I will prepare unaudited annual financial statements, usually in either a bound or unbound format. The financial statements may be either computerized statements, or formal ‘typed’-looking statements. There may or may not any Notes to The Financial Statements. A NOTICE TO READER is a ‘Compilation Engagement’. I generally receive information supplied by the client and arrange it to form a financial statement. My concern is that the information is arithmetically correct, not false or misleading. The Notice to Reader includes a comment that “I have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of such information. Readers are cautioned that these statements may not be appropriate for their purposes.” Engagements will include tax planning, correspondence (if necessary) with Canada Revenue Agency, and filing a Corporation T2 Income Tax Return.

Information I Require

* If I perform monthly accounting, I should have most of the transactions
* If you are using Accounting Software, we need reports
* Hard copy of your Balance Sheet at the Year End date
* Hard copy of Income Statement of entire Year (should agree to figure on Balance Sheet)
* Trial Balance (required), General Ledger or your data on disk (preferred)
* Year End lists (Accounts Payable, Accounts Receivable, Inventory)
* Copy of Year End Bank statements with Bank Reconciliation
* Copies of all Capital Asset Purchases during the year
* Copy of your last GST and PST Return filed and outstanding at year end
* Copies of any Loan Balance Statements as at year end date
* Copies of any income tax assessments received throughout the year
* Any unrecorded items, such as items paid by cash not yet repaid
* Any other significant information we should know

I will prepare unaudited annual financial statements, usually in either a bound or unbound format. The financial statements will be formal ‘typed’-looking statements, and contain Notes to the Financial Statements. A REVIEW ENGAGEMENT is a higher level of professional involvement, and there will be significantly more information that will be required, as well as unique informational requirements for your particular business. In a Review Engagement, the objective is to review the financial statements to determine whether they are plausible in the circumstances. Generally, review procedures consist of enquiries of, and discussions with, company personnel and consideration of ratios, trends, etc. to assess the overall plausibility of the financial statements. Engagements will include tax planning, correspondence (if necessary) with Canada Revenue Agency, and filing a Corporation T2 Income Tax Return.

Information We Require

* Everything that I need listed in my Checklist: Notice To Reader post
* All bank statements and cancelled cheques for entire fiscal year, including the subsequent following month
* All credit card statements (used for business) each month for entire fiscal year including subsequent following month
* All monthly Investment and broker statements
* All GST and PST Returns filed during and for the current fiscal year
* Copy of Insurance Premium invoice paid/owing during the year
* Copy of Property and Business tax assessments
* Copies of Annual T4/T4A Summary Renumeration and T5 Investment Summary (if filed)
* Copy General Ledger or data disk required (besides the trial balance)
* Any unrecorded items, such as items paid by cash not yet repaid
* Any other significant information I should know

An audit engagement is the highest level of professional involvement, including the application of generally accepted auditing standards in support of each significant financial statement item. Audits are required only in very specific circumstances which usually do not apply to private corporations. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluate the overall financial statement presentation.

Specifically, you need a licensed Accountant to do the Audit, such as a Chartered Accountant. If you need an audit, I can suggest and arrange an appointment with another local chartered accountant who I have worked with in the past. HBS Management Consultants is not licensed to perform audit engagements (I can assist another C.A. with the work, but I cannot sign the Auditor’s Report). In certain circumstances I may work and assist the C.A. with the engagement in certain tasks, but overall the C.A. may just request to utilize his/her own resources and staff.

Information Required

Generally, auditors need total access to your business, records, and all information.

I will prepare (without audit) monthly or quarterly computerized financial statements from information provided by you. I will enter from either posting sheets or excel recaps that you provide to us via fax or email. I can enter your income and expense transactions from source documents such as your cheque stubs, deposit books, etc. If you provide recaps or lists, they will be incorporated into the financial statements (inventory, payables, receivables, etc). There may be minor bookkeeping adjustments needed during preparation. I can assist in developing suitable posting sheet or recaps to minimize our time spent, including coding instructions.

Information I Require

* Summary Posting Sheets or Excel recaps (summaries)
* Cheque Stubs, Deposit recaps, Credit card statements, (source documents)
* Copy of month-end Bank Reconciliation (if you reconcile bank)
* Bank statements (if we reconcile bank)
* List or recap of Accounts Payable at month-end
* Any unrecorded items, such as items paid by cash not yet repaid
* Any other significant information I should know

I will prepare (without audit) your annual T1 Income Tax Return from information provided by you. You will receive a summary and “Client Copy” of your final tax return filed.

Information Required

* If married, both returns should be prepared at the same time
* Verification of your birthdates
* Children’s names and birthdates
* Employment income slips (T4, T4A, T4E, T4PS, etc)
* Pension and Other Benefit slips (T4RIF, T4A(P), T4A(OAS), T4RSP, etc)
* Investment slips (T3, T5, T101, T5013, etc)
* Security transactions (Brokers’ statements, shares sold in year, ACB of shares, etc)
* Details of Rental properties and operations
* Self Emlployment information (income, expenses, capital asset additions)
* For unincorporated proprietorships or partnerships, any Financial Statements that may have been prepared
* Automobile Expenses (if self-employed, business/total KM, vehicle expenses)
* Copy of leased automobile documents, car purchases
* Details of Home Office (size of office, size of home, expenses)
* Deduction slips (RRSP, Dues, Interest paid on investments, Medical, Donations, etc)
* Details of Home Buyers Plan
* Income tax instalments made for the taxation year
* Your phone and optional fax number where we can contact you – if we need more information

All Clients

* Current Contact Mailing Address
* Current Phone and Fax numbers (home, work, cell)
* Current Email address
* PIPEDA Letter
* Engagement Letter

Personal Tax Clients

* Copy of your last T1 Income Tax Return filed with CCRA
* Copy of your latest Notice of Assessment from CCRA

Corporate & Business Clients

* Copy of your last T2 Corporation Tax Return filed with CCRA
* Copy of your last Notice of Assessment from CCRA
* Copy of your last published Financial Statements
* Copy of Incorporation Certificates and Share Structure/Ownership