Results That Matter

Serving the needs of businesses (incorporated and unincorporated), individuals and not-for-profit organizations

  • Financial statement preparation
  • Audit & Review of financial statements
  • Tax compliance and planning
  • Business advisory
  • Financing assistance
  • Personal financial planning
  • Statement Preparation
  • Audit & Review of Financial Statements
  • Financial Statements
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A Chartered Accountant’s involvement with financial statements lends a different level of credibility to the financial statements, depending on the nature of the CA’s involvement. Standards and procedures for audits, reviews, and compilations are established by the Canadian Institute of Chartered Accountants (CICA). The CICA Handbook prescribes generally accepted accounting principles and generally accepted audit and review standards for Canadian companies and other organizations.

Financial statements are prepared for a company or other organization in accordance with generally accepted accounting principles* (GAAP), and normally include:

  • a balance sheet, which shows assets and liabilities as at the year end
  • a statement of earnings, which shows the results of operations for the year
  • a statement of retained earnings, which shows the changes in equity during the year
  • a statement of cash flows, which shows operating, investing, and financing activities and how these activities effect the cash position, and notes to the financial statements, which are an integral part of the financial statements, and which provide additional explanations and details concerning financial statement items.

As well, there may be schedules attached which can provide even more detailed information relating to items disclosed in the financial statements.

Generally accepted accounting principles are independent standards set by the CA profession for Canadian businesses.


There are three types of engagements for which Chartered Accountants provide services in association with financial statements:

  • Audits
  • Reviews
  • Compilation Engagements

Each of these services provide a different level of credibility to the financial statements, and a different report, which report communicates the extent of work performed and the degree of responsibility that the Chartered Accountant accepts.

Tax filings are required for three client groups, generally including:

Corporations: Federal & Ontario tax returns and other filings, GST & HST returns and other returns.

Individuals: Personal tax returns, GST & HST returns and other filings.

Not-for-Profits: Information returns; corporate tax returns (may be required); charity returns, GST rebates, returns, etc., HST rebates, returns, other filings and returns.

This list represents only a portion of the tax compliance services provided. As part of our engagement, we will review your particular situation to ensure that all applicable filing requirements are being met.

Tax planning is one of the core services that we provide. This would include reviewing personal and corporate/business tax alternative to develop a strategy that is tailored to meet your needs.

The business advisory is a further core service that we provide, and one that many clients find invaluable. Depending on the nature of the engagement (and a client’s particular needs), we will identify a company’s or organization’s critical success factors, areas of weakness, and other matters that management should be aware of. Suggestions may be presented. A discussion is welcomed.

We make it clear that the financial statements are management’s financial statements, and that such statements are a useful and often key management tool. We will assist clients in understanding, interpreting and utilizing their statements. We see financial statements as a form of communication of an entity’s results and financial condition, that clients first need to understand, and then also be able to communicate to various stakeholders.

Services for business start-ups are available, including business plans, organization structure (incorporation, proprietorship, etc.), general considerations, etc. This is often extremely valuable advice, which is best provided prior to or at the commencement of the business activity.

Financing assistance is available, including determining financing needs, alternative methods and sources, reviewing terms and ability to service debt, cash flow, etc. We have numerous financial contacts that may be drawn upon to meet particular needs as appropriate.