Struggling With Year-End Financial Statements?
Year‑end statements that clarify performance, support lenders and guide tax planning.
Clear, well-prepared year-end financial statements give you more than a package for the bank or CRA—they give you a reliable picture of how your business is really performing. Greg Cowan CPA prepares year-end financial statements for small businesses in Kitchener-Waterloo with a strong focus on accuracy, insights, and tax planning
Why your year-end financial statements matter
Corporate tax is the income tax a corporation pays on its profits under Canadian federal and provincial corporate tax rates. Every incorporated business must file a T2 corporate tax return each year, even if there is no tax payable.
Why your year-end financial statements matter
Better decisions, not just compliance:
Clear statements help you understand profitability, cash flow, and trends so you can plan hiring, investments, and growth with confidence.
Bridging numbers and narratives
Greg brings together reliable financial statements, corporate and personal tax returns, and day‑to‑day business realities, helping owners see how the numbers connect to strategy, cash flow and long‑term goals. Instead of just handing over reports, he explains what the results actually mean, highlighting risks and opportunities so you can make informed decisions with confidence.
Better decisions, not just compliance:
Clear statements help you understand profitability, cash flow, and trends so you can plan hiring, investments, and growth with confidence.
Bridging numbers and narratives
Greg brings together reliable financial statements, corporate and personal tax returns, and day‑to‑day business realities, helping owners see how the numbers connect to strategy, cash flow and long‑term goals. Instead of just handing over reports, he explains what the results actually mean, highlighting risks and opportunities so you can make informed decisions with confidence.
Why it’s easy to work with Greg?
Working with Greg feels like having a trusted advisor on call:
he knows your business, speaks in plain language and responds quickly by phone and email when questions come up. Clients appreciate that he is proactive with tax planning ideas, transparent about next steps and timelines, and focused on making compliance and tax strategy as simple and stress‑free as possible.
Stronger tax outcomes:
Integrating your year-end results with your tax plan helps minimize taxes over time while staying compliant with CRA
Less stress at audit or financing time:
Properly prepared year-end financial statements reduce surprises with banks and CRA, and they show that your records are in good order.
Year-end financial statement preparation
Small business owners and incorporated professionals who need reliable year‑end financial statements for lenders, investors or CRA.
Owners who want their year‑end financial statements to align with their corporate tax return and overall tax plan.
Includes
Preparation of annual Notice to Reader financial statements, including balance sheet, income statement, retained earnings, cash flow statement, and notes.
Thorough annual review of your financial data from your online accounting software, with correcting and adjusting journal entries where needed.
Reconciliation of key accounts so your year-end numbers are accurate and ready for lenders, investors, or CRA.
Phone and email support throughout the year to answer questions as issues arise, not only at year-end.
FAQs
What is included in year-end financial statements?
Year-end financial statements typically include a balance sheet, income statement, statement of retained earnings, cash flow statement, and accompanying notes that explain the numbers. In your engagement, this also includes any necessary adjusting journal entries so those statements are reliable.
How is a Notice to Reader different from an audit?
A Notice to Reader (compilation engagement) organizes and presents the financial information you provide, but the CPA does not verify or audit the underlying data. An audit involves detailed testing and procedures to provide a much higher level of assurance on the financial statements.
Who needs year-end financial statements prepared by a CPA?
Incorporated businesses that file corporate tax returns and may need statements for banks, investors, or the CRA. They are also valuable for owners who want a clear view of profitability and cash flow at the end of the fiscal year.
When should I start preparing for year-end?
Ideally, you should begin organizing your records one to two months before your fiscal year-end so there is time to reconcile accounts and correct errors. The cleaner your bookkeeping is during the year, the faster and smoother the closing process will be.
How do my financial statements connect to my tax plan?
Your financial statement results feed directly into your corporate tax return and inform decisions such as salary versus dividends, major purchases, or investments. Greg reviews your year-end numbers and then updates your tax plan for future periods to reduce risk and missed opportunities.