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Nobody can give you a trustworthy price for year-end financial statements in Canada, and most articles that try are guessing. What you pay depends on how messy your books are, what level of assurance you want and who does the work. What you can do is learn what you’re buying, what to ask for in a quote and what the CRA needs from you.
What does a year-end financial statements price depend on?
We looked for an official fee schedule and there isn’t one. Accounting fees are set by each firm, so any range you read online is somebody’s marketing, not a rule. We’ve left dollar figures out on purpose.
Four things move the quote. The first is the state of your bookkeeping: a clean, reconciled ledger takes an accountant an hour to review, and a shoebox of receipts takes days. The second is your size and how many transactions you have. Third, the type of statements. Fourth, whether the job includes the corporate tax return, which many firms bundle in.
So ask for the price in writing and ask what it includes. A low number that leaves out the T2 return isn’t low.
What do the statements include and who needs them?
Year-end statements normally mean a balance sheet, an income statement and notes. If you run a corporation, you report that information to the CRA with your T2 return, and most corporations do it with the General Index of Financial Information (GIFI), a standard set of codes. The CRA’s GIFI guide (RC4088) says all corporations except insurance corporations can file this way. When you do, you don’t send the statements themselves with the return, but the CRA can ask for them later, so they still need to exist and match.
A sole proprietor doesn’t file corporate statements. You report business income on your personal return instead, though a lender or a landlord may still ask you for statements.
Levels of service and what each one means
| Level | What it usually means | Who might ask for it |
|---|---|---|
| Bookkeeping only | Records are organised and reconciled, no statements | You, for day-to-day decisions |
| Compilation | An accountant assembles statements from your figures, no assurance | Many small corporations |
| Review | Inquiry and analysis, limited assurance | Some lenders and investors |
| Audit | Testing and evidence, highest assurance | When a law, lender or agreement requires it |
The names come from professional standards, and firms describe them slightly differently. Ask each one to spell out what they’d do and what report you’d get.
A worked example of why statements matter
Suppose a Canadian-controlled private corporation reports $400,000 of revenue and $60,000 of net income. That’s a 15% margin, and the profit margin calculator gives the same result. On $60,000 of active business income, the federal small business rate of 9% (on income up to $500,000, from the CRA’s corporate rates page) means about $5,400 of federal tax. Provincial tax comes on top and varies, so use the corporate tax calculator for your province.
Those two numbers only exist because someone closed the books properly. If the year-end file is wrong by $20,000, the federal tax alone moves by $1,800 at 9%, and so does what a bank thinks of you. That’s the real cost of a cheap, rushed job.
Does a lender or the CRA need audited statements?
Often neither. Nothing in the CRA’s GIFI guide asks for an audit, and plenty of small corporations get by with a compilation. A bank is another story. Say Priya runs a small landscaping company in Winnipeg and applies for an equipment loan. The loan officer may ask for reviewed statements, and finding that out after the year-end work is done means paying twice. One phone call beforehand costs nothing.
How to keep the bill down
Hand over a tidy file. Reconcile your bank accounts monthly, keep receipts against each expense and list what you owe and are owed at year end. A few bucks of your own time in October saves a lot of billable hours in March. Use the budget calculator to set aside a monthly amount so the accountant’s invoice doesn’t come as a shock.
Ask for a fixed fee where the scope is clear. Ask what triggers an extra charge. And ask when you’d get the statements, since the T2 return is due six months after your year end, and the balance of tax is due sooner. Check the CRA page for your own dates.
If you pay yourself a salary, run it through the payroll remittance calculator before year end. On a $4,000 monthly salary in Ontario it shows $1,078.70 to send in each month, and payroll mistakes are a common reason for extra accounting hours.
Mistakes to avoid
Don’t pick on price alone. Ask who does the work. A partner may sign, but a junior often prepares.
Don’t assume a compilation satisfies a lender. Ask the lender what it wants before you order. And don’t skip reading the statements. Look at the balance sheet once, and if something looks off, ask.
Our sources
The filing deadline and GIFI rules come from the Canada Revenue Agency pages on when to file a corporation return and GIFI. The 9% small business rate and the $500,000 limit come from the CRA’s small business deduction pages. Levels of assurance come from professional accounting standards, described in general terms. Read September 2026. This site isn’t part of the CRA or any government.
Frequently asked questions
How much do year-end financial statements cost in Canada?
There's no official fee schedule and we couldn't confirm a reliable range. Each firm sets its own fee, so get written quotes that state what's included.
Do I have to file financial statements with the CRA?
A corporation attaches complete financial statements or GIFI information to its T2 return. The CRA says all corporations except insurance corporations should use GIFI codes.
When is the T2 return due?
Within six months of the end of the tax year. The balance of tax is due earlier, so check the CRA page for your date.
What is the difference between a compilation and a review?
A compilation assembles statements from your figures with no assurance. A review adds inquiry and analysis for limited assurance.
Can I lower the fee?
Yes, by handing over reconciled books, organised receipts and a list of what you owe and are owed at year end.
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