No matter what size of business you own or operate – from an individual sole proprietorship to a large corporation – the Canada Revenue Agency has specific reporting requirements to which you will need to adhere to remain compliant and avoid significant fines and penalties. That includes not only your annual tax return, but also payroll returns (T4 slipd and T4 summaries), dividend forms (T5 slipd and T5 summaries) and GST returns.
To help you stay compliant and file those tax forms as required, your company may benefit from an accounting compilation.
What is an accounting compilation?
An accounting compilation is a summary or general overview of your company’s finances based on financial information supplied by company management. Essentially, the compilation provides a financial overview presented in a statement format to help management monitor performance. The compilation does not guarantee accuracy by the accountant. Because a compilation uses information provided by the management with no verification or testing by the accounting firm, it isn’t necessary to adhere to accepted Canadian accounting principles during preparation. As a result, a compilation can be faster and less costly than formal reviews or preparation of verified financial statements.
Accounting compilation services for your company’s needs:
A compilation can be especially useful in tax planning activities, helping businesses ensure they’re able to identify and take advantage of every available tax break and credit for which they qualify, not just for the current tax year but for future tax years as well.
At Hogg, Shain and Scheck, our team of accounting professionals is experienced in providing accounting compilation services to aid Canadian businesses of all sizes in tax planning and other planning activities so they can build more successful and profitable futures. We will make sure your compilation is completed in the most cost-effective and timely manner so you can meet critical tax deadlines and lay a firm foundation for the most advantageous tax positioning of your company in the future.
Hogg, Shain and Scheck provides a full complement of accounting services for Canadian businesses of all sizes. If you’d like to learn more accounting compilation services or any of the other services our firm provides, contact us at 647-557-7591 and schedule an appointment to with one of our advisors today.