--- title: "Financial Statements in Aldergrove BC | Year-End" url: https://www.everstonecpa.com/financial-statements-aldergrove description: "Year-end financial statements for Aldergrove BC corporations — compilation engagements prepared for lenders, shareholders and the CRA. Ask for a quote." type: service-in-a-city updated: 2026-10-08 summary: "A small Aldergrove corporation does not automatically need a formal set of financial statements. The corporate return requires GIFI schedules derived from the books; separate statements are prepared when a lender, a shareholder or a third party will actually read them, and that is worth deciding deliberately." faq_count: 8 publisher: EverStone CPA Inc., a Chartered Professional Accountant firm registered with CPA British Columbia and CPA Alberta service_area: British Columbia, Alberta, Ontario and Manitoba language: en-CA contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online --- [Home](https://www.everstonecpa.com/) [Year-end statements](https://www.everstonecpa.com/financial-statement-preparation-canada) Aldergrove Year-end statements · Aldergrove # Financial statements for small *Aldergrove* corporations Aldergrove sits on the Langley–Abbotsford line and its business base is mostly small owner-managed corporations: one or two shareholders, a handful of staff, a single bank account. It is part of [EverStone’s work for Aldergrove businesses](https://www.everstonecpa.com/accountant-aldergrove). For those companies the honest first question is not how the statements should be presented. It is whether a full set is needed at all. EverStone prepares [year-end statements](https://www.everstonecpa.com/financial-statement-preparation-canada) remotely,. [Get My Fixed Quote](https://www.everstonecpa.com/book-online)[Ask a Free Question](https://www.everstonecpa.com/quick-question) **Quick answer:** A small Aldergrove corporation does not automatically need a formal set of financial statements. The corporate return requires GIFI schedules derived from the books; separate statements are prepared when a lender, a shareholder or a third party will actually read them, and that is worth deciding deliberately. For a one-owner Aldergrove corporation, bookkeeping, payroll and the year-end T2 with financial statements together usually run from $500 to $700 a month. Filings include T4 slips, Schedule 1 and Schedule 50. GIFI on the return is compulsory; a presented set of statements is not. ## Does a small corporation actually need statements? Every corporation files a return with GIFI financial information: a balance sheet and income statement in prescribed codes. That is required. Separate financial statements with notes and an accountant’s communication are not. Those are prepared for outside readers: a lender, lessor, passive shareholder, landlord, franchisor, bonding company or buyer. With no such reader, ask what they are for; formality nobody asked for is wasted money. ## GIFI, the T2 and where the numbers come from GIFI maps every ledger account to a prescribed code so returns are comparable. The mapping is only as good as the chart of accounts. A catch-all expense account maps badly and makes year-over-year comparison useless. Setting up the chart of accounts properly is a one-time job that pays back yearly. The [chart of accounts](https://www.everstonecpa.com/blog/chart-of-accounts-small-business-canada) guide shows how to structure one. ## The shareholder loan account on a small file In a one- or two-shareholder corporation, the shareholder loan account collects loose ends: personal costs paid by the business, business costs paid personally, and cash drawn without deciding if it was salary, dividend or repayment. By year end, nobody can explain it. Direction matters. Money the corporation owes the shareholder is a payable. Money the shareholder owes, unrepaid within the required period, can become personal income. Avoidable at year end; awkward two years on. See the [shareholder loans](https://www.everstonecpa.com/blog/shareholder-loans-canada-taking-money-out-of-corporation) guide. ## Assets used for both business and personal purposes Small corporations often own dual-use assets: a truck for jobs and the hockey rink, a shop with a personal corner, a home office. Each needs a defensible split, which affects both statements and tax. A corporate vehicle available to the shareholder creates a [taxable benefit](https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/payroll/benefits-allowances.html) under prescribed rules, a common assessment item. A [home office](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-22900-other-employment-expenses/work-space-home-expenses.html) supports a deduction under specific conditions. A mileage log and floor-area calculation beat a later estimate. See the [company car benefit](https://www.everstonecpa.com/blog/company-car-taxable-benefit-canada) guide. ## What a compilation engagement is Formal statements for a small corporation are almost always a **compilation** under CSRS 4200: the owner's information properly presented, with a communication stating the basis and that no assurance is given. It is not an audit or review. Nothing is verified: no bank confirmation, no receivables testing, no opinion. That suits a small company, but owners sometimes think the numbers were checked. A lender wanting checked figures needs another engagement. ## A local CPA, working remotely EverStone is a sole practitioner CPA firm with no Aldergrove location. Every engagement runs remotely through secure document exchange, video calls and electronic signature, so nothing depends on the short drive. This suits incorporated trades and service businesses, small retailers, owner-operated shops, professional corporations and holding companies. The same person prepares the statements and the corporate return together, so a small file usually needs one round of questions, not four. Related pages: the [Aldergrove small-business CPA](https://www.everstonecpa.com/accountant-aldergrove) page and the [year-end hub](https://www.everstonecpa.com/year-end-hub). About this article **EverStone CPA** Prepared and reviewed by a CPA at EverStone CPA, serving businesses in BC, Alberta, Ontario and Manitoba. Updated September 2026 . [About the firm](https://www.everstonecpa.com/about) · [Send an enquiry](https://www.everstonecpa.com/book-online) ## What a year-end file contains What a year-end file