Chart of accounts template for Canadian small businesses
A ready-made chart of accounts for a Canadian corporation or sole proprietor, with each account's GIFI code or T2125 line. Free to download as a spreadsheet.
- For
- Corporations and sole proprietors
- Download
- CSV, opens in Excel or Google Sheets
A chart of accounts is the list of categories every transaction in your books goes into. Numbered by kind — 1000s for what you own, 2000s for what you owe, 3000s for your stake, 4000s for income, 5000s and up for costs — it keeps your books tidy and makes your year-end straightforward.
Each account below also shows where it lands at tax time: the GIFI code a corporation reports on its T2, or the T2125 line a sole proprietor reports on their personal return. A dash means it isn’t reported on its own, or needs your accountant’s judgment (book amortization, for instance, versus the capital cost allowance you actually claim).
For a corporation
| Code | Account | Type | GIFI |
|---|---|---|---|
| 1200 | Accounts receivable | What the business owns | 1060 |
| 1300 | Prepaid expenses | What the business owns | 1484 |
| 1350 | GST/HST paid on purchases | What the business owns | 2680 |
| 1499 | Uncategorised transactions | What the business owns | 1480 |
| 1500 | Equipment and furniture | What the business owns | 1740 |
| 1501 | Accumulated amortization, equipment | What the business owns | 1741 |
| 1520 | Vehicles | What the business owns | 1742 |
| 1521 | Accumulated amortization, vehicles | What the business owns | 1743 |
| 1540 | Computer equipment | What the business owns | 1774 |
| 1541 | Accumulated amortization, computers | What the business owns | 1775 |
| 2000 | Accounts payable | What it owes | 2620 |
| 2100 | GST/HST collected | What it owes | 2680 |
| 2110 | GST/HST owing to the CRA | What it owes | 2680 |
| 2150 | Payroll remittances owing | What it owes | 2627 |
| 2160 | PST owing | What it owes | 2680 |
| 2200 | Income tax owing | What it owes | 2680 |
| 2400 | Loans | What it owes | 2700 |
| 2600 | Due to shareholder | What it owes | 2780 |
| 3000 | Share capital | The owner's stake | 3500 |
| 3100 | Retained earnings | The owner's stake | 3600 |
| 3900 | Opening balances | The owner's stake | 3600 |
| 4000 | Sales | Income | 8000 |
| 4100 | Interest income | Income | 8090 |
| 4200 | Other income | Income | 8230 |
| 4250 | Quick method GST/HST adjustment | Income | 8230 |
| 4300 | Foreign exchange gain or loss | Income | 8231 |
| 5000 | Purchases and materials | Costs and expenses | 8320 |
| 5100 | Subcontractors | Costs and expenses | 8360 |
| 6000 | Advertising and marketing | Costs and expenses | 8521 |
| 6100 | Meals and entertainment | Costs and expenses | 8523 |
| 6150 | Bad debts | Costs and expenses | 8590 |
| 6200 | Insurance | Costs and expenses | 8690 |
| 6300 | Interest | Costs and expenses | 8710 |
| 6310 | Bank fees | Costs and expenses | 8715 |
| 6400 | Licences, dues and memberships | Costs and expenses | 8760 |
| 6500 | Office expenses | Costs and expenses | 8810 |
| 6510 | Office supplies | Costs and expenses | 8811 |
| 6520 | Software and subscriptions | Costs and expenses | 9150 |
| 6600 | Accounting and legal fees | Costs and expenses | 8860 |
| 6650 | Management and administration fees | Costs and expenses | 8871 |
| 6700 | Rent | Costs and expenses | 8910 |
| 6750 | Repairs and maintenance | Costs and expenses | 8960 |
| 6800 | Wages and benefits | Costs and expenses | 9060 |
| 6850 | Property taxes | Costs and expenses | 9180 |
