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Checklist2026-06-05·5 min

Owner review checklist before generating a T2 package

Checklist

Before a T2 package is generated, the owner should be able to answer a simple question:

Can I review where the numbers came from?

Use this checklist to prepare the workspace.

1. Separate business and personal activity

Mixed records create review work. Flag anything that may include personal use before package generation.

Look for:

  • owner-paid expenses;
  • shareholder reimbursements;
  • personal card transactions;
  • vehicle or home office mixed-use items.

2. Attach source records to important expenses

A number without a source is a future question.

Prioritize evidence for:

  • large expenses;
  • recurring subscriptions;
  • contractor and professional fees;
  • asset purchases;
  • unusual transactions.

3. Review shareholder loan activity

Shareholder loan accounts can create tax and review issues. Do not let them hide in a generic bookkeeping export.

Prepare:

  • advances to or from shareholders;
  • repayment records;
  • notes explaining the business purpose;
  • questions that need CPA review.

4. Identify assets separately

Do not bury major purchases inside ordinary expenses.

Prepare:

  • purchase date;
  • invoice;
  • business-use notes;
  • expected asset category for review;
  • disposal information if relevant.

5. Resolve missing receipts

Missing receipts are not just an admin problem. They affect review confidence.

Before generating a package, sort items into:

  • evidence attached;
  • owner confirmation needed;
  • CPA review candidate;
  • excluded or not ready.

6. Check the CRA filing-channel boundary

OPTAX can help prepare materials, but the owner or authorized representative still reviews the output before using an enabled CRA filing channel for that return.

Make sure the package is understood before submission.

7. Know when to involve a CPA

Bring in professional review when the issue depends on judgment, legal structure, or unusual facts.

Examples:

  • reorganizations;
  • related-party complexity;
  • aggressive tax positions;
  • legal agreements;
  • multi-jurisdiction questions.

How OPTAX helps

OPTAX turns this checklist into workflow objects:

Records -> Evidence -> Questions -> Review -> Package.

That means the owner can see what is ready, what is blocked, and what needs review before the package is treated as complete.

Boundary

This checklist is general preparation guidance, not tax advice. Review the package carefully and consult a qualified professional for complex situations.