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At Tax Filings Canada, we handle every part of your review engagement preparation, 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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Yes — review engagement preparation can be handled entirely online. Tax Filings Canada covers compilation engagements under CSRS 4200, review engagements and audit support for lenders, boards and owner-managers at budget-friendly fixed fees, pay-after-service.
Send your documents securely through our portal or by email.
We prepare your review engagement preparation and every supporting schedule.
You review each figure and approve before anything is filed.
We file with the CRA, and you pay only after it is complete.
| 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. CSRS 4200 replaced the old Notice to Reader; every compilation now carries a basis-of-accounting note that lenders actually read. Our review engagement preparation engagement is priced as a budget-friendly flat fee, so the cost is known before the work starts.
After years of preparing review engagement preparation files week in and week out, a tax expert starts to see the same handful of decisions shape almost every outcome. These notes cover the ones that matter for Review Engagement Preparation.
One rule does more work than the rest combined, so it goes first. A CCPC files its T2 within six months of year-end, with the balance due two months after (three where the small business deduction is claimed). The 9% federal small business rate applies to the first $500,000 of active business income. The filing and payment deadlines differ, and interest runs from the payment date. Filing on time while paying late still costs money.
That rule rarely travels alone; alongside it sits another: Under CSRS 4200 the practitioner has to consider whether the compiled information is misleading and cannot issue it where it is. An unusual revenue or inventory policy has to be described plainly in the basis-of-accounting note rather than left for the reader to infer. Ask what a reviewer will want to see, and the answer sits in this rule: Only an audit gives an opinion on whether the statements are free of material misstatement. A review provides limited assurance and a compilation provides none. The user of the statements, not whoever prepares them, sets which one is needed.
What this means for you depends entirely on facts we have not seen yet — which is the honest answer, and the reason a tax expert starts every review engagement preparation engagement with questions rather than conclusions. Before the first meeting, it helps to pull together the records that let a tax expert see your situation whole.
Start whenever suits you; the structure is already set. You will know the fixed fee before work begins, approve the file before it is filed, and pay only once the service is delivered.
Providing transparent fixed pricing and high-quality compliance work for your review engagement preparation requirements.
Coverage: Standard bookkeeping and review engagement preparation 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 review engagement preparation needs?
Providing tailored review engagement preparation services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
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.
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See how our expert Review Engagement Preparation tax and accounting services have helped Canadian businesses save money and stay compliant.
A co-operative reporting to members in Regina, Saskatchewan was profitable and permanently short of cash. Behind the gap sat a buyer’s due-diligence list that the existing statement package could not answer. Restructuring the tax cycle freed $135,000.
A co-operative reporting to members in Regina, Saskatchewan was profitable on paper and short of cash every month. A buyer’s due-diligence list that the existing statement package could not answer explained most of the gap. We read the shareholder agreement and the loan documents and established what level of assurance each user actually required. We scoped the engagement to the highest of them. We also built a thirteen-week cash view so tax payments stopped competing with payroll for the same dollars. $135,000 was released back into working capital. Remittances have been on time every period since, and the forecast shows the tax outflow before it lands.
The structure at a business whose statements arrive late every year in London, Ontario no longer fitted the business. A prior-year restatement with no note explaining what changed showed it. Rebuilding it saves $48,000 a year.
The structure at a business whose statements arrive late every year in London, Ontario dated from years earlier. It had been set up for a business that no longer existed. A prior-year restatement with no note explaining what changed had become expensive. We separated the bookkeeping work from the assurance engagement so the independence question had one clear answer. The reorganisation used the rollover provisions rather than a taxable transfer, so no tax fell due on the restructuring itself. $48,000 of annual saving, achieved on a tax-deferred basis. The minute book, elections and valuations are all in the file.
A not-for-profit with a bylaw audit requirement in Surrey, British Columbia was under review. The issue was a bonding limit capped because the last statements were prepared on a cash basis. The file closed in 6 weeks with $116,000 of proposed tax cleared.
A not-for-profit with a bylaw audit requirement in Surrey, British Columbia was selected for review. A bonding limit capped because the last statements were prepared on a cash basis had shown up in the CRA's automated matching. The proposed adjustment on review engagement preparation came to $116,000. We upgraded the engagement to a CSRE 2400 review, completed the additional procedures, and delivered a package the lender accepted without conditions. Every figure in the response traced to a source record the auditor could verify without asking a second question. The review closed with no change. $116,000 of proposed tax came off the table, and the documentation now in place makes the next review a short one.
15 months of records at a business applying for government funding in Ottawa, Ontario had never been reconciled. That left statements delivered five months after year-end, past the covenant deadline. Rebuilding recovered $11,500.
Nothing reconciled at a business applying for government funding in Ottawa, Ontario. Every filing started with 15 months of cleanup. The file was carrying statements delivered five months after year-end, past the covenant deadline. We rebuilt from source rather than correcting on top of the existing file. We compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble. Then we set the routine that keeps it clean. 15 months reconciled to the bank. The close now takes 10 days, and $11,500 of previously unclaimable input tax was recovered in the process.
Collections had begun against a company whose lender asked for a review engagement in Vancouver, British Columbia over 4 years of unfiled returns. Bringing them current cut $72,000 from the balance.
By the time a company whose lender asked for a review engagement in Vancouver, British Columbia called, 4 years were outstanding. The CRA had assessed on estimates. Underneath it sat a bank asking for a review engagement while the file only supported a compilation. We reconstructed the records year by year. We described the revenue and inventory policies in the basis-of-accounting note in terms a lender could follow without asking a question. Each filing replaced an arbitrary assessment with a real one. The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $72,000, and a relief application addressed part of the accumulated interest.
