CPA Compilation Report in Markham

Before any statement is drafted, we close the prior year, roll balances forward and confirm the trial balance ties out.

• Close the prior year and roll forward opening balances so the trial balance agrees to last year's compiled financial statements.
• Clear suspense, undeposited-funds and unreconciled accounts in your QBO or Xero file so no placeholder balance reaches the statements.
• Confirm bank, loan and credit card balances on the trial balance match year-end statements.
• Check that the trial balance is in balance and that retained earnings equal prior year plus current net income before adjustments.
• Hand over a clean trial balance that serves as the foundation for an accurate compilation.

We prepare statements that meet CSRS 4200, including the mandatory basis-of-accounting disclosure.

• Prepare the compilation under CSRS 4200, the standard that replaced the former Section 9200 NTR and requires the basis of accounting to be described in a note.
• Disclose the basis of accounting used (cash or accrual) within the statements, as CSRS 4200 requires.
• Attach the compilation engagement report setting out management's responsibility and confirming that no assurance is expressed.
• Check with the lender or other known user before issuing, since CSRS 4200 requires the statements to be suitable for their intended use.
• Issue a professional, CPA-signed Notice to Reader at an AFFORDABLE flat fee.

Accuracy is built in the entries between your raw books and the finished statements.

• Record year-end amortization so book figures line up with the CCA classes on T2 Schedule 8.
• Book accrued liabilities, prepaid expenses and deferred revenue so income and expenses land in the right period.
• Record the corporate income tax provision so the income statement shows after-tax results.
• Reconcile the shareholder loan account and adjust it to its actual year-end balance.
• Document every adjusting entry so the path from trial balance to statement is fully traceable.

The working-paper file stands behind every number. Organized, defensible and ready to build on.

• Build a lead-schedule working-paper file supporting each material balance in the compiled statements.
• Include account reconciliations, the CCA continuity schedule and the tax provision calculation.
• Organize the file so a later CSRS 4400 review engagement or audit can build on it directly.
• Keep working papers for the full professional retention period.
• Deliver an organized file that protects you and keeps future engagements cost-effective.

Your compiled statements and your T2 are one continuous process, not two separate jobs.

• Carry the compiled balance sheet and income statement onto Schedule 100 and Schedule 125 using matched GIFI codes.
• Reconcile compiled net income to taxable income on Schedule 1, applying add-backs and deductions.
• Agree the tax provision in the statements to the actual tax calculated on the T2.
• Prepare the compilation and T2 as one engagement. No duplicated work and no reconciliation gaps.
• Bundle the statements and T2 at one flat, AFFORDABLE fee with no hourly billing.

Lenders and buyers rarely accept a single year. We prepare a consistent multi-year package.

• Prepare two- and three-year comparative compiled statements on a consistent basis of accounting.
• Restate earlier years onto the same CSRS 4200 basis where prior statements used the retired NTR format.
• Assemble the multi-year set in the layout banks expect for mortgage and credit applications.
• Reconcile each year's statements to the T2 filed for that year.
• Deliver the complete multi-year package at a flat, transparent fee with no surprise charges.