Financials are part of the tax work.
A corporate tax return uses your corporation’s financial information, not just a list of tax slips. We start with the records behind income, expenses, assets, liabilities and equity, then prepare the return within the agreed scope.
The CRA generally receives financial statement information through GIFI schedules with the T2. That tax-filing requirement does not, by itself, mean you need a compilation, review or audit engagement.
What we discuss with you.
- The state of your bookkeeping and any year-end adjustments needed.
- T2 preparation and filing, including applicable financial information schedules.
- Relevant tax questions arising from your business activity.
- Whether GST/HST or other filings form part of your scope.
- Any third-party financial reporting requirements, such as a lender’s request.
Tax financials versus a compilation.
Financial information prepared for tax filing is not automatically a set of compiled financial statements with a compilation engagement report. If you need financial statements for a bank, investor or other reader, tell us before work starts so the appropriate engagement can be considered.
Prepare for the handoff.
Bring reconciled bookkeeping, bank and financing records, asset purchases and disposals, shareholder transaction details, prior returns and relevant CRA correspondence. If records need cleanup, identify that early so the work can be scoped.
Official guidance.
CRA explains the financial information attached to the T2, including balance sheet, income statement and additional-information schedules. Exceptions apply in certain circumstances.
Let’s find the right starting point.
Tell us what you need and we’ll discuss scope, timing and fees before work begins.
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