What is Schedule 141, Notes Checklist

Schedule 141, Notes Checklist, is a set of questions designed to determine who prepared the financial statements and the extent of their involvement, and whether they expressed any reservations. It also identifies the type of information contained in the notes to the financial statements.

Include any notes to the financial statements and the auditor or accountant’s report, if they were prepared. You have to include this information even if you are filing your return using tax preparation software.

Helpful hints for 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 3 – Reservations

If you selected option 1 or 2 in Part 2 – Type of involvement with the financial statements, answer question 099 “Has the accountant expressed a reservation?”

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.

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