A company refinancing its operating line in Lethbridge, Alberta expanded into a second province. The file already carried an insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries. Every obligation was set up in advance and $120,000 of cash released.
Revenue at a company refinancing its operating line in Lethbridge, Alberta was up sharply and cash was tighter than ever. Underneath it sat an insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries. We prepared the supporting schedule for every material balance in advance, which cut the queries the engagement had to raise. Every new obligation was set up before it was triggered, not after. That covered registration, remittance frequency and provincial filing. $120,000 of cash was released from the working capital cycle. The expansion completed with every registration and filing obligation covered from day one.
Meet the specialists behind your Review Engagement Preparation 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.
Review Engagement Preparation 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 serve clients in every province and territory at the same fixed fees, 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 review engagement preparation 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.
In our files, this is the deciding factor: Comparative figures matter: a restated prior year needs disclosure of the restatement, and lenders read the comparatives as closely as the current year. A tax services provider applies it to your numbers before submission.
The short answer comes straight from our working notes: Bonding companies and lenders typically want statements within 90 to 120 days of year-end. Late statements cost capacity even when the numbers are good. How that plays out on your file depends on the specifics, which is exactly what the engagement is for.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
CRA online filing for 2025 returns opened on 23 February 2026 and stays open until 29 January 2027. You can prepare a return before the service opens, but it cannot be transmitted, and slips such as T4s and T5s often arrive only in late February. Filing early makes sense if you expect a refund. If you expect a balance owing, you can still file early and pay by 30 April 2026.
Sign in to CRA My Account and open the tax returns section, which lists your assessed returns, notices of assessment and reassessment, and carry-forward amounts for earlier years. You can also download a proof of income statement, request a copy by phone, or ask whoever prepared the return for you. Keep your own copy and the supporting records for six years from the end of the tax year they relate to.
There is no single percentage. Your employer applies the federal withholding table plus the table for your province or territory, using pay frequency, your annual rate of pay and the amounts claimed on your federal and provincial TD1 forms, then adds CPP contributions and EI premiums until the annual maximums are met. Pension contributions, union dues and benefit premiums come off separately. The CRA's Payroll Deductions Online Calculator reproduces the exact figures shown on your stub.
Medical costs give a non-refundable credit rather than a deduction. Eligible items include prescription drugs, dental work, eyeglasses and contact lenses, fees paid to medical practitioners authorised to practise, private health plan premiums, attendant care and travel for treatment unavailable locally. Over-the-counter products and most cosmetic procedures do not qualify. Only the portion above an income-based threshold counts, the claim period may end at any point in the tax year rather than following the calendar year, and pooling the family claim on one spouse usually helps.
There is no standard amount. The refund equals tax withheld and instalments paid, less the tax calculated on the return after deductions and credits, so two people on the same salary can end up with very different results. Payroll withholding that ran higher than needed, RRSP deductions, tuition and medical claims and spousal transfers all push the figure up. The notice of assessment confirms the final number once the return is processed.
Call the CRA's individual or business enquiries line, both listed on the Contact the CRA page at canada.ca. Have your social insurance number or business number, your date of birth, and a line amount from a recent return ready, because the agent verifies you before discussing anything. Lines are quietest early in the morning and outside filing season. You can also authorise someone to call on your behalf using form AUT-01.
The CRA issues a notice of assessment once it finishes processing your return, so there is no fixed mailing date. An online return is usually processed in about two weeks (2025 tax year), and the notice appears in My Account first if you are registered, with a paper copy following unless you chose online mail only. A non-resident return can take up to 16 weeks. Reassessments arrive whenever a later review changes something.
No. The fuel charge applies to fuels, not tobacco. Cigarettes carry federal excise duty, a provincial or territorial tobacco tax, and GST or HST on the shelf price, which is why tax makes up most of what you pay. Duty and tobacco tax rates move with budgets and some federal rates are adjusted annually, so check the CRA excise duty rates page and your province's tobacco tax page rather than an older figure.
You can ask, but no employer has to issue it before the CRA's annual slip deadline shortly after year end, and payroll often cannot finalise the numbers until then. If you need figures sooner, use your last pay statement of the year for gross pay, income tax, CPP and EI to date. Slips also appear in CRA My Account once the employer files them. Filing from an estimate invites a reassessment later, so wait for the slip.
For account-specific questions the CRA's individual and business enquiry lines can see your file, and CRA My Account answers most balance, slip and benefit questions without a call. General rules are set out on canada.ca. For anything with money attached to the choice, such as incorporating, a rental, leaving Canada or an audit letter, talk to a tax preparer. We offer a free 15-minute consultation on +1 (416) 619-0068.
Download the annual interest statement from your loan servicer's online account. For a Canada Student Loan that is the National Student Loans Service Centre; a provincially funded portion comes from your province's student aid office, so some borrowers collect two documents. The statement shows the interest paid in the calendar year, which is the only figure the return needs. Keep it with your records, because the CRA can ask you to support the claim.
The contributing spouse claims the deduction, against their own income and out of their own RRSP contribution room, even though the plan and the eventual withdrawals belong to the other spouse. That is the point of a spousal plan: a deduction now for the higher earner and taxable income later for the lower earner. Watch the attribution rule, which taxes a withdrawal back to the contributor for the withdrawal year plus the two preceding calendar years, capped at contributions made in that window.
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. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice 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.
Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)
