Most small corporations in Calgary need year-end financial statements for their corporate tax return, their bank or their investors. Garg Accounting prepares compilation engagement financial statements under Canadian Standard on Related Services (CSRS) 4200, together with your T2 return.
A compilation engagement is where a CPA prepares your financial statements from the records and information you provide. It replaced the old “Notice to Reader” for fiscal periods ending on or after December 14, 2021. A compilation is not an audit or review: the accountant does not verify your records, but the statements are prepared by a professional and come with a compilation engagement report.
Incorporated small businesses, holding companies, professional corporations and contractors who need statements for the CRA, a bank loan or line of credit, a lease, bonding or a franchise application. If you need a review engagement or audit, we can tell you whether that is required and refer you.
Related: corporate tax returns, bookkeeping, catch-up bookkeeping, how our fees work.
It replaced the Notice to Reader. For fiscal periods ending on or after December 14, 2021, CPAs prepare compiled statements under CSRS 4200, which has a new report and a required note on the basis of accounting.
Every corporation must report its balance sheet and income statement information to the CRA using GIFI schedules with its T2 return. Compiled financial statements are the usual way small corporations prepare that information.
No. A compilation does not give assurance. If a lender, investor or law requires a review engagement or audit, a different engagement is needed.
Garg Accounting · 4310 104 Avenue NE, Unit 3230, Calgary, AB T3J 1W5 · +1 368-995-6000 · info@gargaccounting.ca · Mon–Fri 9:00 AM–5:30 PM
Areas we serve: NW Calgary · NE Calgary · SW Calgary & Downtown · SE Calgary · Airdrie · Chestermere · Balzac & Rocky View · Cochrane · Okotoks & High River · Strathmore · Drumheller · Red Deer · Lethbridge · Medicine Hat · Edmonton · Fort McMurray · Grande Prairie · Online across Canada
Related: Personal tax filing · GST/HST filing · Bookkeeping · Incorporation · Contact
Popular services: Accounting services in Calgary · Personal tax returns · Payroll services · Bookkeeping · Corporate tax (T2)
