Year-end package
- Year-end adjusting entries: accruals, prepaid expenses, inventory, shareholder loans
- Capital asset schedules and capital cost allowance (CCA) calculations
- Fully reconciled balance sheet with lead sheets and supporting documents
- Trial balance and draft financial statements
- GIFI mapping for the T2 corporate return
- T2 corporate and T1 business-income (T2125) preparation support
- T5 slips for dividends paid to shareholders
Deadlines
A corporation must file its T2 return within six months of its fiscal year-end. Any balance owing is generally due within two months, or three months for many Canadian-controlled private corporations. Self-employed individuals file by June 15 but must pay any balance by April 30.
Working with your CPA
Assurance and compilation engagements (such as Notice to Reader or CSRS 4200 reports) are regulated public accounting services in several provinces and must be issued by a licensed CPA. We prepare everything your CPA needs, which usually reduces their time and fees, or we can introduce you to a CPA partner.