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At Tax Filings Canada, we handle every part of your review engagement, 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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Need review engagement in Canada? Tax Filings Canada delivers compilation engagements under CSRS 4200, review engagements and audit support for lenders, boards and owner-managers — budget-friendly fixed fees quoted up front, and you pay only after you approve the work.
Send us your slips, statements, and supporting records in whatever format suits you.
We prepare the review engagement work and flag anything that deserves a closer look.
You review the draft with us and ask questions before anything is finalized.
Once you approve, we file on your behalf and confirm it has gone through.
| 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. We quote review engagement as one budget-friendly fixed price — the budget-friendly alternative to hourly billing.
Before you hand review engagement to anyone, it is worth knowing what the work actually turns on.
If you remember one thing from this page, make it this: 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.
It would be simpler if the story ended there, but a second rule enters almost immediately. Comparative figures matter: a restated prior year needs disclosure of the restatement, and lenders read the comparatives as closely as the current year. The final point is less about opportunity and more about what happens when a file is challenged: 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.
None of this requires you to become an expert — that is what engaging an accounting firm is for. What it does require is recognizing that review engagement will reward preparation over improvisation. The engagement goes fastest when last year’s filings and the current ledger arrive together.
Our terms are the same for every engagement: a fixed fee agreed before work begins, a full review with you before filing, and payment only after the service is complete.
Providing transparent fixed pricing and high-quality compliance work for your review engagement requirements.
Coverage: Standard bookkeeping and review engagement 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 needs?
Providing tailored review engagement 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 tax and accounting services have helped Canadian businesses save money and stay compliant.
A business applying for government funding in Edmonton, Alberta was 4 weeks from a deadline. The file also carried a bonding limit capped because the last statements were prepared on a cash basis. Filing complete and on time avoided roughly $20,500 in penalties.
A business applying for government funding in Edmonton, Alberta came to us 4 weeks before its filing deadline. The file came with a bonding limit capped because the last statements were prepared on a cash basis. A late filing would have triggered a penalty of roughly $20,500 before interest. We worked backwards from the deadline. We compressed the close to 45 days by moving reconciliations into the monthly cycle, so the covenant deadline stopped being a scramble. We prioritised the items that actually gated the filing and deferred everything that did not. The return was filed on time and complete. The $20,500 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
The CRA had assessed a franchisee reporting to its franchisor in Mississauga, Ontario on estimates across 7 unfiled years. Real filings vacated $42,000 of that tax.
7 years of unfiled returns had turned into notional assessments at a franchisee reporting to its franchisor in Mississauga, Ontario. Underneath lay an insurer asking for statements from an independent practitioner who had also been writing the bookkeeping entries. Collections had already started. We converted the records to the accrual basis, restated the comparative year with proper disclosure, and rebuilt the statement package around the bonding company’s requirements. We then filed every outstanding year in chronological order so the CRA could vacate the notional assessments cleanly. All 7 years were accepted as filed. $42,000 of arbitrarily assessed tax was vacated, collections action stopped, and the account is current for the first time in 7 years.
A corporation with an outside minority shareholder in Vancouver, British Columbia was under review. The issue was a buyer’s due-diligence list that the existing statement package could not answer. The file closed in 7 weeks with $71,000 of proposed tax cleared.
A corporation with an outside minority shareholder in Vancouver, British Columbia was selected for review. A buyer’s due-diligence list that the existing statement package could not answer had shown up in the CRA's automated matching. The proposed adjustment on review engagement came to $71,000. 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. $71,000 of proposed tax came off the table, and the documentation now in place makes the next review a short one.
A contractor bidding on bonded work in Calgary, Alberta was profitable and permanently short of cash. Behind the gap sat statements delivered five months after year-end, past the covenant deadline. Restructuring the tax cycle freed $27,500.
A contractor bidding on bonded work in Calgary, Alberta was profitable on paper and short of cash every month. Statements delivered five months after year-end, past the covenant deadline explained most of the gap. We prepared the supporting schedule for every material balance in advance, which cut the queries the engagement had to raise. We also built a thirteen-week cash view so tax payments stopped competing with payroll for the same dollars. $27,500 was released back into working capital. Remittances have been on time every period since, and the forecast shows the tax outflow before it lands.
A not-for-profit with a bylaw audit requirement in Toronto, Ontario was carrying $107,000 of penalties and interest. The charges arose from an unusual revenue recognition policy that appeared nowhere in the basis-of-accounting note. A relief application cancelled that amount.
