What is Schedule 141, Notes Checklist

Schedule 141, Notes Checklist, contains a short set of questions designed to determine:

• who prepared or reported on the financial statements;
• the extent of their involvement; and
• the type of information contained in the notes to the financial statements, if any.

Schedule 141 has to be completed even if you do not have any notes to your financial statement.

Here are some helpful hints on completing Schedule 141.

Part 1 - Information on the accountant who prepared or reported on the financial statements

If you answer yes to line 095 (your accountant has a professional designation) and no to line 097 (your accountant is not connected with the corporation), you need to complete all parts of the schedule.

If you answer any other combination of yes and no, you do not need to complete Parts 2 and 3. Go directly to Part 4 - Other information.

Part 2 - Type of involvement with the financial statements

The third option in this part, "conducted a compilation engagement," is intended for accountants who do not have the appropriate level of accounting designation to technically choose the second option, "completed a review engagement report," but have exercised some sort of review of the corporation's books.

If the accountant does not have a professional designation, he or she does not have to complete Parts 2 and 3.

Part 4 - Other information

You may have situations where the tax return and financial statements were prepared by different persons or the financial statements were not prepared. If you have a professional designation and are not the accountant associated with the financial statements in Part 1, choose option 1 or 2 of line 110.

For 2011, there are additions to Schedule 141, Notes Checklist. These new questions are applicable to taxpayers using IFRS, and those using Accounting Standards for Private Enterprises.

Forms and publications

• Guide RC4088, General Index of Financial Information (GIFI)
• Guide RC4089, General Index of Financial Information - GIFI-Short Form
• Schedule 141, Notes Checklist

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