What's included
- Compiled financial statements
- Income statement & balance sheet
- Note describing the basis of accounting
- Notes to financial statements
- Compilation Engagement Report signed by a CPA
- T2 corporate tax return and EFILE
A compilation is not an audit or review. We do not audit, review or verify the information you provide, and no assurance is provided.
Pricing
T2 Corporate Tax Preparation
Annual corporate tax return preparation and EFILE
$1,200/yr or $100/mo
T2 + Compilation Engagement
Corporate tax return plus financial statements compiled by a CPA under CSRS 4200
$2,500/yr or $200/mo
All prices in CAD, excluding HST. Final pricing may vary based on transaction volume and complexity. See all pricing
Frequently asked questions
What is a compilation engagement?+
A compilation engagement is a service in which a CPA compiles financial statements from information provided by the business. It is performed under Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements, which replaced the previous standard, Section 9200, for periods ending on or after December 14, 2021.
Does a compilation provide any assurance?+
No. The CPA does not audit, review or verify the information you provide. A review engagement provides limited assurance, and an audit provides reasonable assurance.
Does the CRA require compiled financial statements?+
No. Corporations report their financial information to the CRA with the T2 return using the General Index of Financial Information (GIFI). Many corporations still choose compiled statements for their own records, their shareholders or their lender.
Will my bank accept compiled financial statements?+
That depends on your lender. Some accept compiled statements, while others require a review engagement or an audit. Check what your lender needs before your year-end.
What basis of accounting is used?+
Management is responsible for the basis of accounting. It may be Accounting Standards for Private Enterprises (ASPE) or another basis, such as an income tax basis, and it is described in a note to the statements. Each page of the statements refers to the Compilation Engagement Report.
Further reading: What Is a Compilation Engagement?
Book a free consultation
Tell us a bit about your business. We'll reply within one business day to set up a free 30-minute discovery call.