Business year-end and tax
For incorporated small businesses in Burlington and around Halton: the year-end close, the statements that go with the T2, HST returns, and catching the books up when they've fallen behind.
- Year-end and T2 from $2,200
- HST return from $150
- Clean-up $85 an hour
Year-end close and statements
After your year-end we reconcile every bank, card and loan account to its statement, post the adjusting entries, and prepare the balance sheet and income statement the T2 is built from. We go through the draft with you before anything is filed, including how you paid yourself during the year.
What's included
- Bank, credit card and loan reconciliations
- Adjusting entries for the year
- Balance sheet and income statement for the return
- Capital assets and their capital cost allowance schedule
- A review of the shareholder loan account
- A walkthrough with you before filing
What you bring
- Bank and card statements for every month of the year
- Your bookkeeping file: QuickBooks, Xero, Wave or a spreadsheet
- Loan, lease and vehicle papers
- Invoices for anything bought or sold over $500
- The salary and dividends the owners took
- Last year's statements and T2, if you're new to us
Statements a lender or landlord asks for under a compilation engagement are referred out. See what we refer out.
T2 corporate return
Every corporation files a T2, profit or not. We prepare it with its schedules, including the Ontario schedules filed with it, and file it once you've signed off. Two dates matter, and both count from your year-end rather than from April.
- Your year-endAny month you choose. Many owner-managed companies use December 31.
- + 2 or 3 monthsAny balance owing is due. Three months applies to many small Canadian-controlled private corporations.
- + 6 monthsThe T2 return is due.
Both dates go into your January calendar, and we ask for your year-end papers early enough to meet them.
HST returns
Once your sales pass $30,000 over four calendar quarters in a row, you need to register for and charge HST. We file the returns from your records, tie the input tax credits you claim to actual receipts, and reconcile the HST account to your books at year-end.
| Filing | Usually for | Return due |
|---|---|---|
| Annual | Sales of $1.5 million or less a year | Three months after your year-end |
| Quarterly | Sales over $1.5 million up to $6 million, or by choice | One month after each quarter |
| Monthly | Sales over $6 million, or by choice | One month after each month |
Sole proprietors who file annually with a December year-end file by June 15 and pay by April 30.
Bookkeeping clean-up
Behind by a few months, or a few years? We catch the books up so a year-end can be done. We estimate the hours in writing before starting, and you can keep doing your own bookkeeping afterwards or hand it to us.
- Missing months entered from your statements
- Transfers and duplicates sorted out
- Every account reconciled to its statement
- HST periods matched to the books
- A tidy file handed back to you
- Late returns prepared once the books are caught up
Is your year-end coming up?
Tell us the month your year ends and where the books are at. We'll quote the close and the T2 in writing.
General information only, not professional advice; contacting us does not create a client relationship.