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At Tax Filings Canada, we handle every part of your financial statement audit, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Tax Filings Canada provides cheap, fixed-fee financial statement audit across Canada: compilation engagements under CSRS 4200, review engagements and audit support, built for lenders, boards and owner-managers, with payment only after your work is complete.
Start by sharing your documents; a quick checklist from us tells you exactly what we need.
Our team gets to work on your financial statement audit file, preparing every schedule that applies to you.
Before anything goes out, you see the full picture and sign off at your own pace.
With your approval in hand, we handle the filing and let you know the moment it is done.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
CRA reviews are won on documentation: every figure filed should trace to a source document, and deadlines — 90 days for an objection — are unforgiving. A review engagement under CSRE 2400 delivers limited assurance at a fraction of audit cost — often exactly what a bank covenant requires. Because the fee is fixed and cheap, the economics stay predictable whether your file is simple or messy.
These notes are written the way a tax consultant would explain Financial Statement Audit across a desk: no theory, just the points that decide real files.
The foundation is simple to state and easy to trip over: Comparative figures matter: a restated prior year needs disclosure of the restatement, and lenders read the comparatives as closely as the current year.
The second point is quieter but costs more when missed. A compilation cannot be used where a third party requires assurance. Supplying one where a review or audit was required is a common cause of a financing application stalling. The last of the major rules is about when, not what. A review engagement under CSRE 2400 provides limited assurance at a fraction of audit cost — which is frequently exactly what a bank covenant requires, and often more than it requires.
The practical upshot is simple: every one of these rules has a version that helps you and a version that costs you, and which one applies depends on choices made before filing. That is precisely the ground a tax consultant covers. Here is what to have on hand so the financial statement audit work starts moving on day one.
The fee is fixed and agreed before any work starts, you review every figure, and payment happens only after the work is done.
Providing transparent fixed pricing and high-quality Accounting Firm compliance for your financial statement audit requirements.
Coverage: Standard bookkeeping and financial statement audit preparation.
Ideal for early-stage startups and sole proprietors.
Book NowCoverage: Full-service bookkeeping, filings, and CRA compliance support.
Perfect for established small businesses.
Book NowCoverage: Strategic advisory and fractional CFO integration.
Ideal for companies seeking high-growth financial structuring.
Book NowWhy you should partner with Tax Filings Canada Experts for all your financial statement audit needs?
Providing tailored financial statement audit services to ensure compliance and maximize deductions.
Our certified accountants protect your business with complete federal and provincial tax compliance.
A dedicated team that handles your financials quickly, accurately, and without upfront fees.
Dedicated preparation processes customized for Canadian businesses.
Advanced accounting software integrations with QuickBooks, Xero, and wave accounting.
Customized packages designed to grow as your business operations expand.
Our clear four-step workflow ensuring absolute tax optimization and complete CRA compliance.
Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
Risk-Free, Hassle-Free, and Client-First!
Schedule a Free ConsultationUse our office finder below to select your nearest accountant tax filing expert.
See how our expert Financial Statement Audit tax and accounting services have helped Canadian businesses save money and stay compliant.
Growth at a corporation restating a prior year in Victoria, British Columbia had outrun the back office, and an insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries broke first. Headcount reached 64 with $94,000 of cash freed.
A not-for-profit with a bylaw audit requirement in Windsor, Ontario was filing correctly and still overpaying because of a bonding limit capped because the last statements were prepared on a cash basis. Restructuring the position cut $72,000 from the annual bill.
A company under a bank covenant in Moncton, New Brunswick was profitable and permanently short of cash, with a shareholder agreement calling for audited statements that had been satisfied with a compilation for years behind the gap. Restructuring the tax cycle freed $131,000.
The ledger at a business whose statements arrive late every year in Barrie, Ontario could not support its own filings because of a bank asking for a review engagement while the file only supported a compilation. Rebuilding it surfaced $14,500 in unclaimed input tax.
A contractor bidding on bonded work in Kelowna, British Columbia had already been penalised over a prior-year restatement with no note explaining what changed. A relief application cancelled $144,000 of that penalty.
A desk review assessed a co-operative reporting to members in Guelph, Ontario $109,000 over an unusual revenue recognition policy that appeared nowhere in the basis-of-accounting note. Producing the records vacated it.
Meet the specialists behind your Financial Statement Audit filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Canada Tax, International Tax, Cross Border Tax, Transfer Pricing
International Tax, Transfer Pricing Specialist
CA (ICAI), Canada Tax Expert
CA. Fractional CFO and Senior Advisory Specialist
Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Financial Statement Audit starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We are a cloud-based practice serving every province and territory, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our financial statement audit services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
We get this one a lot, and the answer is more concrete than people expect. A compilation cannot be used where a third party requires assurance. Supplying one where a review or audit was required is a common cause of a financing application stalling. Bring your documents and we will show you where it lands in your numbers.
