Do you need financial statements but aren’t sure whether you require a CPA-signed compilation engagement or simply financial statement preparation for your corporate tax return?
At T2inc.ca, we help you make the right decision: a compilation engagement, formerly Notice to Reader, or straightforward financial statement preparation, depending on what your reports are intended to support.
Get Accurate Financial Statements for Your for Tax and Business Obligations
Preparing accurate and compliant financial statements is essential not only to meet your corporate tax obligations (T2 in Canada, CO-17 in Quebec) but also to present your corporate financial statements to business partners, financial institutions, or shareholders, in line with generally accepted accounting principles.
With T2inc.ca, you benefit from professional financial statement services at a competitive price. Whether you require statements strictly for tax filing or need a compilation engagement report signed by a CPA, we guide you through every step with precision and attention to financial performance.
End your fiscal year with reliable financial statements
Accurate financial statements are essential for filing your corporate tax returns. These formal records that summarize the financial performance of a company also serve as key documents for assessing your business’s activities during a specific reporting period.
T2inc.ca offers customized services to ensure rigorous accounting management and simplify your tax filings. Find out how we can help your company!
Financial Statements for Tax Purposes
Ideal for small and medium-sized businesses (SMBs), this service includes annual preparation of your key corporate financial statements: balance sheet, income statement, and cash flow statement.
Even without a formal engagement report, these formal records are mandatory for preparing and filing your corporate tax returns at the end of each reporting period. With T2inc.ca and our accounting partners, you receive precise financial statements aligned with federal and Quebec tax standards.
Compilation Engagement Report
A compilation engagement signed by a CPA presents financial statements based on information provided by the company’s management. It offers no assurance, but it meets the needs of many SMEs for tax, administrative, or internal purposes.
Often referred to as a Notice to Reader, this type of engagement is a cost-effective choice for many incorporated businesses when an audit isn’t necessary. This type of engagement provides a structured snapshot of your company’s financial activities during a specific reporting period.
Why Choose T2inc.ca for Your Financial Statements?
Competitive Pricing
Whether you need financial statement preparation or a compilation engagement signed by a CPA, our services are affordable without compromising on quality.
Qualified Expertise
Our accounting partners are experienced in delivering corporate financial statements that comply with Canadian accounting standards. You can rely on us to meet both tax and operational requirements.
Thorough Review Process
Every file is handled by a CPA or qualified accountant, depending on the service level needed. We ensure that your documents are complete, coherent, and ready for tax filings or external presentation.
Comprehensive Service
We go beyond basic financial statement services. From incorporation to tax returns and financial reporting, T2inc.ca supports you at every step of your corporate growth.
Entrust Your Financial Statements to Business Tax Experts
Accurate, compliant corporate financial statements are essential for fulfilling your tax obligations and making sound decisions for your company's growth. At T2inc.ca, we support you every step of the way, whether you need basic financial statement preparation or a CPA-signed compilation engagement.
Request a quote today and put our expertise to work for your business. Want to Learn More First?Check out our free guides to better understand your company’s tax responsibilities.
3 Simple Steps to Work with Our Accountants
Get your financial statements quickly and efficiently with T2inc.ca. Our process is simple, and only three steps are required to access our team's assistance in preparing your annual or quarterly financial statements.
Submit a Quote Request
Complete our online quote request form with details about your company and specific needs.
After submitting your request, you'll receive a confirmation email with the next steps to complete your file.
Complete Our Questionnaire to Provide More Information
Once the quote is confirmed, you'll receive a secure link to an additional questionnaire. This questionnaire will help us better understand your business and the documents needed to prepare your financial statements.
At this stage, please provide all relevant information so that we can provide you with a customized solution that meets your needs.
Confirm Our Service Offer and Benefit From Our Expertise
After analyzing your file, you'll receive a personalized service offer prepared by our accounting partners.
Confirm this offer, pay the fee, and we will start the mandate to prepare your financial statements, ensuring compliant documents ready for your corporate tax returns.
They trust us
Satisfied clients with our services
Discover why many Canadian business owners trust T2inc.ca to prepare their financial statements. Read our client testimonials and see how we've contributed to their financial management success.
Frequently Asked Questions About Financial Statement Preparation
Find all the answers to your questions about our financial statement services!
What is the Purpose of Financial Statements?
Corporate financial statements serve much more than just legal or tax compliance. They offer a clear and structured view of your company’s financial health from profitability and liquidity to solvency and operational performance.
They allow you to track accounts receivable, short- and long-term debts, and cash flow movements. The revenues earned and expenses incurred are presented in a structured way, which helps evaluate your company’s financial results and identify key risks.
