Compilation Engagement & T2 income tax reporting

GoldKey provides efficient and professional solutions for Canadian corporate tax filings. Through customized processes, we ensure accurate reporting of financial information and help companies comply with tax regulations, maximize tax benefits and deductions, and maintain a good compliance position.

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The two differ largely because they have different purposes and wider scope:

" Compilation Engagement"&"T2 income tax reporting"

Purpose

  • "Compilation Engagement": The main purpose of Compilation Engagement is to help organizations present their financial information in a structured form. It involves the compilation of unaudited financial data provided by clients into financial statements without providing any guarantee as to the accuracy or completeness of the information. The accountant's role is to prepare data into a coherent financial statement format and does not perform verification or auditing of the data.
  • "T2 income tax reporting": T2 income tax reporting focuses on calculating and reporting a company's taxable income to the tax authorities. Its primary purpose is to accurately determine a company's income tax liability.

scope

  • "Compilation Engagement": This job involves organizing financial data into financial statements such as balance sheets, income statements, and cash flow statements. It does not involve verifying the accuracy of the data or assessing compliance with tax regulations or accounting standards.
  • "T2 income tax reporting": T2 income tax reporting is part of a compliance review that focuses on fulfilling tax obligations. It requires detailed calculations, reconciliations and compliance with specific tax rules and regulations.

ensure

  • "Compilation Engagement": It provides no warranty or opinion as to the accuracy or completeness of the financial information presented. It is compiled solely from data provided by the client.
  • "T2 income tax reporting": While it does not provide the same level of assurance as a financial audit, it involves a certain level of verification and calculations to ensure accurate income tax reporting.

  • automatic information transfer

    Permanent information and tax carryforwards are automatically transferred each year.

  • Detailed guidance

    Provides clear guidance for corporate online filings.

  • Cloud convenience

    Securely access your tax information anytime, anywhere with cloud services.

  • Declaration is quick and easy

    File corporate tax returns electronically.

  • News and notifications

    Stay up-to-date on the latest CRA news, revisions and product updates.

Who can use Goldkeybiz T2 service?

Whether you are a small business or a large enterprise, as long as your company meets the criteria for a registered business, you can use T2 for tax filing. Choose Goldkeybiz T2 to make your declaration process more efficient and convenient!

With GoldKeybiz’s T2 service, I was able to complete my declaration quickly and accurately. The time saved can be used to focus on the important matters of the business. This is more than just convenience, it significantly increases productivity. GoldKey has become an indispensable tool in my tax preparation workflow and I highly recommend it to anyone looking to streamline their tax filing process.

— Jasmine Chong