Financial Statements

Compilation (NTR) Financial Statements

Financial statements are a financial guideline that will help you make better decisions. In many cases, financial statements are expected by the government, lenders, shareholders and on occasion, trust beneficiaries. However, the most common reason for having financial statements prepared is because they are critical for preparing a corporation’s income tax return.

Compilation (also known as Notice to Reader or NTR) financial statements is lower in expenses, however, it does not provide assurance. An accountant will compile the information into a standardized reporting format while adhering to professional standards as opposed to providing an opinion, or conclusion, about the reliability of the financial information. There is a large amount of work that must be performed to prepare the financials. It is through this process, that an accountant will become aware of the key items that are reflected in the income tax return.

Compilation, a common form of preparing financial statements, are marked as being unaudited and are often all that is required when preparing most small business tax returns. Furthermore, compiled financial statements are not required to follow Generally Accepted Accounting Principles (GAAP).

Book an appointment today to see how Numbers Plus® can help you.


Important Dates

April 30

Personal tax payments are due. Tax return filing deadline is April 30th unless you or your spouse have business income then filing deadline is June 15th.

March 31

Trusts: Payment and filing deadline is March 31st (three months after the year end which is Dec 31st) unless a Graduated Rate Estate which is three months after the...

February 28

Tax Slips (T4, T4A, T5, …): Payment deadlines are as per usual (i.e.

view all

Resources

FAQ

Where are you located?

We are located on 168 Queen Street in Mississauga, ON in suite 209. The office is located in beautiful downtown Streetsville.

What are your hours of operation?

Our standard working day runs from 9am to 5pm. We can occasionally accommodate appointments outside of these hours.

Do you have parking?

Yes. We have parking in the back of the building with easy access to our office. If you require public transportation, the Mississauga Transit system stops in front of our office and the Streetsville Go Station is only a few blocks away.

view all