Confirm what belongs in the closing period
We review the last shipments, goods received near year-end, unfinished jobs and invoices arriving after the date. Physical stock counts need a documented cut-off and a reconciliation to the accounting record. These checks help the adviser understand whether a movement belongs to the closing year or the next one.
Build support for the balance sheet
Bank and loan statements, aged receivables and payables, asset purchases and tax-account reconciliations form the core package. We identify unsupported balances and request the missing evidence early. Owner contributions and withdrawals are kept distinguishable from business trading activity so their final treatment can be reviewed with the tax preparer.
Illustrative example: equipment deposit and delivery
A business pays a $9,000 equipment deposit before its December year-end, with delivery and the final invoice in February. We retain the order, payment and delivery terms rather than assuming the deposit is an ordinary repair expense. The adviser has the information needed to determine the appropriate year-end treatment.
Keep corporate administration on its own calendar
A Manitoba Companies Office annual return is a separate obligation from income tax filing. Manitoba has a 0% provincial corporate lower rate for eligible income using its $500,000 business limit, and a 12% higher rate. Eligibility needs review; the provincial lower rate does not eliminate federal tax or T2 obligations. After the adviser’s adjustments arrive, we reconcile them into the bookkeeping file and preserve the final opening position for the new year.
Questions about this work
Do you prepare corporate income tax returns?
This service prepares and coordinates bookkeeping records. Tax-return preparation and filing must be expressly included in a separate agreed scope.
Can you work with our existing accountant?
Yes. We agree the requested schedules, secure transfer process and follow-up responsibilities with your authorization.
Put this into practice
Sources and current guidance
A practical next step
Bring the records you have.
We can identify missing information, agree on the scope and organize the next bookkeeping step.
Request a bookkeeping review