Year-end, ready to hand to your CPA
We close your books for the year, record the adjustments, and package the working papers, so your CPA starts from clean, reconciled numbers instead of a box of receipts.
From $600/year for corporations
What year-end involves
At the end of each fiscal year, a corporation's books are closed: accounts are reconciled one final time, year-end adjustments are recorded, and the results become the financial information reported on its T2 corporate income tax return. The T2 includes the balance sheet and income statement in CRA's GIFI format, along with schedules for items like capital cost allowance and shareholder information.
Tallyforth handles the bookkeeping side of year-end — adjusting entries, the CCA schedule, the shareholder loan reconciliation, and the working papers — as year-end preparation for handoff to your CPA, who prepares and files your return. Because your books have been reconciled all year, year-end starts from numbers that are already checked.
What's included
- Trial balance review and year-end adjusting entries
- CCA schedule and shareholder loan reconciliation
- GIFI preparation and working papers
- A handoff package for your CPA: trial balance, schedules, and supporting records
- Answers to your CPA's questions about the books
How it works
Final reconciliation
Every account reconciled through your fiscal year end.
Year-end adjustments
Closing entries recorded, such as accruals and capital asset additions.
Working papers prepared
The trial balance, schedules, and working papers packaged for review.
Handed to your CPA
The finished package goes to your CPA, ready for them to prepare and file your return.
Who this is for
- You run an incorporated business in BC
- Your CPA spends billable hours cleaning up the books before the return can start
- Your last year-end turned into a scramble for records
- Your fiscal year end is coming up and nothing is organized yet
The details
Key deadlines
A corporation's T2 return is due six months after its fiscal year end. Any balance owing is usually due sooner — two months after year end, or three months for many Canadian-controlled private corporations claiming the small business deduction.
BC companies also file an annual report with BC Registries each year, separate from their tax return.
Sole proprietors
Sole proprietors report business income on the T2125 with their personal return rather than filing a T2. Year-end preparation for sole proprietors starts at $350 a year.
Who does what
Tallyforth is a bookkeeping firm. We do the year-end preparation for handoff to your CPA, who prepares and files your tax return and any financial statements a bank or investor asks for. Tallyforth doesn't provide audit, review, or compilation engagements.
Common questions
Do I need year-end financial statements?
Every corporation reports its balance sheet and income statement to CRA as part of the T2, in CRA's GIFI format. Whether you also need formal financial statements depends on who's asking — lenders, landlords, and investors often do, and those come from your CPA.
My fiscal year end is next month. Is it too late?
No. Send your records as early as you can: the T2 isn't due until six months after year end, but any tax owing is due sooner.
What's the difference between a T2 and financial statements?
The T2 is the corporate income tax return filed with CRA. Financial statements are a formal presentation of your balance sheet and income statement, often requested by lenders, landlords, or investors. Your T2 includes your financial information in GIFI format either way.
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