Question 1

What is a CPA compilation report, and is it the same as a Notice to Reader?

Accepted Answer

They are the same service under two names. Notice to Reader was the older label used under the retired Section 9200; CPA Canada replaced it with the compilation engagement under CSRS 4200. Either way, a licensed CPA assembles your financial statements from information management provides, attaches a signed compilation engagement report, and expresses no audit or review assurance. Oshawa banks, landlords and brokers still use both terms interchangeably. Please see our CPA compilation report page.

Question 2

Why will my bank not accept the reports I print from QuickBooks?

Accepted Answer

Because anyone can print those, and nobody has signed them. A lender needs statements assembled in a standard format by a licensed CPA with an engagement report attached that states what was and was not done. That signature and that report are the whole product. Your QBO or Xero data is the raw material we compile from, not the deliverable itself.

Question 3

What does a compilation report cost in Oshawa?

Accepted Answer

From $250 where we already keep your books and they are current, from $500 where you provide clean records, and from $800 where bookkeeping cleanup comes first. Interim statements start at $200, multi-year packages run $400 per year, and the compilation bundled with your T2 starts at $650. Every figure is flat and quoted in writing before work begins. Our pricing calculator gives your exact number in about two minutes.

Question 4

How quickly can we have it?

Accepted Answer

Three to five business days when we hold your books and they are current, five to seven when you supply a clean trial balance and supporting documents, and seven to fourteen when cleanup is needed first. A 48-hour rush is available to existing bookkeeping clients for an additional $150, subject to availability. Deal and financing timelines are real, so tell us the deadline on the first call.

Question 5

Which Oshawa lenders accept these statements?

Accepted Answer

All the major banks operating here, along with the credit unions serving Durham Region, accept CPA-compiled statements for small business loans, operating lines, equipment financing and commercial mortgages. What varies is the presentation each one expects and how many years they want. We confirm the requirement with your branch or account manager before issuing, which is why our packages rarely come back for rework.

Question 6

Do I need an audit instead?

Accepted Answer

Almost certainly not. Audits are the domain of public companies, large non-profits and a narrow band of regulated entities, and they cost many times what a compilation does. Most Oshawa owner-managed corporations financing equipment, signing a lease or bringing in a partner need a compilation. We ask the recipient what level they actually require rather than selling you a heavier engagement than the situation calls for.

Question 7

What is the difference between a compilation and a review engagement?

Accepted Answer

A compilation assembles the statements with no assurance expressed. A review engagement under CSRS 4400 adds inquiry and analytical work and delivers limited assurance, at a materially higher cost. Larger credit facilities and some investors ask for a review; most lease applications, franchise renewals and mid-sized loans do not. We build compilation working papers so that if you later need a review, the file supports it rather than starting over.

Question 8

Our plant needs financing for equipment. What will the lender want?

Accepted Answer

Typically two to three years of comparative compiled statements, a capital cost allowance schedule showing how the equipment is being depreciated, and often a cash flow projection covering the loan term. Manufacturing and fabrication files also benefit from a clear inventory note. We prepare the statements and the supporting schedules together so the credit adjudicator has one complete package.

Question 9

Can you handle a compilation where inventory is significant?

Accepted Answer

Yes, and inventory is where compiled statements for Oshawa manufacturers, parts suppliers and retailers most often go wrong. We work from your year-end count, confirm the costing method is applied consistently, adjust for obsolete or written-down stock, and disclose the basis in the notes. The lender reads that note carefully, so it needs to be right.

Question 10

What is included in the finished package?

Accepted Answer

The signed compilation engagement report, the balance sheet, the income statement, the statement of retained earnings, and notes covering accounting policies, related party transactions and any commitments or contingencies. Schedules such as CCA continuity or revenue detail are added when the recipient asks for them. You receive it as a PDF and, on request, printed.

Question 11

What documents do you need from us?

Accepted Answer

Nothing extra if we already do your bookkeeping. Otherwise: the year-end trial balance, bank statements for every account through the fiscal year, loan and credit card statements showing closing balances, the inventory listing where applicable, shareholder loan detail and activity, and whatever the bank or landlord has specifically asked you to provide.

