Year-end financial statements for your corporation
Compiled financial statements prepared under Canadian Standard on Related Services (CSRS) 4200, ready for your T2 return, your bank and your shareholders.
What a compilation engagement is
In a compilation engagement, we assist management in preparing financial statements from the information you provide, using a financial reporting framework suited to your needs. It is not an audit or review, and we do not express an opinion or conclusion. The statements are issued with a Compilation Engagement Report in the form required by the standard.
- Balance sheet, income statement and notes describing the basis of accounting
- Year-end adjusting entries, accruals and amortization
- Reconciliation to your bookkeeping records and bank statements
- Prepared together with your T2 corporate tax return
- Interim statements for lenders or management, on request
Audit and review engagements
Our firm does not provide audit or review engagements. If your lender, investors or a regulator requires an audited or reviewed set of financial statements, we will tell you early so you can arrange the right engagement.
Compiled Financial Statements: common questions
Is a compilation the same as an audit?
No. A compilation engagement provides no assurance. We assist in preparing the statements from information you provide; we do not audit or review them.
Do I need financial statements to file my T2?
A corporation must include financial statement information with its T2 return (through the GIFI schedules). Many owners also need statements for their bank or shareholders.
How long does it take?
Most year-ends are completed within a few weeks of receiving complete records. We agree on a timeline when we quote.
You may also need
Personal Tax
T1 returns for employees, families, students, seniors, newcomers and the self-employed — plus help with CRA letters, reviews and reassessments.
Learn moreCorporate Tax
T2 corporate returns, year-end planning, owner salary vs. dividend decisions, T4/T5 slips and instalment planning.
Learn moreTax Planning & Business Transitions
Proactive planning for owner-managers: sale of shares or assets, the lifetime capital gains exemption, estate freezes and reorganizations.
Learn moreLet’s talk about what you need.
Book a free, no-obligation 15-minute consultation. Evening and Saturday times available by phone, video or in person.