Year-end financial statement preparation by a CPA
Every incorporated business needs a clean set of year-end statements — for its T2 return, for the bank, and for its own decisions. We prepare them properly, explain what they say, and stand behind the numbers.
EverStone CPA prepares year-end statements for corporations across BC and the rest of Canada — fully remotely.
Quick answer: Year-end financial statements for a Canadian corporation are the balance sheet, income statement and notes that support the T2 corporate return and satisfy lenders. Most owner-managed companies need a compilation under CSRS 4200 rather than an audit. EverStone prepares statements and the corporate return together, online, for a fixed quoted fee.
Your financial statements are the summary of a whole year: what the business earned, what it owns and owes, and where the cash went. They feed directly into your corporate tax return, and they’re the first thing a lender or investor asks for. We prepare year-end statements for incorporated BC businesses that are accurate, presented to standard, and — just as importantly — explained in plain English so you actually understand your own numbers.
What we prepare
- Balance sheet — what the corporation owns and owes at year-end
- Income statement — revenue, expenses and profit for the year
- Statement of retained earnings and cash flow where needed
- Notes to the financial statements, to the required standard
- Statements structured to feed directly into your T2 return
- A plain-English walkthrough of what the numbers actually mean
What good financial statements do for you
Statements aren’t just a filing formality. Done well, they’re the most useful management tool a small corporation has.
They drive your tax return
Your T2 corporate return is built on your financial statements. If the statements are sloppy, the return is too — and errors flow straight through to what you owe or what you’re exposed to in a review. Clean statements are the foundation of a clean return.
The bank will ask for them
When you apply for financing, a lease, or a mortgage, the lender wants year-end statements — often CPA-prepared. Statements that are clear and properly presented make you look like a business worth lending to. We prepare them with that audience in mind.
They tell you how you’re actually doing
Bank balance isn’t profit. Your statements separate real profit from cash timing, show your margins, and reveal trends you can’t see from your account. We walk you through them so they inform decisions, not just filings.
They’re a record you can defend
If CRA reviews your corporation, well-prepared statements backed by proper bookkeeping are your first line of defence. We build them on reconciled books, not guesswork.
From the statements to the T2
Year-end financial statements are what the corporate tax return is built from. The balance sheet and income statement become the GIFI schedules of the T2 (Schedules 100 and 125); the fixed assets become the capital cost allowance (CCA) claim on Schedule 8; and dividends declared in the year become T5 slips for the shareholders. That is why statements prepared under CSRS 4200 and the T2 are best prepared together, by the same CPA, from the same closed books.
On price: for a one-owner trades corporation with around 200 transactions a year, monthly bookkeeping, payroll and the year-end T2 with financial statements together usually run $500–$700 a month all-in, as published on our pricing page. Statements on their own are quoted in writing after we review your enquiry.
Statements are only as good as the structure underneath them. A chart of accounts built around GIFI codes and a disciplined month-end close are what make year-end preparation straightforward.
Working with EverStone, start to finish
We reconcile the year
We start from your bookkeeping — either ours or yours — and reconcile the year so the statements rest on accurate numbers. We quote a fixed fee up front.
We prepare the statements
We produce your balance sheet, income statement and notes to standard, structured to feed straight into your T2 corporate return.
We explain them to you
We walk you through what the statements say in plain English — your profit, your margins, your position — so the year-end is useful, not just filed.
Financial statements are prepared alongside your corporate tax return and rest on solid bookkeeping. For businesses that need a formal engagement, see our compilation engagement service.
Financial statement questions
How much do year-end financial statements cost?+
Do I need financial statements if I’m a small corporation?+
What’s the difference between financial statements and a compilation?+
Can you prepare statements from my existing bookkeeping?+
Will you explain what the statements mean?+
What do you need from me to prepare year-end statements?+
How long does a year-end take once I hand everything over?+
Why clients stay with EverStone
Rated 5.0 on Google across 21 client reviews.
“…We switched to him last year for both our personal and small-business taxes — responsive, knowledgeable and quick.”
“…have been completing my bookkeeping, taxes and financials for the last 2 years and they have been amazing. Thank you!”
