--- title: "Financial Statements Burlington | Year-End Compilations" url: https://www.everstonecpa.com/financial-statements-burlington description: "Year-end financial statements for Burlington companies: compilations with inventory, equipment and lender needs handled by a CPA online. Get a fixed quote." updated: 2026-10-16 publisher: EverStone CPA Inc. (Chartered Professional Accountant firm, Abbotsford, BC) service_area: British Columbia, Alberta, Ontario and Manitoba --- [Home](https://www.everstonecpa.com/) [Year-end statements](https://www.everstonecpa.com/financial-statement-preparation-canada) Burlington Year-end statements · Burlington # Financial statements for *Burlington* companies Two Burlington manufacturers can ship the same product, earn the same cash and report very different profits — entirely because of how inventory, work in progress and equipment are measured at the year-end. It is part of [EverStone’s work for Burlington businesses](https://www.everstonecpa.com/accountant-burlington). Those measurements shape how the business looks to a lender, a buyer or a new partner. EverStone prepares [year-end statements](https://www.everstonecpa.com/financial-statement-preparation-canada) for incorporated companies, remotely. [Get My Fixed Quote](https://www.everstonecpa.com/book-online)[Ask a Free Question](https://www.everstonecpa.com/quick-question) **Quick answer:** Year-end statements for a Burlington owner-managed company are typically a CSRS 4200 compilation. The decisions that shape them are how inventory and work in progress are counted and costed, how equipment and its financing are presented, and what a lender needs disclosed. For a one-owner Burlington corporation, bookkeeping, payroll and the year-end T2 with statements together usually run $450–$650 a month. Filings include T4 slips, Schedule 1 and Schedule 50, the CCA schedule and the GIFI schedules 100 and 125. Financial statement preparation for Burlington companies follows CSRS 4200 and is quoted before the work starts. ## Why Burlington year-ends are rarely simple Burlington’s economic development office lists advanced manufacturing, food and beverage, clean technologies, and biomedical and life sciences among the city’s key industries, alongside professional and technical services. A consultancy’s year-end is mostly receivables, payables and the owner’s pay. A manufacturer’s or a food producer’s is a stock count, a work-in-progress estimate, a fixed-asset schedule and a loan with covenants. Those items carry most of the judgement in the statements, and they are where a reader looks first. ## Inventory: the count and the cost Inventory sits on the balance sheet at the lower of cost and net realizable value. Two things decide the number. The first is the count: what was physically on hand at the year-end date, including stock at a customer’s site or in transit, and excluding goods that were received but belong to someone else. The second is the cost: purchase price plus freight in and, for a manufacturer, the materials, labour and a share of production overhead that went into each finished or partly finished unit. Small companies often skip the second step and carry inventory at purchase price only, which understates the asset and overstates cost of sales. Slow-moving or obsolete stock should be written down to what it will realistically fetch. For a food producer, short shelf life makes that write-down a recurring item rather than an occasional one. Getting both steps right is also what makes the T2 defensible, because the same inventory figure flows into the tax return. ## Work in progress on custom jobs Burlington’s manufacturing base includes composites, aerospace, robotics and process engineering, and additive manufacturing — sectors where much of the work is custom, quoted and delivered over months. At the year-end, a job that is half built has costs that have been incurred and revenue that may not yet be invoiced. If revenue is recognized only on invoicing, costs sit in one year and revenue in the next, and the margin on the job is never visible in either. Recognizing revenue as the work is performed needs an estimate of how far each job has progressed and what it will take to finish. That estimate is only as good as the job-cost records behind it, which is why we set those up in the monthly [bookkeeping](https://www.everstonecpa.com/bookkeeping-burlington) rather than reconstructing them at year-end. Where a job is expected to lose money, the loss belongs in the year it becomes clear. ## Equipment, leases and the loan behind them Machinery, vehicles and tooling are presented at cost less accumulated amortization, and the amortization policy in the statements is not the same thing as the capital cost allowance claimed on the T2. The two are reconciled on the tax return. Readers want the policy stated plainly and applied consistently, so a year of heavy buying does not look like a collapse in profit. Financing is the other half. Equipment bought with a term loan shows the loan as a liability with its current portion separated out, because a lender reading the balance sheet wants to know what falls due in the next twelve months. Leases need the terms read to decide how they are presented. Where a bank has set covenants — a debt-to-equity ceiling, a minimum working capital — the statements are what the bank tests, so we check the covenant calculation before the statements are issued rather than after the bank has done it. ## Related parties and shareholder balances Many Burlington companies rent their premises from a