Prepare the evidence behind the balances
The handover can include account reconciliations, customer and supplier listings, payroll summaries, sales-tax controls and financing statements. Equipment additions need purchase documents and information about trade-ins, financing and business use. Stock and grain balances need the counting or measurement records on which the figures depend.
We compare the current file with the previous year’s adjustments so opening balances and recurring treatments do not drift. Unusual events such as an asset sale, insurance recovery or ownership change are highlighted with their documents rather than left for the accountant to discover in a general expense account.
Separate reporting cut-off from payment timing
A supplier bill received after year-end may relate to goods already received. A customer payment after year-end may settle an earlier sale. We identify these timing questions for the agreed accounting basis and accountant review. Corporate registry filings, business licences and income-tax returns also remain separate administrative obligations.
Illustrative Regina example
A regional grain farm acquires an implement for $84,000, receives a $19,000 trade-in allowance and finances the remaining $65,000 before applicable tax adjustments. The bank movement alone cannot describe the transaction. The year-end package includes both asset details, the sale agreement and the lender statement, allowing the accountant to assess the disposal and new asset correctly.
Flag corporate eligibility for the tax preparer
Saskatchewan’s eligible small-business corporate rate is 1%, with a provincial business limit of $600,000. The general rate is 12%, with separate manufacturing and processing provisions. Eligibility and limit reductions require tax-preparer review; the provincial limit should not be substituted for the federal one. These rates do not describe a sole proprietor’s personal income tax.
Questions about this work
Will you prepare the income-tax return?
This service prepares the bookkeeping records and schedules. Income-tax preparation and advice must be agreed separately with the appropriate preparer.
When should preparation start?
Before the year-end date where possible, particularly for inventory counts, equipment documents and outstanding customer balances.
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