| 6900 | Travel | Costs and expenses | 9200 |
| 6950 | Utilities | Costs and expenses | 9220 |
| 6960 | Phone and internet | Costs and expenses | 9225 |
| 7000 | Fuel (not vehicles) | Costs and expenses | 9224 |
| 7100 | Shipping and delivery | Costs and expenses | 9275 |
| 7200 | Vehicle expenses | Costs and expenses | 9281 |
| 7300 | Amortization | Costs and expenses | 8670 |
| 7400 | Income tax expense | Costs and expenses | 9990 |
| 7900 | Other expenses | Costs and expenses | 9270 |
For a sole proprietor
| Code | Account | Type | T2125 line |
|---|---|---|---|
| 1200 | Accounts receivable | What the business owns | — |
| 1300 | Prepaid expenses | What the business owns | — |
| 1350 | GST/HST paid on purchases | What the business owns | — |
| 1499 | Uncategorised transactions | What the business owns | — |
| 1500 | Equipment and furniture | What the business owns | — |
| 1501 | Accumulated amortization, equipment | What the business owns | — |
| 1520 | Vehicles | What the business owns | — |
| 1521 | Accumulated amortization, vehicles | What the business owns | — |
| 1540 | Computer equipment | What the business owns | — |
| 1541 | Accumulated amortization, computers | What the business owns | — |
| 2000 | Accounts payable | What it owes | — |
| 2100 | GST/HST collected | What it owes | — |
| 2110 | GST/HST owing to the CRA | What it owes | — |
| 2150 | Payroll remittances owing | What it owes | — |
| 2160 | PST owing | What it owes | — |
| 2400 | Loans | What it owes | — |
| 3000 | Owner's equity | The owner's stake | — |
| 3200 | Owner's draw | The owner's stake | — |
| 3900 | Opening balances | The owner's stake | — |
| 4000 | Sales | Income | 8000 |
| 4100 | Interest income | Income | 8230 |
| 4200 | Other income | Income | 8230 |
| 4250 | Quick method GST/HST adjustment | Income | 8000 |
| 4300 | Foreign exchange gain or loss | Income | 8230 |
| 5000 | Purchases and materials | Costs and expenses | 8320 |
| 5100 | Subcontractors | Costs and expenses | 9270 |
| 6000 | Advertising and marketing | Costs and expenses | 8521 |
| 6100 | Meals and entertainment | Costs and expenses | 8523 |
| 6150 | Bad debts | Costs and expenses | 8590 |
| 6200 | Insurance | Costs and expenses | 8690 |
| 6300 | Interest | Costs and expenses | 8710 |
| 6310 | Bank fees | Costs and expenses | 8710 |
| 6400 | Licences, dues and memberships | Costs and expenses | 8760 |
| 6500 | Office expenses | Costs and expenses | 8810 |
| 6510 | Office supplies | Costs and expenses | 8811 |
| 6520 | Software and subscriptions | Costs and expenses | 8810 |
| 6600 | Accounting and legal fees | Costs and expenses | 8860 |
| 6650 | Management and administration fees | Costs and expenses | 8871 |
| 6700 | Rent | Costs and expenses | 8910 |
| 6750 | Repairs and maintenance | Costs and expenses | 8960 |
| 6800 | Wages and benefits | Costs and expenses | 9060 |
| 6850 | Property taxes | Costs and expenses | 9180 |
| 6900 | Travel | Costs and expenses | 9200 |
| 6950 | Utilities | Costs and expenses | 9220 |
| 6960 | Phone and internet | Costs and expenses | 9220 |
| 7000 | Fuel (not vehicles) | Costs and expenses | 9224 |
| 7100 | Shipping and delivery | Costs and expenses | 9275 |
| 7200 | Vehicle expenses | Costs and expenses | 9281 |
| 7300 | Amortization | Costs and expenses | — |
| 7900 | Other expenses | Costs and expenses | 9270 |
Or let Spark set it up for you
Spark Books opens your books with this chart already in place, and sorts every transaction from your bank statements into it. Free.
Start your books