Question 12

Our books are behind. Can you still do this?

Accepted Answer

Yes, and it is a common starting point. We bring the bookkeeping current first, reconcile the bank, credit card and HST accounts, then compile from a trial balance that actually ties out. Cleanup pricing starts at $800 depending on volume and condition, quoted before we begin. Please see our catch-up bookkeeping service.

Question 13

How does the compilation connect to our T2 corporate return?

Accepted Answer

Directly. The compiled balance sheet carries onto Schedule 100 and the income statement onto Schedule 125 through matched GIFI coding, and compiled net income reconciles to taxable income on Schedule 1. Preparing both as one engagement removes the gap that appears when two firms do the halves separately. Please see our corporate tax filing service.

Question 14

Does CRA require a compilation report with the T2?

Accepted Answer

No. The return can be filed without one. What CRA does expect is that the figures on the schedules are supportable, and compiled statements backed by a working-paper file are exactly that support. Owners who face a query years later are grateful the file exists.

Question 15

What adjusting entries do you make before compiling?

Accepted Answer

The ones that turn bookkeeping into financial statements: depreciation aligned to your CCA pools, accrued liabilities, prepaid expenses, unearned revenue, the corporate tax provision, and a reconciled shareholder loan balance. Each entry is documented so the path from your trial balance to the final statement is traceable.

Question 16

Why does the shareholder loan account matter so much?

Accepted Answer

Because it is the account lenders and CRA both look at, and the one most often wrong. An unreconciled shareholder loan can turn personal draws into a taxable benefit problem or make a balance sheet look stronger than it is. We reconcile it to its true year-end position and, where the balance signals a planning issue, we tell you before the statements are issued.

Question 17

Do you prepare multi-year comparative statements?

Accepted Answer

Yes, and most financing applications need them. We prepare two- and three-year comparatives on a consistent CSRS 4200 basis, restating earlier years where they were produced under the retired format, and reconcile each year to the T2 actually filed. Multi-year pricing runs $400 per year.

Question 18

We are buying into an Oshawa practice. Can compiled statements support the valuation?

Accepted Answer

They are the usual foundation for it. Buyers, sellers and their lawyers work from compiled statements, often three years of them, sometimes with supplementary schedules such as revenue by provider or location. We prepare the package and the schedules; the valuation opinion itself belongs to a valuator, and we will say so rather than blur the line.

Question 19

Can you produce interim statements mid-year?

Accepted Answer

Yes, from $200 for existing bookkeeping clients. Lenders reviewing a facility mid-year, landlords assessing a new tenant and partners tracking performance all ask for them. They carry the same compilation engagement report, covering the period rather than the full year.

Question 20

Will you send the report directly to our bank or landlord?

Accepted Answer

Yes, on your instruction, and we remain available for the recipient's follow-up questions. Statements that arrive from the CPA firm with a covering note tend to move through credit review faster than a PDF forwarded from the borrower.

Question 21

Who signs the report?

Accepted Answer

A licensed CPA Ontario member. Every compilation we issue is signed personally, with our membership number 61040184 and firm registration 61330051 available for anyone to verify on the CPA Ontario public directory before they rely on the statements.

Question 22

Do we need to visit your Oshawa office?

Accepted Answer

Only if you want to. Our office at 210 Durham St is available for meetings, and the entire engagement can equally run through our secure portal with video or phone calls, including evenings and weekends until 9 PM. Documents move electronically and the finished report arrives as a signed PDF.

Question 23

Which Oshawa and Durham Region businesses do you prepare these for?

Accepted Answer

Manufacturers and parts suppliers, construction firms and trades contractors, transport and warehousing operators, restaurants and franchises, clinics and professional practices, retailers and grocery businesses, and owner-managed companies of every kind across Oshawa, Whitby, Courtice, Ajax, Pickering and Bowmanville.

Question 24

Can you compile statements for a holding company?

Accepted Answer

Yes. Holding companies with investment portfolios, intercompany balances or real property need their own compiled statements, and lenders reviewing a group often want each entity separately as well as an understanding of how they interconnect. We prepare each set on a consistent basis and keep the intercompany positions reconciled.