An assessment of $107,000 landed at a not-for-profit with a bylaw audit requirement in Toronto, Ontario following a desk review. It turned on an unusual revenue recognition policy that appeared nowhere in the basis-of-accounting note. The auditor had not seen the records behind it. We separated the bookkeeping work from the assurance engagement so the independence question had one clear answer. We then set out the legislative basis for the position alongside the documents supporting it. $107,000 of penalties and interest was cancelled under the taxpayer relief provisions, and the underlying assessment was adjusted to match the filed position.
A family transfer at a business preparing for sale in Lethbridge, Alberta would have been fully taxable. The reason was a minute book with no resolutions behind a decade of dividends. Restructuring deferred $455,000.
A generational transfer at a business preparing for sale in Lethbridge, Alberta had been discussed for years without a plan. A minute book with no resolutions behind a decade of dividends meant the transfer as contemplated would have been fully taxable. We described the revenue and inventory policies in the basis-of-accounting note in terms a lender could follow without asking a question. We sequenced the steps so each one was complete and documented before the next depended on it. $455,000 of tax was deferred through the transfer, and the successor generation took over a corporation whose records stood up to review.
Meet the specialists behind your Review Engagement 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 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 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.
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. That is the part most owners have not heard before they sit down with us, and it usually changes what they do next.
The short answer comes straight from our working notes: 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. 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.
For the 2025 tax year the filing and payment deadline is 30 April 2026. If you or your spouse were self-employed, the filing deadline moves to 15 June 2026, but any balance owing is still due 30 April 2026. Interest starts the day after the payment deadline, and a late-filing penalty applies on top when a return with a balance owing is filed late. File on time even with nothing owing, because income-tested benefits are recalculated from the filed return.
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.
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.
For the 2026 tax year, federal rates are 14% on the first $58,523 of taxable income, 20.5% from there to $117,045, 26% to $181,440, 29% to $258,482, and 33% above that. Each rate applies only to the income inside its own band, so moving into a higher bracket does not raise the tax on the income below it. Provincial or territorial tax is added on top.
A non-refundable credit reduces the tax you owe to zero but no further, so any unused part is lost, carried forward, or transferred to a spouse or parent where the rule allows it. A refundable credit is paid to you even when no tax is owed, which is how benefit-style payments reach people with little or no income. Most personal credits on the federal return, including the basic personal amount, are non-refundable.
The GST rate is 5%, unchanged since 1 January 2008 and current for 2025 and 2026. It reaches every province and territory, but in five provinces it is folded into the HST: you charge 13% in Ontario, 15% in New Brunswick, Newfoundland and Labrador and Prince Edward Island, and 14% in Nova Scotia, down from 15% on 1 April 2025. In Alberta, the Northwest Territories, Nunavut and Yukon, 5% applies alone.
The CRA opens online filing in late February and begins processing returns then. For the 2025 tax year, online filing opened on 23 February 2026 and closes on 29 January 2027. Filing early does not usually get you a refund sooner than the two-week online processing window, but it does confirm benefit and credit payments that depend on your assessed return. Slips from employers and payers are generally available by then.
A write-off is an expense deducted from income so that tax applies to a smaller amount. It is not a refund of what you spent: the saving equals the expense multiplied by your marginal rate. Employees may deduct very little, while a business or self-employed person can deduct reasonable costs incurred to earn income, though categories such as meals and entertainment, vehicles and home office are restricted. Keep receipts, because the CRA can ask for them years later.
Six broad families. Income tax on individuals and corporations. Payroll contributions, meaning CPP and EI. Consumption taxes, meaning GST, HST and provincial sales taxes. Excise duties on fuel, alcohol, tobacco and vaping products. Property and land transfer taxes charged by municipalities and provinces. And tax on gains, including the gains treated as realised on death. Customs duties on imports sit alongside them. Most households only ever deal with the first three.
The RRSP dollar limit is $33,810 for 2026 and $32,490 for 2025. Your own deduction limit is the lower of that dollar cap and 18% of your previous year's earned income, reduced by any pension adjustment from a workplace plan, plus unused room carried forward from earlier years. The CRA states your exact limit on your notice of assessment and in My Account.
Yes. A balance owing does not by itself block a Canadian passport application or renewal, and it does not stop you leaving or re-entering the country. Canada has no measure equivalent to the United States rule tying passports to serious tax debt. What the CRA can do is collect: hold back refunds and benefits, garnish pay or a bank account, and register a lien on property. Clearing the balance or arranging payment keeps collection action from escalating.
Canada has no general dependant exemption of the kind used in the United States, but you may claim the spouse or common-law partner amount where you supported a partner with low net income. The credit is reduced dollar for dollar by that partner's net income and disappears once it passes the threshold for the year, so both returns should be prepared together. A partner with an impairment may also qualify you for the Canada caregiver amount.
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)
