Financial Statement & Accounting Services

Accurate financial statements are more than a compliance requirement. For incorporated business owners, they are the foundation for tax planning, decision-making, and confidence in your numbers.

At Creekside Accounting, we provide corporate accounting and financial statement services for owner-managed corporations in Kelowna and the surrounding Okanagan area. Our focus is on clear, reliable reporting that supports corporate tax filings, owner compensation decisions, and long-term planning.

This service is designed for incorporated businesses that want financial clarity - not just year-end paperwork.

For incorporated businesses, financial statements are used for more than filing a T2. They help answer practical questions like:

• How profitable is my business, really?
   
• How much can I pay myself?
   
• Why does my cash balance not match my profit?
   
• What do my numbers mean for corporate and personal tax?
   

When financial statements are prepared correctly and reviewed with context, they become a planning tool rather than just a compliance obligation.

Corporate financial statements typically include:

• Balance Sheet
   
• Income Statement
   
• Retained Earnings Statement
   
• Notes and supporting schedules as required
   

These statements summarize your corporation’s financial activity for the year and are used for:

• Corporate tax return (T2) preparation
   
• Owner compensation and tax planning
   
• Discussions with lenders, lessors, or other professional advisors
   
• Tracking business performance over time
   

For incorporated businesses, accuracy and consistency matter. Errors or gaps at this stage often lead to tax surprises later.

Our services are tailored to the size and complexity of your corporation. Common services include:

• Year-end financial statement preparation for incorporated businesses
   
• Review and adjustment of bookkeeping for accuracy and completeness
   
• Corporate tax accounting adjustments and reconciliations
   
• Corporate tax return (T2) preparation
   
• Review of cash balances and shareholder activity
   
• CPA prepared financial statements for internal or lender/lessor use
   
• Guidance on bookkeeping treatment and adjusting journal entry postings
   

We focus on preparing financial statements that make sense to you and support proactive tax planning.

Corporate accounting and financial statements are closely tied to corporate tax outcomes. When accounting is incomplete or unclear, tax planning becomes difficult or ineffective.

Our approach helps:

• Identify tax planning opportunities
   
• Support salary and dividend decisions
   
• Reduce last-minute adjustments at tax time
   
• Improve confidence in cash flow management and profitability
   
• Create alignment between bookkeeping, financials, and tax filings
   

This coordination reduces stress and improves decision-making throughout the year.

This service is a good fit if you:

• Are only looking for the lowest-cost corporate tax filing

• Only need basic bookkeeping without year-end reporting
   
• Require audited or review engagement financial statements

• Require highly complex tax services, such as trusts, corporate reorganizations, or estate planning 

• Need specialized tax work outside our core focus, including farming, fishing, indigenous organizations, or immigration-related tax matters, where different tax rules apply.

 We are clear about scope upfront to ensure expectations are aligned. 

Once new clients have been onboarded into our system and authorization forms signed we'll begin preparing your corporate income tax return. Our process looks like this:

• Step 1: You Provide Your Documents & Sign Our Engagement Letter - We'll send you a checklist and an engagement letter for signing. We'll also let you know how you can provide your information and what to provide. 

• Step 2: Confirmation of Receipt - You'll receive an email from our CPA acknowledging that records have been received. 

• Step 3: Connected to a Corporate Tax Preparer - You'll be connected with one of our experienced corporate income tax preparers who will be your main point of contact throughout the preparation of your corporate income tax return.

• Step 4: We'll ask for information (a lot of information) - Emails, phone calls, and inquiries can all be expected. This is us checking your bank balances, your accounts receivable, your assets, your loans, and your bookkeeping. This process can take anywhere from 2 weeks to 3 months depending on your response time and the information you provided up front. This step is crucial to ensure your corporate income tax return is completed accurately. 

• Step 5: First CPA Review - Your corporate income tax return will be reviewed by a Chartered Professional Accountant. They'll review all of the information you've been providing and see if gaps still exist and if there are any tax planning options or audit risks that need to be assessed. 

• Step 6: More Info Please - Your dedicated income tax preparer will contact you for more information after your file has received is 1st Chartered Professional Accountant review. 

• Step 7: Second CPA Review -  Your corporate income tax return is then reviewed a second time by a Chartered Professional Accountant.

• Step 8: Recommendations & Drafts For Review - If no further information is needed a Chartered Professional Accountant will email you with a draft copy of your corporate income tax return and send you a list of recommendations. 

• Step 9: Wrapping Up - If you are happy with your financial statements you'll sign your e-signature package, pay your invoice and have your year end filed. An optional wrap-up meeting is available with our Chartered Professional Accountant if you have any questions. Once signed and paid we'll provide your finalized compiled financial information statements and e-file your corporate income tax return. 

While the process involves several steps, our role is to manage the details and keep everything moving smoothly. We will guide you through each stage, communicate clearly by email, and follow a documented workflow to ensure nothing is missed.

Our goal is to make the personal income tax process straightforward, organized, and predictable for you.

Because corporate income tax returns can take quite a long time frame to be completed (between 2 weeks and 3 months) keep the following deadlines in mind:

• Your tax payment deadline is 3 months after your year end date (if you are an active Canadian owned small business corporation). Inactive / investment corporations only have 2 months to pay their taxes due.

• Your financial statement deadline is often 3 to 4 months after your year end date (if you need to provide financial statements to your lender).

• Your corporate tax return filing deadline is 6 months after your year end date.

• Please provide us your year end records five weeks after your year end date.

• If you also require bookkeeping or expense summarization services, please provide your documents 2 weeks after your year end date. 

Worried about missing deadlines? Make sure you onboard with our services early. We'll then be able to send you email reminders when it's time to get the process started. 

Corporate accounting works best when it is part of a coordinated approach integrated with your broader accounting and tax support. Many clients also work with us for:

• Ongoing bookkeeping and accounting support
   
• Tax planning and advisory for business owners
   
• Personal income tax preparation
   

This integrated model ensures your numbers are consistent and decisions are aligned across your business and personal finances.

If you are an incorporated business owner looking for clear, reliable financial statements and coordinated corporate accounting support, the ideal next step is to book a paid consultation.

We will review your situation, explain what support is required, and outline next steps.