contains Statements and the tax return come from one set of numbers — for a business operating in Aldergrove, British Columbia | Component | What it shows | | Balance sheet | What the corporation owns and owes at the year-end date | | Income statement | Revenue and expenses over the fiscal year | | Compilation engagement report | The CPA communication that accompanies compiled statements | | T2 schedules | Schedules 100, 125 and 141, built from the same figures as the statements | | Sales tax where you operate | 5% GST plus 7% BC PST: two registrations, two returns | Source: [What a compilation engagement is](https://www.everstonecpa.com/compilation-engagement-canada). General information, not advice. ## Who this is for, and who it is not This suits an Aldergrove corporation whose bank, landlord or partner accepts compiled statements. With no reader, the T2 and GIFI may do. A review or audit is separate. The fee is [quoted in writing](https://www.everstonecpa.com/pricing). ## Remote financial statement work EverStone is a fully virtual, one-CPA firm, working with Aldergrove clients entirely online. **There is no Aldergrove office and no local staff.** Reviewing records through the year keeps the year end short. Where a lender or an agreement calls for assurance rather than a compilation, the next question is [assembling the working papers through the year](https://www.everstonecpa.com/audit-review-readiness). Common questions ## Aldergrove small corporation statement questions **Do I legally need financial statements for my small corporation?** The return needs GIFI information from the books. Separate statements with notes are for a third-party reader: a lender, outside shareholder, landlord or buyer. Without one, they are optional. [Ask about your case →](https://www.everstonecpa.com/quick-question) **What is GIFI?** Standard account codes for the corporate return, so every corporation presents a comparable balance sheet and income statement. Each ledger account maps to one. A poor chart of accounts yields a return that tells nobody anything, including you. **Why does my accountant keep asking about the shareholder loan?** Because the direction has a tax consequence. Money the corporation owes you is a payable. Money you owe it, unrepaid within the required period, can become personal income. Easy at year end; hard after two years. **How do I handle a truck used for both work and personal driving?** With a mileage log kept during the year. If the corporation owns the vehicle and you can use it personally, the benefit follows prescribed rules, not an estimate. It is a commonly reviewed item, and a contemporaneous log supports it. **Does a compilation mean my numbers have been checked?** No. A compilation presents your information and states that no assurance is given: no bank confirmation, no receivables testing, no opinion. A lender wanting examined figures needs a review or audit. **Is EverStone in Aldergrove?** No. The firm works online, and there is no Aldergrove location. Work is delivered remotely by secure upload link, video calls and electronic signature, so the proximity is a matter of knowing the local business base rather than of anyone needing to travel. **What do year-end financial statements cost in Aldergrove?** The fee is the same in Aldergrove as anywhere else EverStone works. Statements on their own are quoted after we review your enquiry. For a one-owner trades corporation, bookkeeping, payroll and the year-end T2 with statements together usually run $500 to $700 a month all-in. [See the published fees](https://www.everstonecpa.com/pricing). **Do you work with businesses outside Aldergrove itself?** Yes. Year-end statements for businesses in Otter, Glen Valley, Bradner and the rest of Langley Township are prepared exactly as for Aldergrove ones, from the same closed books, at the same fee. ## Related services and local guides Nearby cities, the rest of what we do for Aldergrove businesses, and the reference pages behind this one. [For Lenders. Statements Underwriters Accept](https://www.everstonecpa.com/for-lenders) [Bookkeeping for Aldergrove businesses](https://www.everstonecpa.com/bookkeeping-aldergrove) [Personal tax accountant in Aldergrove](https://www.everstonecpa.com/personal-tax-accountant-aldergrove) [Health Spending Accounts: turning medical costs into a business expense](https://www.everstonecpa.com/blog/health-spending-account-canada-small-business) [Corporate tax accountant for Aldergrove corporations](https://www.everstonecpa.com/corporate-tax-accountant-aldergrove) [Trades accountant in Aldergrove](https://www.everstonecpa.com/trades-accountant-aldergrove) [Financial statements in Langley](https://www.everstonecpa.com/financial-statements-langley) [Financial statements in Maple Ridge](https://www.everstonecpa.com/financial-statements-maple-ridge) [Financial statements in Surrey](https://www.everstonecpa.com/financial-statements-surrey) [GST/HST filing in Aldergrove](https://www.everstonecpa.com/gst-hst-filing-aldergrove) [Payroll in Aldergrove](https://www.everstonecpa.com/payroll-services-aldergrove) [Financial statement preparation](https://www.everstonecpa.com/financial-statement-preparation-canada) [Year-end hub Everything due at a corporate year-end](https://www.everstonecpa.com/year-end-hub) [Compilation engagements](https://www.everstonecpa.com/compilation-engagement-canada) [Accountants across British Columbia](https://www.everstonecpa.com/accountant-british-columbia) [British Columbia tax facts](https://www.everstonecpa.com/bc-tax-facts) [Accountants in the Fraser Valley](https://www.everstonecpa.com/accountant-fraser-valley) ### Starting fees Every fee is fixed in writing before any work begins. - **Corporate year-end and T2 return** fixed fee, quoted in writing *This page* - **Monthly bookkeeping, GST/PST filing included** from $325 a month - **Payroll, remittances, T4s and ROEs** included 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 bookkeeping** from $2,200 per year of records - **Controller or CFO support** controller from $1,650, CFO from $2,750 a month - **One-off advice call with a CPA** $225 plus GST [Get My Fixed Quote](https://www.everstonecpa.com/book-online?service=corporate-tax#enquiry-form) --- Source: https://www.everstonecpa.com/financial-statements-aldergrove Prices: https://www.everstonecpa.com/pricing · Contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online