Prepare the balances, not just the income total
The review can cover bank and card reconciliations, customer advances, receivables, suppliers, loans, equipment, payroll and tax accounts. We collect information about work crossing year end and identify unusual owner transactions for the accountant.
For a corporation with an Alberta permanent establishment, an AT1 is generally required unless exempt, alongside the federal T2. The Alberta filing is a separate process. Your corporation's registry obligations also remain distinct from its income-tax returns; one completed filing should not mark every deadline as done.
Make adjustments traceable
We retain the final trial balance, supporting schedules and accountant adjustments, then confirm that approved adjustments are reflected in the ongoing file. The following year should start from the same closing balances used in the completed reporting package.
Illustrative example: a consulting year end
A Calgary engineering company has a December year end, a prepaid annual insurance policy and a customer advance for a January milestone. Organizing the contract, policy period and payment evidence lets the accountant determine the correct cutoff. Cash receipt dates alone do not answer either question.
Questions about this work
Will you prepare the T2 and AT1?
Tax-return preparation and filing are separate services unless expressly included. The bookkeeping engagement specifies who prepares, reviews, submits and pays each obligation.
Can we wait until the tax filing deadline to start?
Payment or instalment dates can be earlier than filing dates. A timely year-end close allows the responsible tax adviser to assess those obligations with better information.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing information, agree on the scope and organize the next bookkeeping step.
Request a bookkeeping review