab, scroll down to Details of equity (Part 9).
2. Enter your Drawings in the current year and Capital contributions in the current year. Enter 0 if there were none.
3. Click Save drawings and contributions.

Download everything for your accountant

1. Click Reports, then the Downloads tab.
2. Under Everything for your accountant, choose the year.
3. Click the download button. It names the year, like Download the 2025 workbook.

The workbook is one Excel file with a sheet for each report, starting with a one-page summary of the year. It includes:

• the summary and your T2125 figures
• your profit and loss, money in and out, and the tax you collected
• your GST/HST return figures, if you're registered
• your inventory value and balance sheet
• your sales, expenses and stock purchases, equipment, other income and mileage log
• a statement for each consignor, if you have any

Rather have CSV files? Click Download them in a zip. To print the summary, or save it as a PDF, click Print the one-page summary.

For part of a year, or just some of the reports, use Choose what to download further down the page.

Common questions

Does every item need a cost above $0?

No. A cost of $0 is fine, for example on something you were given. Only items with no cost entered at all are flagged.

Why don't the T2125's cost of goods sold and my profit and loss match?

They count stock in different ways. The T2125 counts what you spent on stock during the year, plus what you had at the start, minus what's left at the end. Your profit and loss counts each item's cost when it sells. The Year-end page shows what makes up the difference.

Can I get a PDF?

Click Print the one-page summary on the Downloads tab, then choose Save as PDF in the print window.

My business is incorporated. Can I still use this?

An incorporated business files a T2 return instead of a T2125. Your accountant can still work from these figures.

Do I need to fill in my car expenses?

No. Keep your mileage log up to date under Trackers → Mileage, and your accountant works out the car expenses from it.