What is year-end preparation?
Year-end preparation is the closing work a bookkeeper does after the fiscal year ends but before the CPA files the corporate tax return. It includes reconciling every balance sheet account to supporting schedules, posting adjusting entries for accruals, prepayments, and depreciation, and assembling a working paper package the CPA can file from. In Canada, the CRA requires T2 corporate tax returns to be filed within six months of fiscal year-end; a clean year-end bookkeeping package is what makes that deadline calm rather than frantic.
Your fiscal year closes in the ledger. Accruals and prepayments are posted. Depreciation is calculated. Intercompany balances are reconciled. Bank, AR, and AP tie out to supporting schedules. We deliver a working paper package your CPA can open on day one and file from.
What does Coal Harbour include in year-end preparation?
- Reconcile all balance sheet accounts with supporting schedules
- Post year-end adjusting entries for accruals, prepayments, and depreciation
- Reconcile intercompany transactions across HoldCo and OpCo structures
- Prepare trial balance, general ledger, and supporting working papers
- Liaise with your CPA through questions, adjustments, and the final T2
What software do you use for year-end preparation?
QuickBooks Online or Xero as the source of truth. Working paper templates in Google Sheets or Excel, exported in the format your CPA prefers. If your CPA works in CaseWare, we export in CaseWare-compatible formats.
What is not included in year-end preparation?
This is year-end bookkeeping, not corporate tax preparation. We prepare the books; a CPA files your T2 return. We work alongside your accountant, and if you do not have one, we can introduce you to the firms we collaborate with regularly.
What does year-end preparation cost?
Year-end preparation runs $1,500 to $4,500 CAD for most Canadian owner-operator corporations, depending on complexity and prior bookkeeping condition. For existing monthly clients, year-end is discounted because the books are already current. For businesses coming in from a period of neglect, we scope catch-up and clean-up separately before the year-end package starts.
Further reading
For a reference-grade, ten-step year-end timeline and the full CPA handover package, read the year-end bookkeeping checklist for Canada.
Cluster posts that go deeper on specific questions:
- How to catch up on months of missed bookkeeping without panic — the companion guide when year-end arrives before the ledger is current.
- T4 preparation for small business in Canada — the February 28 deadline, the reconciliation sequence, and common classification errors.
A good fit if
- You run a Canadian-controlled private corporation with a fiscal year-end
- You have a CPA for tax filing and need the books ready before they start
- You want one bookkeeper who treats year-end as a continuation of the monthly books
Probably not the right fit if
- You are a sole proprietor filing personal income tax only
- You need a full audit or review engagement requiring a CPA firm
- You need books closed in under two weeks from a state of neglect