In addition to internal decision-making, financial statements are essential to prepare your corporate tax returns, including the T2 corporate tax returns in Canada and the CO-17 corporate tax returns in Quebec. Proper financial statement preparation helps reduce the risk of penalties or audits from tax authorities.
Corporate financial statements are also often required by financial institutions, investors, or business partners. In these situations, they are accompanied by notes to the financial statements explaining the accounting methods used and the information presented in the reports.
To learn more about how we support your business year-round, visit our business accounting services.
What Are the Three Main Corporate Financial Statements?
The three main corporate financial statements are the balance sheet, the income statement (also called the statement of earnings), and the cash flow statement. Each plays a critical role in assessing the financial health of your business.
- Balance Sheet: It provides a snapshot of the company’s financial position at a specific date. It lists assets, liabilities, and shareholders’ equity, allowing you to measure solvency and capital structure. Tangible assets, loans, and payables are all presented in a clear format.
- Income Statement (Profit and Loss): This report shows the revenues generated and the expenses incurred over a given period. It helps you determine whether your business is operating profitably. It often includes results by activity segment and supports performance tracking over time.
- Cash Flow Statement: It presents cash inflows and outflows related to operations, investments, and financing activities. It also helps reconcile accounting earnings with actual cash movements and to identify financial management risks.
How Do I Read Corporate Financial Statements?
Reading a financial statement means understanding how the financial data is organized and what it reveals about your business. You need to be able to interpret the three core financial statements, each with its specific focus:
- Balance Sheet: What your company owns (assets) and owes (liabilities), and how much equity is left.
- Income Statement: How much income you earned and what expenses were incurred useful for measuring profitability.
- Cash Flow Statement: Where your money is coming from and going to vital for day-to-day operations.
When reviewing your financial statements, it’s also essential to consult the notes to the financial statements. These notes explain the accounting methods used, disclose key assumptions, and provide context for the figures presented, especially when the documents are prepared as part of a compilation engagement report or another form of external financial reporting.
If your business requires certified financial statements, our team can also provide a CPA-signed assurance engagement, tailored to your compliance and reporting needs.
When Should You Prepare Financial Statements for Your Business?
Your financial statements should be prepared at the end of each fiscal year. While most corporations follow the calendar year, the chosen fiscal year can vary depending on your operational or industry-specific needs.
Annual financial statement preparation is essential to evaluate your company’s financial performance and meet your tax obligations. These reports are required to file your T2 corporate tax return at the federal level and the CO-17 return in Quebec if your corporation operates there.
Some businesses also prepare quarterly or monthly financial statements to monitor cash flow, meet lender requirements, or support proactive financial management. In all cases, maintaining a consistent reporting cycle helps detect potential financial risks early and supports more informed decision-making. For smooth and regular corporate financial reporting, you can rely on our business accounting services to handle your bookkeeping and prepare reliable reports tailored to your fiscal calendar.
When Should I Choose a Compilation Engagement Signed by a CPA for My Business?
A compilation engagement is appropriate when you need to present official financial statements but do not require an in-depth audit or review. It’s often requested by banks, government agencies, business partners, or shareholders who need reliable data but not formal assurance.
In a compilation engagement, the CPA prepares financial statements based on the information provided by the business’s management, following generally accepted accounting principles in Canada. This process results in a compilation engagement report, which does not include any assurance but still offers a professional presentation of your company’s financial situation.
Previously called a Notice to Reader, this type of engagement is ideal for many incorporated SMEs that want to demonstrate compliance and transparency while keeping costs under control. It is a credible solution that balances reporting requirements with your operational needs.
If your stakeholders require a formal set of financial statements but not a full audit, this is likely the right service.
Questions About Income Statements, Balance Sheets or Cash Flow Statements? Talk to Our Experts
Need more information about how we prepare financial statements whether it’s for year-end reporting, tax filing, or a compilation engagement report? Fill out our online contact form, and one of our accountants will get back to you quickly with tailored advice based on your business’s specific financial needs.
Our team helps you produce accurate and compliant financial statements such as income statements, balance sheets, and cash flow statements that offer a clear snapshot of your company’s financial position at a specific point in time. Whether you need to report net income, gross profit, retained earnings, or cash and cash equivalents, we ensure that your statements are aligned with Canadian standards and reflect your business activities and financial performance.
Talk to our experts to understand how financial statements are important tools for decision-making and how we can simplify your accounting processes using reliable accounting software, clear step-by-step support, and professional insight.