New accounting standards for Compilations will take effect for periods ending on or after December 14, 2021. This standard better distinguishes a bookkeeping service from a compilation engagement and will only apply when the financial statements are to be used by a third party. The compilation report will be more informative and insightful than the current Notice to Reader.
Our Services
Local. Professional. Personable.
We are a thorough, detailed-oriented professional accounting service firm with extensive experience in computer technology and systems conversions for small-business and corporate sectors.
Compliance / Compilation / Notice to Reader (NTR)
We compile the bookkeeping data received into annual financial statements for corporate tax returns and other financial statement users. The engagement scope for NTR only determines that the information is not materially misstated. Our report includes;
The business balance sheet and income statement and when necessary, notes to the financial statements
A caution to the readers of the statements that they may not be applicable for their use
Draft resolutions, if required
Corporate T2, installment schedules
Bookkeeping Services
Our bookkeeping services utilize cloud software systems such as Sage Accounting, Quickbooks Online and Xero so that you can review your financial numbers in real time. We also recommend data capture software such as Hubdoc so that your bills and expenses are easily captured in the accounting software. With cloud accounting you can invoice your clients immediately upon completion of the job and receive payment that much faster. By removing the doldrums of data entry, we are better able to provide you with business advice. Our services include:
Recording payable and receivables
Processing employees payroll; preparing CRA payroll remittances; WCB reporting
GST/HST and PST reporting
Record depreciation and any other adjusting entries
Canadian Tax Services
Corporate tax returns
We prepare annual corporate tax returns (T2), and related schedules and e-file them for you. We focus on coordinating personal and corporate tax returns to ensure the best tax position possible.
Personal Tax Returns
We file basic tax returns for students, seniors, individuals, and families. We also file more complex tax returns such as small business, rental income, capital gains, vacation properties or investments.
Special End of Life Estate Returns
We file the special estate and other returns that are required when someone passes.
Accounting, Tax & Financial Advisory Services
At Banka & Company, CPA we help clients plan, manage and succeed.
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