--- title: "Financial Statements in Kingston, ON | Year-End CPA" url: https://www.everstonecpa.com/financial-statements-kingston description: "Financial statements for Kingston businesses: CSRS 4200 year-end compilations for lenders and owners, from the same books as the T2. 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) Kingston Year-end statements · Kingston # Financial statements for *Kingston* businesses A Kingston contractor bidding on institutional work, a manufacturer renewing a credit line and a restaurant owner bringing in a partner all get asked for the same thing: a set of year-end financial statements that a stranger can rely on. It is part of [EverStone’s work for Kingston businesses](https://www.everstonecpa.com/accountant-kingston). What those statements show depends on decisions made at year-end — how work in progress is measured, how inventory is counted, how equipment is depreciated. 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 Kingston owner-managed company are typically a CSRS 4200 compilation, prepared from the same closed books as the T2. The judgements that shape them are revenue on unfinished jobs, inventory at the year-end date, and how equipment and leaseholds are carried. For a one-owner Kingston corporation, bookkeeping, payroll and the year-end T2 with statements together usually run $450–$650 a month. Filings include T4 slips, Schedule 1, Schedule 50, the CCA schedule and the GIFI schedules built from the statements. Financial statement preparation for Kingston companies follows CSRS 4200 and is quoted before the work starts. ## Who reads a Kingston company’s statements Most small companies produce statements because the T2 requires the figures behind them. The statements start to matter when someone outside the business reads them. In Kingston that is often a bank or credit union reviewing a loan or line of credit, a bonding or surety company assessing a contractor, a landlord on a commercial lease, a partner or buyer, or a public-sector purchaser. Queen’s University, Kingston Health Sciences Centre, St. Lawrence College, Canadian Forces Base Kingston and the City of Kingston are among the city’s largest employers, and suppliers and contractors to institutions like these are frequently asked for financial information when they bid or qualify. Each reader looks for something different. A lender looks at working capital, debt and cash flow against loan covenants. A surety looks at equity and how jobs are accounted for. A buyer looks at normalized earnings. Knowing who the reader is before the year-end is closed decides what has to be measured carefully and what has to be disclosed. ## Work in progress for contractors A contractor at year-end usually has jobs part-finished: costs incurred, some billed, some not. If revenue is recognized only when invoiced, a job that is mostly built but not yet billed shows its costs in one year and its revenue in the next, and the margin is invisible in both. Recognizing revenue as the work is performed requires an estimate of how far each job has progressed and what it will cost to finish. That estimate is only as good as the job costing behind it. Holdbacks are a separate line: they are earned revenue not yet collectible, and holdbacks retained from subtrades are costs already incurred. A surety will read these numbers closely. ## Inventory for manufacturers, processors and restaurants Sustainable manufacturing and food processing are among the sectors Kingston’s economic development strategy has prioritized, and every manufacturer, processor and restaurant carries inventory at year-end. It has to be counted or reliably measured at the year-end date, valued at the lower of cost and net realizable value, and the cost has to include what it should — materials, and for a manufacturer an allocation of labour and overhead. An inventory figure that is estimated rather than counted moves profit between years and is the first thing a lender asks about. A count on the last day of the year, documented, is worth more than any explanation afterwards. ## Equipment, vehicles and leaseholds Trucks, tools, shop equipment, kitchen equipment and fit-out are capital assets. On the statements they are depreciated over their useful lives; on the T2 they are claimed through [capital cost allowance](https://www.everstonecpa.com/glossary#cca) at the rates set by their class. The two rarely match, and many small companies simply use the tax figures on the statements, which is acceptable in a compilation if it is disclosed. Leasehold improvements — a restaurant build-out or a clinic renovation in a leased space — are written off over the lease rather than expensed when paid. Equipment loans and leases have to be split between the current and long-term portions so the reader can see what is due in the coming year. ## Revenue from institutional and government contracts Businesses selling to large institutions often work under contracts with milestones, deposits or retainers, and they often wait to be paid. Deposits received before the work is done are a liability (deferred revenue), not income. Receivables from large customers may be slow but are usually good; the aging should be presented so a reader understands why a profitable company holds less cash than expected. Where one customer accounts for a significant share of revenue or receivables, say so in a note — a reader who finds it in diligence trusts the rest of the statements less. ## Grants and funding for health and technology companies Kingston’s economic development strategy concentrates on health innovation and life sciences, and early-stage companies in those fields often receive grants or contributions alongside sales revenue. Government assistance is accounted for according to what it pays for: assistance toward expenses reduces those expenses or is shown as income over the same period, and assistance toward equipment reduces the asset’s cost or is deferred and taken in over its life. Repayable funding is a liability. The terms of each agreement decide the treatment, and they affect the T2 as well, so the statements and the return are prepared from one reading of each agreement. ## 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 judgements, confirm 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 Kingston companies it is the right product. It stops being enough when a reader needs assurance — a larger loan, a bonding facility above a certain size, a sale, or a contract that specifies a review or audit. Deciding the level before the year-end is better than revisiting closed periods. See [compilation versus review](https://www.everstonecpa.com/compilation-vs-review-engagement). ## Working with a remote Canadian CPA EverStone is one CPA working online, with no Kingston office. Engagements run by secure document exchange, video and e-signature, and the statements and the T2 come from one closed set of books. Related pages: the [Kingston small-business CPA](https://www.everstonecpa.com/accountant-kingston) page, [Kingston trades accounting](https://www.everstonecpa.com/trades-accountant-kingston), and the [compilation engagement](https://www.everstonecpa.com/compilation-engagement-canada) explainer. The year-end this all feeds into is [our Kingston corporate tax page](https://www.everstonecpa.com/corporate-tax-accountant-kingston). None of this works on records that are behind, which is what [bookkeeping in Kingston](https://www.everstonecpa.com/bookkeeping-kingston) keeps current. 