holding company owned by the same family, borrow from or lend to the shareholder, or share staff with a related company. Each of those relationships belongs in a related-party note, with the amounts and terms. The shareholder loan account deserves particular care: a balance owed by the shareholder to the company that is not repaid within the time the tax rules allow can be added to the shareholder’s income. [Associated corporations](https://www.everstonecpa.com/blog/associated-corporations-small-business-deduction) covers the group questions that sit beside this on the tax side. ## What a compilation covers, and what it does not A CSRS 4200 **compilation engagement** assembles and presents information management supplies. The accountant does not test the inventory count, confirm the receivables or express any opinion or conclusion. It is neither an audit nor a review, and the statements carry a report saying so. For most owner-managed Burlington companies that is the right product. The point at which it stops being enough is usually a transaction or a lender: a larger credit facility, a government funding agreement, a new partner or a sale. Each can bring a counterparty wanting assurance the compilation does not give. Deciding the level before the year-end beats revisiting closed periods; [compilation versus review](https://www.everstonecpa.com/compilation-vs-review-engagement) sets out the difference. ## Working with a remote Canadian CPA EverStone is one CPA working online. There is no Burlington office. Burlington engagements run remotely by secure document upload, video and e-signature; a stock count sheet, a job-cost report and a loan statement travel as easily as a bank statement. The nearest larger city page is [accounting in Hamilton](https://www.everstonecpa.com/accountant-hamilton), and [manufacturer accounting in Hamilton](https://www.everstonecpa.com/manufacturer-accountant-hamilton) covers the wider corridor. This suits incorporated manufacturers and fabricators, food and beverage producers, distributors, technical consultancies and professional practices. Related pages: the [Burlington small-business CPA](https://www.everstonecpa.com/accountant-burlington) page and [Burlington agency accounting](https://www.everstonecpa.com/agency-accountant-burlington). The year end this all feeds into is [our Burlington corporate tax page](https://www.everstonecpa.com/corporate-tax-accountant-burlington). Where a lender or an agreement calls for assurance rather than a compilation, the next question is [what readiness for that engagement involves](https://www.everstonecpa.com/audit-review-readiness). Other Burlington services: [small business accounting in Burlington](https://www.everstonecpa.com/accountant-burlington), [corporate tax (T2) in Burlington](https://www.everstonecpa.com/corporate-tax-accountant-burlington), [personal tax (T1) in Burlington](https://www.everstonecpa.com/personal-tax-accountant-burlington), [monthly bookkeeping in Burlington](https://www.everstonecpa.com/bookkeeping-burlington), [payroll in Burlington](https://www.everstonecpa.com/payroll-services-burlington), [GST/HST filing in Burlington](https://www.everstonecpa.com/gst-hst-filing-burlington), [fractional CFO support in Burlington](https://www.everstonecpa.com/cfo-services-burlington), [trades and construction accounting in Burlington](https://www.everstonecpa.com/trades-accountant-burlington), [agency and studio accounting in Burlington](https://www.everstonecpa.com/agency-accountant-burlington). Where the questions are about product margins, capacity and cash rather than presentation, see [fractional CFO support for Burlington companies](https://www.everstonecpa.com/cfo-services-burlington). About this article **EverStone CPA** Prepared and reviewed by a Chartered Professional Accountant at EverStone CPA, a CPA firm working with small and midsized businesses in BC, Alberta, Ontario and Manitoba. Updated October 2026 . [About the firm](https://www.everstonecpa.com/about) · [Send an enquiry](https://www.everstonecpa.com/book-online) ## Financial statement preparation in Burlington: 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 Burlington, Ontario | Component | What it shows | | Balance sheet | What the corporation owns and owes at the year-end date, including inventory and equipment | | 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 | 13% HST, a single registration and a single return | Source: [What a compilation engagement is](https://www.everstonecpa.com/compilation-engagement-canada). General information, not advice. In Burlington, EverStone also works with [trades](https://www.everstonecpa.com/trades-accountant-burlington) and [agencies](https://www.everstonecpa.com/agency-accountant-burlington). Common questions ## Burlington year-end statement questions **How is inventory valued at year end?** At the lower of cost and net realizable value. Cost includes purchase price and freight in and, for a manufacturer, materials, labour and a share of production overhead. Slow-moving or obsolete stock is written down to what it will realistically fetch. [Ask about your case →](https://www.everstonecpa.com/quick-question) **How is unfinished job work measured at year end?** By estimating progress against the total expected cost of each job, supported by job-cost records. Without reliable job costing the estimate is guesswork and the business cannot tell which jobs made money. A job expected to lose money has the loss recognized when it becomes clear. **Is amortization in the statements the same as CCA on the tax return?