Question 25

What if our corporation has more than one operating division?

Accepted Answer

We compile at the legal entity level, which is what lenders and CRA require, and add supplementary schedules showing divisional or location results where that helps the reader. Many Oshawa owners running two locations or two lines of business find the schedule more useful than the statements themselves.

Question 26

What accounting basis will our statements use?

Accepted Answer

Usually the accrual basis, which is what lenders expect and what the T2 is built on. CSRS 4200 requires the basis to be disclosed in a note whichever is chosen, so there is no ambiguity for the reader. Where a cash basis genuinely suits the intended user, we discuss it with you first.

Question 27

How long should we keep the statements and working papers?

Accepted Answer

We retain the working-paper file for the professional retention period, and you should keep the statements themselves with your corporate records indefinitely, since buyers, lenders and CRA can all ask for prior years. Owners who preserve a clean run of compiled statements consistently get through diligence faster.

Question 28

Can this year's statements be upgraded to a review later?

Accepted Answer

Yes, and that is why we build a proper lead-schedule file rather than just producing a document. If a lender later requires a review engagement, the working papers, reconciliations and CCA continuity are already there, which keeps the incremental cost down instead of paying twice.

Question 29

Do you also handle our bookkeeping, payroll and HST?

Accepted Answer

We do, and bundling is where the value sits. Books we keep produce statements that compile cleanly, payroll journals that already agree, HST filings that reconcile, and a T2 that ties to the statements without a reconciliation exercise. Please see our Oshawa payroll services and bookkeeping services.

Question 30

How do we get started?

Accepted Answer

Please book a free consultation and tell us who is asking for the statements, how many years they want, your fiscal year-end and the deadline you are working to. We confirm the engagement level actually required, review the state of your records, and send a written flat-fee quote with a delivery date before any work begins. Book Free Consultation

Situation	Who Requires It	What They Expect to Receive
Business loan or operating line	The major banks and the credit unions serving Durham Region	Two to three comparative years: income statement, balance sheet, retained earnings and notes
Equipment and machinery financing	Bank and equipment lenders funding plant and fleet purchases	Compiled statements plus a CCA schedule, often with a cash flow projection
Commercial lease	Landlords across downtown Oshawa, the north end and Durham Region business parks	Most recent year, showing revenue and net income can carry the rent
Franchise application or renewal	Franchise systems with annual reporting requirements	Statements meeting the reporting clause in the franchise agreement
Partner buy-in or shareholder change	Incoming partners, existing shareholders and their lawyers	Three years, often with supplementary revenue or location schedules
Business purchase or sale	Buyers, sellers, brokers and valuators	Compiled statements as the foundation the valuation is built on
Government-backed financing	Lenders administering the Canada Small Business Financing Program and similar facilities	Compiled financial statements plus a projection covering the loan term

Feature	Compilation (Notice to Reader)	Review Engagement	Audit
Assurance provided	None, and the report says so	Limited, expressed negatively	Reasonable, expressed as an opinion
What the CPA does	Assembles statements from management's information	Inquiry, analytical procedures, limited testing	Full examination with confirmations, counts and detailed testing
Governing standard	CSRS 4200	CSRE 2400	Canadian Auditing Standards
Who usually needs it	Most owner-managed Oshawa corporations: loans, leases, franchises, buy-ins	Larger credit facilities and some investor groups	Public companies, large non-profits, certain regulated entities
Typical cost	From $250	Several thousand dollars	Several times a review
Typical turnaround	3 to 5 business days	Two to four weeks	Four to eight weeks

Component	What It Covers
Compilation engagement report	Signed by a licensed CPA, stating the basis of preparation and that no audit or review assurance is provided
Income statement	Revenue, cost of sales, gross profit, operating expenses by category, and net income before and after tax
Balance sheet	Current and long-term assets and liabilities, shareholders' equity, retained earnings and shareholder loans
Statement of retained earnings	Opening balance, net income for the year, dividends declared and closing balance
Notes to the statements	Accounting policies, basis of accounting, related party transactions, commitments and contingencies
Supporting schedules	CCA continuity, revenue or expense detail, and inventory or location schedules where the recipient asks