“…He is very knowledgeable and has saved me tons in taxes by restructuring my group of companies — the best accountant I’ve worked with in the last 10 years, after switching from three different firms.”
Information on this page was last reviewed in . See our who reviews this.
We work with owner-managed businesses across BC online — virtual accountant in Vancouver and beyond.
What the statements are used for, and what sits behind the numbers: the year-end checklist for incorporated owners, how inventory is valued on the balance sheet, capital cost allowance and depreciation classes, how shareholder loans appear in the accounts, the bookkeeping errors that show up at year end.
Year-end statements by location
What a set of statements needs to show depends heavily on who is going to read it, and that varies by local economy. In the Fraser Valley: financial statements in Abbotsford (farm lenders and program reporting), Chilliwack (quota and herd), Langley (inventory valuation), Mission (equipment and leases), Surrey (bonding and work in progress), Maple Ridge (unbilled work and deposits) and Aldergrove (small owner-managed corporations).
Elsewhere in BC: Vancouver (outside shareholders and deferred revenue).
Year-end statements look back once a year. monthly reporting between year ends is what tells you where you stand in July.
Where a lender or a shareholders’ agreement calls for assurance rather than a compilation, the work shifts to getting the file ready for an external engagement.
Related reading
Guides and tools that go deeper on what this page covers.
Year-end statements by city
The same year-end work, written up for each city.
- British Columbia: Abbotsford, Chilliwack, Mission, Langley, Surrey, Maple Ridge, Aldergrove, Vancouver, Victoria
- Alberta: Calgary, Edmonton
- Manitoba: Winnipeg
- Ontario: Toronto, Ottawa
Year-end statements in Alberta
Alberta businesses file GST with no provincial sales tax and, for corporations, a separate AT1. City pages: Calgary, Edmonton, Airdrie, Red Deer, Lethbridge, Medicine Hat, St. Albert, Sherwood Park, Grande Prairie and Fort McMurray.
Starting fees
Every fee is fixed in writing before any work begins.
- Corporate year-end and T2 returnfixed fee, quoted in writingThis page
- Monthly bookkeeping, GST/PST filing includedfrom $325 a month
- Payroll, remittances, T4s and ROEsincluded in monthly bookkeeping
- Books, payroll and the year-end T2 together$500–$700 a month
- Personal tax return (T1)from $125; self-employed or rental $275–$500
- Catch-up bookkeepingfrom $2,200 per year of records
- Controller or CFO supportcontroller from $1,650, CFO from $2,750 a month
- One-off advice call with a CPA$225 plus GST
Statements are stage three of the year end. See the year end hub for the planning and bookkeeping stages that come first.
Unsure whether last year’s work was handled correctly? You can have the return reviewed independently, a fixed-fee, no-obligation review.
The forms and the dates
A compilation engagement is performed under CSRS 4200, the standard that replaced the Notice to Reader in 2021. The statements carry a compilation engagement report and a note on the basis of accounting, and the CPA does not express assurance on them. Where a lender or agreement requires assurance, a review engagement (CSRE 2400) or an audit is a different, larger engagement and is scoped separately. The statements feed the T2's GIFI schedules directly.
Who this is for in the Fraser Valley
Year-end statements for Fraser Valley corporations are asked for by three readers. The CRA reads them through the GIFI schedules in the T2; the bank, for an Abbotsford or Chilliwack operating line or a Langley equipment loan; and a bonding company or landlord who wants to see a compilation from a CPA. Owners in Mission and Surrey selling or bringing in a partner want the same thing for the buyer.
What sets the fee
A compilation engagement is a fixed fee quoted in writing, set by the state of the books at year-end and the number of items that need a note — related-party balances, shareholder loans, capital assets, inventory. Statements prepared from books this office keeps monthly are quoted at the lower end because the reconciliation work is already done; statements from a shoebox are quoted with the catch-up work stated separately. A review engagement, where a lender requires assurance, is scoped and quoted as its own engagement.
Other bookkeeping and accounting work
The rest of what this covers, and the page each one is on.
Need clean year-end statements?
One Chartered Professional Accountant, start to finish. Fixed fees, quoted in writing before any work begins, and no obligation from a first conversation.
“Personal. Professional. Responsive. Plus he saved me a bundle!”