Buy once, use forever
→ Simply duplicate the file and keep your bookkeeping consistent year after year.
Track your income, most expenses, and sales taxes in one place
→ Keep everything organized in a simple, easy-to-use system.
Excludes home office, vehicle, and inventory tracking, which follow separate tax rules (see details below)
Stay organized and tax-ready all year long
→ Your numbers are automatically totaled and structured to align with Form T2125 of your tax return.
Confidently categorize your expenses
→ Use the built-in Category Guide with CRA categories, descriptions, and examples so you’re not second-guessing where they go.
Understand your numbers at a glance
→ Dashboard shows your revenue, expenses, profit, and profit margin by month and year-to-date.
Make tax season simple
→ Use the spreadsheet to plug numbers directly into your return or send it to your accountant.
Be better prepared in case of an audit
→ Use it as part of your supporting records in case of an audit
(be sure to keep receipts and proof of payment, too!)
Skip the learning curve of complicated software
→ No subscriptions, no setup headaches...just a straightforward system that works.
The expenses listed below follow special tax and calculation rules and are not included in this spreadsheet.
If your business includes these types of expenses, separate trackers are available here
Home Office expenses
Motor Vehicle expenses
Cost of Goods Sold (inventory)
Do I need Excel to use this?
No, there are two file types: Google Sheets and Microsoft Excel.
You'll receive both files after purchasing. You can use either version depending on your preference.
Is this beginner-friendly?
Yes, it’s designed for sole proprietors who are not bookkeeping experts.
The structure does most of the work for you; you simply input your transactions.
Can I use this if I’m not registered for GST/HST/PST?
Yes, the spreadsheet is designed for all sole proprietors. Simply leave the sales tax columns blank if you aren't registered.
I live in Quebec where QST works differently. Can I use this?
Yes, there are two versions of the spreadsheet: one for Quebec residents and one for the rest of Canada.
Both are delivered to you upon purchase. Simply use the one that applies to your situation.
Can I use this for more than one business?
Each business needs to be reported in a separate T2125 form on your tax return and should have its own bookkeeping.
If you have multiple businesses, you can simply duplicate the file for each one.
Can I use this for home office, vehicle and/or Cost of Goods Sold expenses?
No, these expenses follow special rules which are not incorporated in this spreadsheet.
If needed, separate trackers designed specifically for each of these expenses are available at katlmfinances.com/expense-trackers
Is this Canada-specific?
Yes, it’s built around Form T2125 of your Canadian federal tax return.
Is this a substitute for an accountant?
No, it’s a DIY organization tool to help you track your business income and expenses and make your accountant’s job easier.
For specific tax advice, please consult a professional.
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