Frequently Asked Questions
Clear Answers About Accounting, Bookkeeping, Tax Filing & CPAs
Understand what NovaLine can handle, when a licensed CPA is required, and how to choose the right level of support for your situation.
Start with the work you need
Not Sure Which Service Fits?
Many people search for a CPA when what they actually need is bookkeeping, payroll, internal financial reporting, or tax preparation. The important question is whether the work requires a formal public accounting engagement.
These answers explain the difference in plain language. They are general information; the organization requesting a report should confirm its exact requirements.
Explore accounting servicesDo I need a CPA to file my taxes?
No. A CPA designation is not required to prepare and file a personal or business tax return. NovaLine prepares personal returns, self-employed returns, and corporate returns using an organized, secure process.
Can NovaLine prepare financial statements?
NovaLine can prepare internal financial statements and management reports from your bookkeeping records. These can help you understand performance and run the business. We do not attach an audit, review, or compilation engagement report, and we do not provide assurance on the statements.
Can NovaLine handle my bookkeeping and payroll too?
Yes. Our services include monthly bookkeeping, bank and credit-card reconciliation, internal reporting, payroll processing and remittances, records of employment, HST/GST support, and year-end preparation.
What if my bank, investor, or regulator asks for financial statements?
Ask the requesting organization exactly what it requires. If it requests an audit, review, compilation engagement report, or another licensed public accounting engagement, you will need an appropriately licensed CPA. If it accepts internally prepared financial statements, NovaLine may be able to prepare them from your records.
Can NovaLine prepare and file a corporate tax return?
Yes. NovaLine provides T2 corporate tax preparation and filing, along with the bookkeeping and year-end organization needed to support the return.
What if my books or tax filings are behind?
We can help organize overdue records, reconcile accounts, catch up bookkeeping, and address outstanding filings that fall within our services. Tell us what is behind and we will outline the cleanest way forward.
How do I know whether I need NovaLine or a licensed CPA?
Start with the required outcome. If you need bookkeeping, internal reporting, payroll, HST/GST support, or tax filing, NovaLine may be the right fit. If an outside party requires a formal public accounting report, you need a CPA holding the appropriate public accounting licence. If you are unsure, ask us and we will give you a straightforward answer.
Official guidance
Where the Service Boundary Comes From
CPA Nova Scotia explains which public accounting engagements require a licence and provides guidance for non-CPAs preparing internal financial statements. The Canada Revenue Agency explains who may provide professional tax preparation services.
Still not sure?
Tell Us What You Need Done
We’ll explain whether NovaLine can help directly or whether the work calls for a licensed CPA.
Talk to our local team