Tax Filings Canada provides full-service accounting for money services businesses: monthly bookkeeping and reconciliations, T2 corporate and T1 personal tax filing, GST/HST returns, payroll and CRA correspondence — all at budget-friendly fixed fees agreed up front.
Every engagement is handled by accountants who work with money services businesses year-round, so sector-specific deductions and compliance obligations are built into the file rather than bolted on at year-end. You review and approve everything before paying.
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Yes — money services businesses can run their entire tax and accounting function through Tax Filings Canada online: bookkeeping, T2 and T1 filing, GST/HST and payroll at budget-friendly fixed fees, pay-after-service.
Hand over your documents once; we will tell you if anything is missing.
Preparation happens on our desk, not yours — including the money services businesses details that are easy to overlook.
A review meeting or call walks you through the draft before you give the go-ahead.
After sign-off, we file, arrange any balance owing, and close the loop with you.
| Factor | Tax Filings Canada | Typical Firm |
|---|---|---|
| Pricing model | Fixed, flat fee | Hourly / unpredictable |
| Payment | Pay after service | Upfront retainer |
| Price match | Yes, on written quotes | Rarely |
| CRA audit support | Included | Billed extra |
| Typical turnaround | 3-5 business days | 2-4 weeks |
For money services businesses, the difference between an adequate and a strong filing is sector knowledge. Most financial services are GST/HST-exempt, which blocks input tax credits on overhead and makes cost recovery a planning exercise of its own. Everything is handled at a budget-friendly fixed price — the economical alternative to hourly billing.
Working money services businesses engagements week in and week out changes how you read a file. You stop asking what the numbers are and start asking what the sector's rules will make of them.
Everything in money services businesses hangs off a single anchor. Compilation engagements follow CSRS 4200, which requires a basis-of-accounting note describing exactly how the statements were prepared. Lenders read that note, and an omitted one is the fastest way to have a financing package sent back.
The next point is the one an accounting firm checks before quoting any timeline: The CRA expects the trial balance behind a T2 to reconcile to the GIFI schedules filed with it. A statement set that does not tie to the return is the first thing a reviewer notices.
Every Money Services Businesses engagement we take shares the same constants: a fixed fee quoted before we start, your review of the completed work before any payment, and a preparer who has worked this sector long enough to know where it bites.
What Money Services Businesses need from an accountant is not what a generic small business needs. The financial services & insurance sector carries its own CRA scrutiny, its own deduction profile and its own filing calendar, and a file prepared without that context leaves money and defensibility on the table.
Commission income reported on T4A slips is matched automatically against declared revenue, and a mismatch generates an assessment before any human reviews it.
A fintech straddling exempt financial services and taxable software must classify each revenue stream, and the wrong call compounds across every invoice.
Advisor practices buying a client list amortise it at 5% a year rather than deducting it, which materially changes the after-tax cost of the acquisition.
Licensing, errors-and-omissions coverage and regulatory filing costs are deductible; the cost of acquiring a book of business is capital recovered through Class 14.1.
Insurance intermediaries may face provincial premium tax obligations that sit entirely outside the income tax system and are easy to miss when expanding provinces.
Segregated fund and trust reporting deadlines fall well before the personal filing deadline, so client-facing advisors need their own calendar.
Corporately owned life insurance interacts with the capital dividend account, and a properly structured policy can move value out of a corporation tax-free at death.
The lifetime capital gains exemption can apply to the sale of shares of an advisory corporation where the qualified small business corporation tests are met. Planning must start years ahead.
Our team works these rules year-round for Money Services Businesses, so the planning happens before year-end rather than being explained afterwards.
Specialized Financial Services & Insurance sector compliance, bookkeeping, and tax planning for Money Services Businesses.
Providing tailored Money Services Businesses tax filing and planning to reduce liabilities, maximize refunds, and ensure CRA compliance.
100% risk-free Money Services Businesses tax filing with clear pricing, no hidden fees, plus support for personal taxes, small business accounting, and bookkeeping.
From bookkeeping to corporate audits, protect your Money Services Businesses business with CRA compliance and expert cross border tax strategies.
We use advanced accounting software for seamless Money Services Businesses bookkeeping, payroll, and small business tax filing.
Risk-Free, Hassle-Free, and Client-First!
Schedule a Free ConsultationTax Filings Canada has been recognized by national and international news platforms for our trusted, fixed-fee tax filing and virtual bookkeeping services. Read what the major publications have to say about our innovative financial solutions.
"Tax Filings Canada makes professional accounting accessible for small businesses with fixed-fee models."
"A trusted financial partner helping startups navigate complex CRA tax compliance and T2 corporate filings."
We provide a comprehensive accounting ecosystem so you can focus on operational execution.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Tailored compliance, tracking, and tax solutions for Money Services Businesses.
Transparent, fixed-fee Money Services Businesses pricing with zero hidden fees. Pay only after your Money Services Businesses work is completed and filed.
