I am filing corporation T2 return:my client is one man corporation, has income and expenses.Do I have to prepare financial statements (income and balance sheet) before completing T2 returns to figure out profit or loss

My client is sole owner of the corporation, brought me his income and expenses for the year. Is there any need to prepare financial statement before completing T2 return


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Corporate returns require that Schedules 100 and 125 be prepared (GIFI Balance sheet and Income Statements); this does not require a separate printed financial statement, but you will need to assign a GIFI account to the accounts and fill in the schedule(s) to look like a financial statement; I personally complete them anyway as a double check.
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