Service	Fee	Turnaround	Details
Compilation, existing bookkeeping client	From $250	3 to 5 business days	CSRS 4200 statements, notes and signed engagement report, compiled from books we already keep.
Compilation, records current	From $500	5 to 7 business days	Compiled from the trial balance and supporting documents you provide.
Compilation with bookkeeping cleanup	From $800	7 to 14 business days	Bank, credit card and HST reconciliation and expense categorisation before compiling.
Interim financial statements	From $200	3 business days	Year-to-date statements for existing bookkeeping clients, on the same engagement basis.
Multi-year package, 2 to 3 years	From $400 per year	10 to 14 business days	Consistent CSRS 4200 basis, each year reconciled to the T2 filed for that year.
Compilation bundled with T2	From $650	5 to 7 business days	Statements and corporate return as one engagement, GIFI coded and reconciled throughout.
48-hour rush	Add $150	48 hours	Available to existing bookkeeping clients with current records, subject to availability.

#	Strategy	Why It Pays
1	Ask the recipient which engagement level they require	The gap between a compilation and an audit is thousands of dollars you may not need to spend
2	Find out how many comparative years they want	Discovering a third year is needed after delivery restarts the clock on a deadline
3	Keep the bookkeeping current all year	Current books turn a $800 cleanup engagement into a $250 compilation
4	Reconcile the shareholder loan before year-end	It is the account lenders and CRA both examine, and the one most often wrong
5	Count inventory properly at year-end	In manufacturing and retail it drives the balance sheet the lender is reading
6	Keep the basis of accounting consistent year to year	Restating a prior year costs more than preparing it correctly the first time
7	Prepare the compilation and T2 together	One engagement removes the reconciliation gap two separate firms create
8	Retain a clean run of prior-year statements	Buyers, lenders and CRA all ask for history, and gaps slow diligence down
9	Start before the deadline, not on it	Rush work costs more and leaves no room for the questions a lender may ask
10	Let the CPA firm answer the recipient's questions	Queries handled directly close credit reviews faster than messages relayed through you

CPA Compilation Report in Oshawa

What Is a CPA Compilation Report, and Why Does Oshawa Ask For One?

Our Notice to Reader Services in Oshawa

Trial Balance Compilation

Notice to Reader Report

Adjusting Journal Entries

Inventory & Costing Notes

T2 Corporate Tax Integration

Multi-Year Packages

How the Oshawa Compilation Engagement Runs

Confirming What the Recipient Actually Needs

Trial Balance That Ties

The Adjusting Entries

Compilation Under CSRS 4200

Working Papers and the T2

Delivery and the Follow-Up

Free Oshawa Compilation Report Consultation

Free Oshawa Compilation Report Consultation

Oshawa Compilation Report Case Studies

Parts Manufacturer Financing a Press

Downtown Restaurant Signing a Lease

Trades Contractor Two Years Behind

Clinic Bringing In an Associate

When Oshawa Businesses Are Asked for One

Compilation, Review or Audit: Which One Do You Need?

What Your Finished Oshawa Compilation Package Contains

Know the Fee Before We Start

Your Oshawa Compilation Report Checklist

Have the List Ready? We Can Start This Week.

Why Oshawa Businesses Choose Gondaliya CPA

Signed by a Licensed CPA

Same-Week Turnaround

AFFORDABLE Flat Fees

We Speak to the Recipient

Transparent Compilation Report Pricing in Oshawa

Four Steps From Your Books to the Lender's Desk

Gather

Reconcile

Compile

Deliver

Serving Every Corner of Oshawa

Our Oshawa Office

Oshawa Industries We Compile Statements For

Sample Compilation Engagement Report

Verify Our CPA Licence and Firm Registration

Oshawa Compilation Report FAQs

Meet Your Compilation Team

Sharad Gondaliya, CPA

Vandana Goel, CPA

What Our Clients Say

10 Compilation Report Strategies for Oshawa Owners

Browse Our AFFORDABLE CPA Services

CPA Compilation Reports in Oshawa From $250.

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