T2 corporate tax filing, balance sheets, income statements compilation, corporate tax optimization, and direct CRA representation.
T5013 partnership information returns, K-1 partner schedule allocations, structural planning, and tax minimization advisory.
T3010 registered charity returns, T1044 NPO return filing, financial summaries compilation, and compliance audits support.
T3 trust tax return filing, testamentary trust setups, estate distribution allocations, and strategic inheritance planning.
Bank & credit card reconciliations, monthly balance sheet and P&L preparation, payroll ledger syncing, and QuickBooks/Xero ledger support.
Compilation engagement report, corporate financial statement compilation, trial balance adjustments, and full T2 return integration.
T1 tax returns compilation for students, salaried employees, and self-employed. Covers T4/T5 matching, RRSP credits, and medical deductions.
Sales tax ledger reconciliation, Input Tax Credits (ITCs) verification, Netfile electronic submission to CRA, and provincial compliance checks.
See how our expert Money Services Businesses tax and accounting services have helped Canadian businesses save money and stay compliant.
A financial planning practice in Burnaby, British Columbia was 11 weeks from a deadline. The file also carried a previous accountant with no experience of this sector. Filing complete and on time avoided roughly $42,000 in penalties.
A financial planning practice in Burnaby, British Columbia came to us 11 weeks before its filing deadline. The file came with a previous accountant with no experience of this sector. A late filing would have triggered a penalty of roughly $42,000 before interest. We worked backwards from the deadline. We reassigned the asset classes on the CCA schedule and corrected the opening balances. We prioritised the items that actually gated the filing and deferred everything that did not. The return was filed on time and complete. The $42,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
5 years of filings at a private lending business in Victoria, British Columbia had never claimed the incentives the work qualified for. The review recovered $75,000.
A private lending business in Victoria, British Columbia had been filing for 5 years. In that time, the incentives its activity qualified for were never claimed. Behind that sat development and improvement work written off as ordinary overhead. We tested each activity against the eligibility criteria rather than the description on the invoice. Then we documented the positions to the standard the CRA applies to this sector specifically. $75,000 in credits claimed, with the open prior years adjusted as well. The claim passed review without adjustment.
The ledger at an insurance brokerage in Guelph, Ontario could not support its own filings. The reason was industry-specific reporting obligations nobody had flagged. Rebuilding it surfaced $21,000 in unclaimed input tax.
An insurance brokerage in Guelph, Ontario could not answer basic questions about its own numbers. Industry-specific reporting obligations nobody had flagged sat between the bank statements and the ledger. We rebuilt the chart of accounts around how a money services businesses business actually earns and spends. We then documented the process so the work does not depend on any one person remembering how it was done. Records rebuilt and reconciled, $21,000 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
A bookkeeping and payroll bureau in Mississauga, Ontario was preparing to sell. However, a minute book with no resolutions behind a decade of dividends disqualified the shares. Purification sheltered $475,000 under the exemption.
A bookkeeping and payroll bureau in Mississauga, Ontario had an offer on the table and 23 months to close. The shares did not qualify for the capital gains exemption. A minute book with no resolutions behind a decade of dividends was part of the reason. We purified the corporation so the shares met the qualifying tests. We aligned the reporting calendar with the sector’s own seasonal cycle rather than a generic year-end. All of it was done well ahead of the closing date. The sale closed on schedule with $475,000 sheltered by the lifetime capital gains exemption across the shareholders.
A captive insurance manager in Surrey, British Columbia was overpaying instalments. The cause was sector deductions claimed on a general-business basis rather than the money services businesses rules. Rebasing them returned $147,000 to the business.
A captive insurance manager in Surrey, British Columbia was paying instalments calculated on a prior year. That year no longer reflected the business. Sector deductions claimed on a general-business basis rather than the money services businesses rules was tying up $147,000 of cash. We rebased the instalments on the current-year estimate rather than the prior-year default. Alongside that, we reviewed every sector-specific deduction against the current rules and claimed the ones that had been missed. $147,000 of cash stayed in the business, the penalty cycle ended, and the instalment position is reviewed each quarter against actual results.
Collections had begun against an investment advisory firm in Brampton, Ontario over 4 years of unfiled returns. Bringing them current cut $24,000 from the balance.
By the time an investment advisory firm in Brampton, Ontario called, 4 years were outstanding. The CRA had assessed on estimates. Underneath it sat equipment and asset classes assigned by guesswork rather than the CCA schedule. We reconstructed the records year by year. We reassigned the asset classes on the CCA schedule and corrected the opening balances. Each filing replaced an arbitrary assessment with a real one. The account is current. Filing on real numbers rather than CRA estimates reduced the balance by $24,000, and a relief application addressed part of the accumulated interest.
Meet the specialists behind your Money Services Businesses filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Canada Tax, International Tax, Cross Border Tax, Transfer Pricing
International Tax, Transfer Pricing Specialist
CA (ICAI), Canada Tax Expert
CA. Fractional CFO and Senior Advisory Specialist
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Find your nearest money services businesses tax professional and accounting office. Select a province, then choose your city for local money services businesses corporate tax filing and accounting.