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). Where the questions are about cash, pricing and growth rather than presentation, see [fractional CFO support for Kingston companies](https://www.everstonecpa.com/cfo-services-kingston). 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) ## Financial statement preparation in Kingston: 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 Kingston, Ontario | 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 | 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 Kingston, EverStone also works with [trades](https://www.everstonecpa.com/trades-accountant-kingston) and [restaurants](https://www.everstonecpa.com/restaurant-accountant-kingston). Common questions ## Kingston year-end statement questions **What kind of statements does my bank want?** For most small business loans, compiled statements prepared under CSRS 4200 are enough. Larger facilities or specific covenants can require a review engagement. Ask the lender before year-end, because the level of engagement changes what has to be done and when. [Ask about your case →](https://www.everstonecpa.com/quick-question) **How is unfinished work measured at year-end?** By estimating progress on each job against its total expected cost, supported by job costing. Revenue earned but not yet billed is recorded, and billings ahead of the work are a liability. Without reliable job costs the estimate is guesswork. **Do I have to count inventory at year-end?** You need a reliable figure at the year-end date, and for most small businesses that means a physical count on or very near the last day, documented. An estimate rolled forward from last year moves profit between years and is the first thing a reader questions. **How are grants shown on the statements?** According to what they pay for. Assistance toward expenses is matched against those expenses, assistance toward equipment reduces the asset or is deferred over its life, and repayable funding is a liability. The agreement’s terms decide which applies. **Does a compilation give any assurance?** No. A compilation presents what management provides and carries no assurance; no opinion is given on revenue, inventory or receivables. A reader who wants comfort over those figures will ask for a review or an audit instead. **Can a CPA working online prepare Ontario corporate statements?** Yes. Financial reporting standards and the federal corporate return are national, and Ontario corporate tax is administered with the federal return. Nothing about the work requires a local office. **What do year-end financial statements cost in Kingston?** The fee is the same in Kingston 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 Kingston itself?** Yes. Year-end statements for businesses in Amherstview, Napanee, Gananoque and across Frontenac County are prepared exactly as for Kingston ones, from the same closed books, at the same fee. ## Related services and local guides Nearby cities, the rest of what we do for Kingston businesses, and the reference pages behind this one. [What a compilation engagement is What CSRS 4200 statements contain, what they do not, and who accepts them.](https://www.everstonecpa.com/compilation-engagement-canada) [Compilation or review? The difference in work, assurance and cost, and when a reader will insist on a review.](https://www.everstonecpa.com/compilation-vs-review-engagement) [Getting ready for a review or audit What a company needs in place before an assurance engagement starts.](https://www.everstonecpa.com/audit-review-readiness) [Accountant in Kingston The full Kingston small-business practice](https://www.everstonecpa.com/accountant-kingston) [Corporate tax (T2) in Kingston T2 returns and the Ontario registry filing](https://www.everstonecpa.com/corporate-tax-accountant-kingston) [Personal tax (T1) in Kingston Returns for owners, employees and landlords](https://www.everstonecpa.com/personal-tax-accountant-kingston) [Bookkeeping in Kingston Monthly books with HST filing included](https://www.everstonecpa.com/bookkeeping-kingston) [Payroll in Kingston Remittances, T4 slips, EHT and WSIB](https://www.everstonecpa.com/payroll-services-kingston) [GST/HST filing in Kingston 13% HST returns and input tax credits](https://www.everstonecpa.com/gst-hst-filing-kingston) [Fractional CFO in Kingston Forecasting, cash and margin by the month](https://www.everstonecpa.com/cfo-services-kingston) [Trades accountant in Kingston Contractors, holdbacks and T5018 slips](https://www.everstonecpa.com/trades-accountant-kingston) [Restaurant accountant in Kingston Food cost, tips, payroll and HST](https://www.everstonecpa.com/restaurant-accountant-kingston) [Financial statements in Ottawa The same year-end engagement, serving Ottawa](https://www.everstonecpa.com/financial-statements-ottawa) [Accountant in Ottawa Remote CPA work for Ottawa companies](https://www.everstonecpa.com/accountant-ottawa) [Accountant in Toronto Remote CPA work for Toronto companies](https://www.everstonecpa.com/accountant-toronto) [Published fees Starting fees for each service](https://www.everstonecpa.com/pricing) [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) ## Who this is for, and who it is not This suits a Kingston company that needs compiled statements for its bank, a surety, a landlord or its owners. If a lender, partner or 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 Kingston 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 work in progress measured, 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 Kingston? Get statements where work in progress, inventory and equipment are presented the way a lender or surety 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-kingston Contact: info@everstonecpa.com · https://www.everstonecpa.com/book-online