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Business -> Audited financials?

Do my small business financial statements have to be audited?

Canada Revenue Agency requires financial statement information to be filed using the GIFI, or General Index of Financial Information for Corporations.  If notes to the financial statements, or an auditor or accountant's report were prepared, they should also be submitted with the tax return.  Audited financial statements are not required to be filed.

Some incorporated small businesses are required to provide audited financial statements to their bank, if the corporation has a loan from the bank.

 

Revised: July 19, 2010

 

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