Financial Statements

The preparation of Financial Statements is an integral of part of the process for the filing of the tax returns under the provisions of the tax laws administered by the Canada Revenue Agency. All individual and non-individual entities need to file their tax returns and financial statements even when there is no tax payable by them and this includes

• non-profit organizations
• tax-exempt corporations
• inactive corporate and
• Non-resident Corporation registered in Canada.

Financial Statements basically summarize the financial activities and final outcomes of individuals and corporations during the year. It involves the collation and assessment of financial data under specific headings so as to obtain an understanding of the monetary position of the individual or corporation as at the end of the year. Financial Statements provide the base financial numbers on which the tax payable is assessed.

The preparation of Financial Statements does take time as it involves going through reams of data. This can prove to be a very daunting task for people who do not have the formal knowledge of accounting and the preparation of returns.

Trust Accounting and Financial Services are your reliable partners in the preparation of your financial statements. We have the expertise, knowledge and experience to ensure that the reporting and documentation of all the tax-related information for our individual and corporate clients are correctly prepared and filed on time without having our clients getting stressed and neglecting their other work. We also advise our clients on the various aspects of preparation of financial statements and tax returns so that they are able to avail of all the benefits that the tax laws of the Canada and their particular province provides.

There are basically two main types' financial statements which have to be compulsorily prepared:

• 1. T1-General Income Tax and Benefit Return: For Individuals and Sole Proprietors.
• 2. T2-Corporate Tax Returns : For Corporations

We at Trust are in a position to help you with both types of returns and statements and you can leave your worries with regard to the filing of returns behind when you enlist our services.