Comparative figures matter: a restated prior year needs disclosure of the restatement, and lenders read the comparatives as closely as the current year. That is the part most owners have not heard before they sit down with us, and it usually changes what they do next.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
File a T1 return for the year, sending it electronically with CRA-certified software or mailing a paper return. Gather your slips and receipts first and check them against the ones listed in My Account. For the 2025 tax year the filing and payment deadline was 30 April 2026, or 15 June 2026 to file if you or your spouse were self-employed, with payment still due 30 April 2026. CRA online filing for 2025 returns closes 29 January 2027.
Most tax saving comes from a short list of levers: contributing to an RRSP or a spousal RRSP, holding investments inside a TFSA, FHSA or RESP so growth is sheltered, claiming every deduction and credit you actually qualify for, and splitting income where the rules allow, such as pension income splitting. Business owners add expense timing and salary versus dividend planning. Order matters, so decide before year end rather than at filing time.
Canada taxes income in graduated brackets, so only the income above a threshold is taxed at that bracket's higher rate and moving up a bracket never reprices the income below it. There is one federal set of brackets and a separate set for each province and territory, and the thresholds are indexed to inflation every year. Look up the current figures for your province on the CRA rate tables rather than relying on an older list.
Multiply the pre-tax price by the combined sales tax rate for the province where the sale takes place, then add that amount to the price. In HST provinces it is one rate; elsewhere GST and the provincial tax are applied separately, and in Quebec the QST is calculated on the price before GST rather than on a GST-included amount. Zero-rated and exempt items get nothing added. The place of supply decides the rate, not where your business is based.
A write-off is simply a deductible expense. You subtract it from the income it helped earn, so the saving equals the expense multiplied by your marginal tax rate, not the full amount spent. To qualify, the cost must be incurred to earn business or employment income, be reasonable in amount, and be backed by a receipt. Purely personal costs never qualify, and mixed-use items such as a vehicle or a home office are split by business-use proportion.
Start with the basic personal amount, which is already printed on the form, then add only the credits you genuinely expect to claim, such as tuition you will pay this year, an eligible dependant, the age amount or an amount transferred from a spouse. Total them, sign and date, and give the form to your employer rather than the CRA. With two jobs, claim the amounts at one only. You can also ask for extra tax to be withheld.
Claim everything you are entitled to, and file on time. Gather every slip and receipt, use My Account to confirm the CRA holds the same slips you do, and claim RRSP contributions, tuition, medical expenses, child care, moving costs and employment expenses where they apply. Couples should compare who claims transferable credits and pooled expenses. If you are self-employed, deduct real business costs on the T2125. Contributing to an RRSP or FHSA before the deadline reduces taxable income directly.
In your bank's bill payment list, search Canada Revenue Agency and pick the payee that matches what you are paying: individual tax owing for a year, tax instalments, GST/HST, or payroll source deductions. The account number is your social insurance number for personal tax, or your fifteen-character business number account for business payments. Choosing the wrong payee is the usual reason a payment sits unapplied. My Payment and pre-authorised debit avoid the choice.
If you filed online, the CRA usually issues a refund in about two weeks once the return is assessed. A non-resident return can take up to 16 weeks. Direct deposit lands faster than a cheque. Timing slips if the CRA reviews a claim and asks for receipts, or if you owe other federal or provincial debts, which are offset against the refund first. Track the status in My Account.
For individuals the tax year is the calendar year, January through December. For the 2025 year, online filing opened 23 February 2026 and the filing and payment deadline was 30 April 2026; if you or your spouse were self-employed, filing ran to 15 June 2026 but payment was still due 30 April 2026. A corporation picks its own fiscal year end instead, with the T2 due six months after that date.
Three deductions dominate. Income tax, federal and provincial, withheld against the credits you claimed. CPP at 5.95% in 2026 on pensionable pay above the $3,500 exemption up to the $74,600 ceiling, plus CPP2 at 4% on earnings to $85,000. EI at $1.63 per $100 of insurable earnings in 2026, to maximum insurable earnings of $68,900. Employers match CPP and pay 1.4 times your EI. Quebec runs its own pension and parental plans.
Usually yes. A rental loss from a genuine income-earning property reduces your other income for the year, such as employment income, and any unused amount becomes a non-capital loss you can carry back or forward. The CRA will challenge losses where there is no reasonable expectation of profit, where rent is below market to a relative, or where personal-use expenses are claimed. Capital cost allowance cannot create or increase a rental loss.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. Big 4 trained at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia, he founded his accounting practice in 2014 to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
