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Financial Statements Canada

Numbers are not for everyone. Professionally compiled financial statements Canada, make it easier for you and others to understand what the numbers actually mean, in an easy-to-read format. They are an integral part of running your business. Accuracy and detail orientation is our forte and we can ensure flawless execution of your financial statements.

As Accountants in Toronto, we can compile financial statements Canada for your company and we also offer the following specific services.

As illustrated above, our trusted financial advice accompanies the preparation of your financial statements Canada. Our services are tailored to your needs and business requirements.

  • Submissions with your company's corporate tax returns.
  • Evaluating the financial performance of your business.
  • Disclosure to the Bank, where your company has a loan.
  • Disclosure to potential buyers of your business.
  • Complete Tax Audits.



How to Prepare Financial Statements

By: Allan Madan | Sep 12th, 2013 | Tax, US Tax, Canadian Tax Read more

Do you own a business? Do you want to attempt to prepare your own loaded financial statements Canada? Take on the brave task, and read on to get a step-by-step guide to preparing your own financial statements Canada.


Business Accounting Tips-BNN exclusive

By: Allan Madan | Aug 26th, 2012 | Tax, US Tax, Canadian Tax Read more

As an owner of your own business, you want to be as profitable as possible and avoid all accounting mistakes. There are many mistakes that are often overlooked. Read on to find a BNN special exclusive look into accounting tips for owners of small businesses. From financial statements Canada to tax deferrals, see it all.


How to prepare GIFI

By: Allan Madan | Aug 10th, 2013 | Tax, US Tax, Canadian Tax Read more

Are balance sheets, schedules and numbers getting you down? Worry not, Allan (expert on financial statements Canada) provides explanations as well as a step-by-step tutorial on how to prepare your own GIFI (tax financial statements Canada –T2) with ease. Read on to see it all revealed.


About the Author – Allan Madan

Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.


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# Inui 2014-09-22 20:53
Hi, I heard ASPE and IFRS are both accepted financial statements framework in Canada. What is the difference between the two?
# Allan Madan and Team 2014-09-22 20:53
Hi Inui,

ASPE are generally geared towards private entities and smaller businesses whereas IFRS is required for public companies. The reason that the IFRS is required for public companies is to ensure that companies that operate in countries that use IFRS are measured using the same framework. IFRS is more costlier to implement then ASPE.
# Geralt 2014-10-16 21:26
Hi, I’ve been trying to use wave accounting for my business and I realized that I need a software that is a bit more sophisticated than wave. What other bookkeeping software do you recommend?
# Allan Madan and Team 2014-10-16 21:26
Hi Geralt,

Hi, we would recommend either Quickbooks or Simply Accounting software. These software are very flexible and are powerful enough to handle bookkeeping for medium sized enterprises. There are several benefits that these software offer including various analytical tools to help assess the health of your business that a standard financial statements may be provide insight to.

Best Regards
# Will 2015-01-12 16:50
Can you give me the amortization period for various capital assets?
# Allan Madan and Team 2015-01-12 16:50
Hi Will,

There is no hard and fast rule regarding amortization period for assets. It all depends on your business and your industry. Also, if you are a small business that only requires financial statements to file tax return, you can use tax depreciation method (CCA) as amortization.
# Hermione 2015-01-12 17:04
I have a Canadian real estate property in Canada. My questions is regarding depreciation. Is claiming CCA a choice or do we have to claim depreciation?
# Allan Madan and Team 2015-01-12 17:04
Hi Hermione,

Claiming CCA is the taxpayer’s choice. CCA can be claimed in order to reduce the rental income in the current year. Hence, current taxes are reduced. However, if the property is sold for an amount more than the undepreciated capital cost in the future, then the CCA claimed will be recaptured (i.e. added as income on the tax return) in the year of the sale. Therefore, claiming CCA is a way of deferring taxes to the future.
# Stanley 2015-01-18 23:32

I run a manufacturing business and I have employees working for me in my workshop. For accounting purposes, do I have to report their wages as part of cost of goods sold? Or operating expense? Does it matter for tax purposes?
# Allan Madan and team 2015-01-18 23:33
Hi Stanley,

Normally, wages paid to employees who directly work in manufacturing/p roduction capacity will be part of cost of goods sold whereas wages paid to management, administrative will be categorized as part of operating expense in the financial statements.
# Yannick 2015-02-06 16:43
Hi there,

My company has a US bank account and I understand that I have to convert it to CAD for financial statement purposes. What exchange rate do I use to convert?
# Allan Madan and Team 2015-02-06 16:44
Hi Yannick,

You will need to use the exchange rate on your year end date. For example, if your year end is December 31, you will use the December 31 exchange rate.
# Martins 2015-02-17 17:56
Hi Allan,

I just incorporated in August of 2014 and my accountant is asking me for a financial statements. What will be my year end?
# Allan Madan and Team 2015-02-17 17:57
Hi Martins,

when you incorporate, you can set any of the date within the 12months of incorporation as your year end. I would speak with your accountant to determine what year end would work best for your business.

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