** No. Amortization follows an accounting policy chosen to reflect how the asset is used up; capital cost allowance follows the tax classes and rates. The two are reconciled on the T2, and a reader of the statements sees the accounting figure. **What does my bank want to see in the statements?** Usually the current portion of long-term debt shown separately, related-party balances disclosed, and figures that let it test any covenants in the loan agreement. We check those calculations before the statements are issued. **Does a compilation test my inventory count?** No. A compilation presents what management provides and carries no assurance, so the count and the costing are not examined and no opinion is given. A counterparty wanting comfort over them will ask for a review or an audit instead. **Can a CPA with no Burlington office prepare Ontario corporate statements?** Yes. Financial reporting standards and the federal corporate return are national, and Ontario corporate tax is administered federally for most corporations. What changes by province is the tax rate applied and certain provincial filings, all of which are handled as part of the engagement. **What do year-end financial statements cost in Burlington?** The fee is the same in Burlington as anywhere else EverStone works. Statements on their own are quoted after we review your enquiry. For a one-owner corporation, bookkeeping, payroll and the year-end T2 with statements together usually run $450 to $650 a month all-in. [See the published fees](https://www.everstonecpa.com/pricing). **Do you work with businesses outside Burlington itself?** Yes. Year-end statements for businesses in Aldershot, Oakville, Waterdown, Hamilton and the rest of Halton are prepared exactly as for Burlington ones, from the same closed books, at the same fee. ## Related services and local guides Nearby cities, the rest of what we do for Burlington businesses, and the reference pages behind this one. [Manufacturer accountant in Hamilton Inventory, job costing, equipment and payroll for manufacturers in the Hamilton area.](https://www.everstonecpa.com/manufacturer-accountant-hamilton) [CCA classes in Canada The common capital cost allowance classes and the rates that apply to equipment, vehicles and computers.](https://www.everstonecpa.com/blog/capital-cost-allowance-cca-classes-canada) [Accounting & CPA services in Hamilton Remote CPA work for Hamilton companies](https://www.everstonecpa.com/accountant-hamilton) [Financial statements in Toronto The same financial statements engagement, serving Toronto](https://www.everstonecpa.com/financial-statements-toronto) [GST/HST filing in Burlington GST/HST for Burlington businesses](https://www.everstonecpa.com/gst-hst-filing-burlington) [Payroll in Burlington Payroll for Burlington businesses](https://www.everstonecpa.com/payroll-services-burlington) [CFO services in Burlington CFO services for Burlington businesses](https://www.everstonecpa.com/cfo-services-burlington) [Financial statement preparation Year-end statements for Canadian corporations](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 What a Notice to Reader actually is](https://www.everstonecpa.com/compilation-engagement-canada) [Accountants across Ontario Remote CPA service throughout Ontario](https://www.everstonecpa.com/accountant-ontario) [Ontario tax facts Current rates and thresholds for Ontario](https://www.everstonecpa.com/ontario-tax-facts) [CPA for Burlington contractors HST on progress billings, WSIB for owners, holdbacks and T5018 slips.](https://www.everstonecpa.com/trades-accountant-burlington) [Personal tax accountant in Burlington T1 preparation for Burlington incorporated owners: the Ontario surtax, the health premium and dividends.](https://www.everstonecpa.com/personal-tax-accountant-burlington) ## Who this is for, and who it is not This suits a Burlington company that needs compiled statements for its bank, its shareholders or its own planning. If a lender, a funder or a buyer wants a review or an audit, that is a separate engagement, and the first call pins down which. The fee is then [quoted in writing](https://www.everstonecpa.com/pricing). ## What happens when you get in touch Statements for a Burlington business are prepared the same way wherever the business sits, on a fee agreed up front. - **A free thirty-minute conversation.** Who is going to read the statements, and what that reader needs to see in them. - **The books brought to a closing position.** Balances agreed, inventory and cut-off checked, and anything unexplained resolved before a single statement is drafted. - **Drafted, reviewed, issued.** Statements walked through with you, then issued with the [compilation engagement report](https://www.everstonecpa.com/compilation-vs-review-engagement) the reader is expecting attached. [Send an enquiry](https://www.everstonecpa.com/book-online) and bring the lender’s request with you, or [ask what they will want](https://www.everstonecpa.com/quick-question) first. ## Year end due in Burlington? Get statements where inventory, work in progress and equipment financing are all presented the way a serious reader expects. [Get My Fixed Quote](https://www.everstonecpa.com/book-online)[Ask a Free Question](https://www.everstonecpa.com/quick-question) ★★★★★ “…have been completing my bookkeeping, taxes and financials for the last 2 years and they have been amazing. Thank you!” R. H. · Google review --- Source: https://www.everstonecpa.com/financial-statements-burlington Contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online