- Led by a CPA with 35–40 years of experience across retail, gold mining in Canada and multinational financial reporting.
- We prepare compilation engagements under CSRS 4200, the Canadian standard that replaced “Notice to Reader” for periods ending on or after 14 December 2021.
- Corporate tax (T2), HST, payroll compliance and CRA correspondence are handled by the same partner who knows your file.
- If you need a review or audit, we say so plainly and coordinate with a licensed public accounting firm.
- Accounting
- Accounting is the work of turning recorded transactions into financial statements, tax filings and judgments that a third party can rely on. Bookkeeping records what happened; accounting decides how it is measured, presented and reported.
What accounting means here
Accounting is the part of your finances that faces outward. Your banker reads your financial statements. CRA reads your corporate return. A buyer, a partner or a landlord may read both. The work is to make sure what they read is complete, correctly measured and defensible.
Our accounting practice is led by our CPA partner, who has spent 35–40 years in the field: in retail with a large South African group, in gold mining in Canada, and in financial reporting for a multinational. That range matters. Inventory, capital assets, foreign currency, accruals, intercompany balances: most of what an owner-managed business runs into, she has worked through at a larger scale.
We cap our roster so that the person preparing your year-end is the same person who answers your questions about it. There is no hand-off to a junior and no call centre.
Who it's for, and who it isn't
A good fit
- Incorporated Ontario businesses that need annual financial statements and a T2 corporate return.
- Owners whose banker or lender asks for compiled financial statements each year.
- Family businesses and professional practices (legal, medical, dental, consulting) that want a senior accountant on the file.
- Real-estate investors holding property through one or more corporations.
- Trades and service companies that have grown past a sole proprietor's tax return.
- Businesses with a CRA letter, review or reassessment they want handled properly.
Probably not
- Personal-only tax returns with no business attached. We are not a seasonal tax-prep shop.
- Businesses that need an audit or review engagement on its own. Those require a public accounting licence; we will refer you and help you prepare.
- Owners shopping for the lowest fee per return. We are priced for judgment and direct access, not volume.
- Anyone who wants filings signed without supporting records. We will help you get the records in order first.
What's included
How we work
- ConsultationWe learn how the business runs, what it owns, who relies on your statements and what has been filed before.
- Records reviewWe look at your books, prior-year statements, returns and CRA account to see what is in good order and what needs work.
- Written proposalYou receive a scope and fee in writing before any work starts.
- Year-end fileWe request what we need in one organized list, prepare adjusting entries and build the working papers.
- Statements and returnsOur CPA partner prepares and reviews the statements and T2, then walks you through them before anything is filed.
- Through the yearHST, payroll filings and CRA letters are handled as they arise, so year-end holds no surprises.
Compilation, review or audit: which one do you need?
Many Ontario owners still ask for a “Notice to Reader”. That standard (Section 9200) was replaced by CSRS 4200, Compilation Engagements, for financial statements for periods ending on or after 14 December 2021. The idea is the same: an accountant compiles statements from your information without auditing or reviewing it. The new standard asks more of the accountant, including understanding the business and disclosing the basis of accounting used in a note to the statements.
- Compilation engagement
- A compilation engagement is a service in which an accountant helps management prepare financial statements from information management provides, without verifying that information or expressing any assurance on it.
| Compilation | Review | Audit | |
|---|---|---|---|
| Standard | CSRS 4200 | CSRE 2400 | Canadian Auditing Standards (CAS) |
| Assurance given | None | Limited | Reasonable (high) |
| What the accountant does | Compiles statements from your records and information | Inquiry and analytical procedures | Tests evidence, controls and balances |
| Typical readers | Owners, CRA, many lenders | Lenders or investors wanting more comfort | Larger lenders, investors, regulated entities |
| Licensing in Ontario | Performed by CPAs in public practice under CPA Ontario rules | Requires a public accounting licence | Requires a public accounting licence |
| Does Bloemet perform it? | Yes | No. We help you prepare and coordinate with a licensed firm | No. We help you prepare and coordinate with a licensed firm |
| Relative cost | Lowest | Higher | Highest |
If your lender or a buyer needs a review or audit, we will tell you plainly, help you get the books ready for it, and coordinate with a licensed public accounting firm.
For a fuller explanation, read Notice to reader vs review engagement in Canada, explained plainly.
Corporate deadlines worth knowing
- T2 corporate return. Due six months after your fiscal year-end.
- Corporate tax balance owing. Generally due two months after year-end, or three months for eligible Canadian-controlled private corporations (CCPCs).
- HST registration. Required once taxable supplies exceed $30,000 over four consecutive calendar quarters (the small supplier threshold). Ontario HST is 13%.
- T4 slips. Due to employees and CRA by the last day of February.
These are general rules. Instalments, elections and your filing history can change what applies to you, so talk to us about your situation.
How it's priced
Accounting work is scoped and quoted in writing per engagement, after we have seen your records. We do not publish a price list, because two corporations with the same revenue can need very different amounts of work.
What drives the fee: the condition of your books at year-end, the number of entities, inventory and capital assets, shareholder-loan and intercompany activity, how many HST and payroll filings are involved, and whether there is CRA correspondence to resolve. Clean, reconciled books reduce year-end work, which is one reason many clients pair accounting with our bookkeeping.
Questions owners ask
What's the difference between a bookkeeper and a CPA?
A bookkeeper records transactions and keeps the books current. A CPA (Chartered Professional Accountant) holds a regulated professional designation and prepares financial statements, handles corporate tax and applies accounting standards and judgment. Many businesses need both. See Bookkeeper vs CPA vs Controller for a side-by-side comparison.
Do I need a review engagement or is a notice to reader enough?
“Notice to Reader” has been replaced by the compilation engagement standard (CSRS 4200), which is enough for most owner-managed corporations and many lenders. A review engagement gives limited assurance and is usually required by a lender, investor or agreement. Check what your loan or shareholder agreement actually says; if it calls for a review, we will help you prepare and coordinate with a licensed firm.
What does year-end actually involve?
Year-end means closing the books for the fiscal year, recording adjusting entries (accruals, amortization, inventory, shareholder loans), preparing financial statements and filing the T2. It also covers T4s and confirming HST filings are complete. The better your monthly books, the less year-end work there is.
Can you deal with CRA on my behalf?
Yes. Once you authorize us as your representative through CRA's online services, we can view your business accounts, respond to letters and handle reviews. We explain every letter in plain language before we respond.
Do you prepare personal tax returns?
For owners of businesses we already work with, yes, because owner pay, dividends and the corporate return should be planned together. We do not take on personal-only returns.
My books are behind. Can you still do my year-end?
Usually, yes. We start by bringing the books current, then prepare the year-end. If you have unfiled years, we set out a plan to catch up in order.
Can I switch accountants partway through the year?
Yes. With your permission we request prior-year statements, returns and working papers, often directly from your previous accountant, and pick up from there. The best time to switch is before your fiscal year-end, not after.