Multi-year catch-up

What a multi-year catch-up actually rebuilds

A corporation that has not closed its books in two or three years is not just behind on reporting. Its GST/HST filing frequency may be wrong, its T2 return may rest on estimates instead of reconciled numbers, and its bank feed may have drifted from what the Canada Revenue Agency actually expects to see. Finbryn works backward from the most recent complete bank, card and payment processor statement and reconciles forward, month by month, until the file is current.

Where the small supplier threshold matters

A business stops being a small supplier, and has to register for GST/HST, once worldwide taxable revenue passes C$30,000 in a calendar quarter or across four consecutive quarters, with registration due within 29 days of crossing that line. A multi-year catch-up often surfaces a quarter where that threshold was already crossed without anyone noticing, and the reconciliation has to reflect GST/HST from the date it should have applied, not from when the gap was found.

Corporate and personal deadlines the catch-up feeds

A T2 corporate return is due six months after the corporation's tax year-end, with any balance owing generally due two to three months after year-end, ahead of the filing deadline itself. For an owner filing personally, the T1 deadline for a self-employed individual is June 15 each year, though any balance owing is still due April 30. A catch-up that runs into either deadline gets sequenced so the numbers a preparer needs are ready before the date, not the week after.

Who signs what

Finbryn reconciles the books and writes the schedules. CRA's EFILE program requires the filer of record to be a Canadian resident holding a valid SIN, so the T1, T2 or GST/HST return itself is filed by a Canadian-resident EFILE-registered partner or your own credentialed preparer, never by us directly. Every adjustment made to a prior period is recorded in a written log you can hand to that preparer or to a lender without translation.