What a small business accountant does for you
A tax return once a year is the smallest part of the job. A good accountant keeps your records ready for CRA, your bank and your own decisions all year: what you can afford to pay yourself, whether to buy or lease the truck, when to incorporate, and how much to set aside for HST and tax.
We work with owner-managed businesses across Toronto and North York, including sole proprietors, partnerships and corporations. Wade Halabi, CPA reviews every file.
What’s included
- Transfer of your file from your previous accountant, handled by us
- Bookkeeping in QuickBooks Online or QuickBooks Desktop, reconciled monthly or quarterly
- HST registration and returns
- Payroll, source deductions, T4s and Records of Employment
- Year-end financial statements
- T2 corporate returns and T1 personal returns for owners
- Tax planning: salary or dividends, shareholder loans, vehicles and home office
- Letters, reviews and audits from CRA
Financial statements and business plans for bank financing
Banks, landlords and franchisors usually ask for financial statements prepared by an accountant. We prepare compiled financial statements under the Canadian standard for compilation engagements (CSRS 4200, which replaced the old Notice to Reader), along with cash-flow projections and business plans.
Our office has prepared business plans for retail, professional, manufacturing and technology businesses, and we can help you put together a small business loan application, including loans under the Canada Small Business Financing Program.
Signs it’s time to hire an accountant
- You’re spending evenings and weekends on the books
- Your sales are close to $30,000 and HST registration is coming
- You’re thinking about incorporating
- You’re hiring your first employee
- A letter from CRA has arrived
- Your bank has asked for financial statements
“Excellent service. I came in to see Wade with a major tax issue. I received great and honest advice at a good price.”
Common questions
Do I need a CPA, or is a bookkeeper enough?
A bookkeeper records your transactions. A CPA can also prepare financial statements for your bank, file your corporate tax return, plan how you pay yourself and represent you with CRA. Many businesses need both. We provide both, so the books are kept the way your year-end and tax return need them.
How much does a small business accountant cost in Toronto?
It depends mostly on how many transactions you have, whether you’re incorporated, whether you run payroll and what shape your records are in. A sole proprietor with a few hundred transactions a year costs far less than a corporation with staff and monthly HST. Our fixed monthly packages start from $349 a month plus HST, and you get a written quote after a free consultation, so you know the cost before any work starts.
When do I have to register for HST?
Once your taxable sales pass $30,000 in a single calendar quarter or over the last four consecutive calendar quarters, you’re no longer a small supplier and must register. Some businesses register earlier by choice so they can recover the HST they pay on expenses.
How long do I need to keep my business records?
Generally six years from the end of the last tax year the records relate to. Keep them longer if you’ve filed an objection or CRA is reviewing that year.