Your financial statements have three audiences and they want different things: the CRA wants the figures in its own format, a lender wants to see whether the business can service debt, and you want to know whether it is working. We prepare statements that answer all three.
What this includes
- Balance sheet, income statement and statement of cash flows
- Notes and comparatives against the previous year
- The GIFI schedules that go to the CRA with the T2
- Statements in the form a lender or a landlord will accept
- A conversation about what they show, rather than a file sent by email
- Analysis and reporting through the year where you want it, not only at the year end
For a lender or a landlord
Mortgage lenders, equipment finance and commercial landlords ask for statements, and they ask for them at short notice. Having them prepared at the year end rather than assembled when the request arrives is the difference between a week and a month.
Budgeting and forecasting
The same figures support a budget and a forecast, which is the part most owner-managed businesses skip. If you want them, we build them from your own history rather than from a template.
What they need to be right
Statements are only as good as the books behind them. If the bookkeeping is incomplete the statements will be too, which is why the two usually belong together — see bookkeeping.
Questions we are asked about this
Do I need audited financial statements?
Most owner-managed private corporations do not. An audit is usually required only where a lender, a shareholders' agreement or a regulator asks for one. Most businesses need statements prepared on a compilation or review basis, which is a different and far less expensive exercise.
How long after my year end will the statements be ready?
It depends mostly on the state of the books. Where the bookkeeping is current it is a matter of weeks; where a year has to be reconstructed first, longer. We will give you a realistic answer at the start rather than an optimistic one.
Worth reading
Where we work
We are based in Scarborough and act for clients across Toronto and the GTA in person — see accountant in Scarborough and small business accountant in Toronto — and everywhere else in Canada by email and video call.
Our other services
Corporate Tax Returns (T2) · Personal Tax Returns (T1) · Trust Returns (T3) · HST and GST Filing · Bookkeeping · Payroll · CRA Audits and Disputes · Tax Planning · Incorporation and Business Setup · Estate and Succession Planning · Cross-Border Tax
Our office
ClearWealth Accounting Advisors
1457 McCowan Rd, Suite 202
Toronto, Ontario M1S 5K7
Get directions
Open Monday to Friday, 9 a.m. to 6 p.m.
Phone: (437) 290-5117
Email: info@clearwealth.tax