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Direct answers to what Canadian business owners actually ask before hiring an accountant.
The recurring ones are capital cost allowance on equipment placed in service late in the year, the business-use portion of vehicle and home-office costs, and professional development. Each is defensible when documented at the time and difficult to defend when reconstructed later.
Corporate tax filing starts at $90 and bookkeeping at $10 per month, quoted as a fixed fee before work begins. Sector complexity does not trigger a surcharge. Review the full price list.
Registration is mandatory once taxable revenue exceeds $30,000 over four consecutive quarters. Registering voluntarily below that threshold is often worthwhile, because it lets you recover input tax credits on startup and equipment purchases.
Incorporation usually pays off once profit consistently exceeds what you draw personally, because retained earnings are taxed at the small business rate rather than your marginal rate. Below that point the added compliance cost often outweighs the benefit. We model both before you decide.
The CRA requires six years of books and records from the end of the tax year they relate to: invoices, receipts, bank statements, payroll records and contracts. Digital copies are acceptable provided they are legible and complete.
We run the cycle, remit source deductions on schedule, and issue T4s ahead of the February deadline. Late remittances draw a penalty of up to 10% and repeat lateness raises it to 20%, so timing is the whole game. See our payroll service.
Yes. We work in QuickBooks, Xero, Wave, Sage, spreadsheets, and plain scanned documents. You are not required to migrate systems to become a client, and we never charge a conversion fee.
Multi-province operations allocate taxable income by permanent establishment and payroll, and sales tax rules differ by jurisdiction. We handle the allocation schedules and the differing GST, HST, PST and QST obligations in one engagement.
Our Pay After Service model means you review and approve all deliverables before making any payment. We prepare your returns or financial files, you review them, and only then do you pay. This ensures 100% satisfaction.
If you find a lower verified quote from another accounting firm in Canada for the same scope of services, we will match it immediately. Simply provide a verified quote.
We support completely secure digital uploads via our client portal, or you can email them to us. We support files from QuickBooks, Xero, Excel, and scan/photo documents.
A tax professional answers this differently than a search engine, because the rule has edges. Accrued but unbilled revenue belongs in income in the year the work was performed. Deferring it to the invoice date understates taxable income and is a standard reassessment adjustment. Where your business sits relative to those edges is what we establish in the first meeting.
Let us give you the substance first and the caveats second. The CRA expects the trial balance behind a T2 to reconcile to the GIFI schedules filed with it. A statement set that does not tie to the return is the first thing a reviewer notices. The caveat is simply that facts on your file can shift the outcome, so treat this as the baseline rather than the final word.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
Most municipalities do not take credit cards for property tax directly. They accept pre-authorised debit, online or telephone banking, cheque, and in-person payment. Third-party payment processors will charge a property tax bill to a card for a service fee, which normally costs more than the rewards earned. The CRA works the same way for income tax and GST/HST: no direct card payment, but authorised third-party providers accept cards for a fee.
Start in My Account, My Business Account or Represent a Client, where balances, slips, returns, mail and secure messages already sit. For anything the portals cannot do, use the enquiries lines on the CRA's Contact the CRA page, which are toll-free within Canada, or write to the tax centre named on your notice. When the lines are busy the phone system sometimes offers an automated call-back instead of holding.
The CRA does not offer a general public chat line for tax advice. Account-specific service runs through its telephone lines, My Account or My Business Account, and mail, and the Contact the CRA page on canada.ca lists what each option covers, including automated lines for balances and benefit dates. Treat any chat window on a site that is not canada.ca as a phishing risk and never type your social insurance number into one.
Land transfer tax is provincial and is charged on the purchase price, usually on a graduated scale, so the cost depends on the province and the price. Buyers in Toronto pay a municipal land transfer tax on top of Ontario's. Alberta, Saskatchewan and the territories charge registration or transfer fees instead of a full tax. Several provinces offer first-time buyer rebates, and non-resident buyers can face extra tax. Use your province's own calculator before closing.
Yes, indirectly. Provincial assessment authorities value a home from its characteristics, including lot size, living area, age, construction quality, bedrooms and bathrooms, and recent sales of comparable homes nearby. Your municipality then multiplies that assessed value by its rate. So a bigger lot or more finished square footage generally means a higher assessment and a higher bill, while bedroom count alone matters less than total area. Your assessment notice lists the details on record.
Selling a home is not automatically taxable, but every sale must be reported on your return. If it was your principal residence for all the years you owned it, the gain is usually fully exempt; otherwise the taxable portion is a capital gain, included at one-half (50%) for 2025 and 2026. What you do with the proceeds does not change the tax on the sale itself, though moving cash into a TFSA, RRSP or FHSA shelters future growth within your available room.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · International & cross-border tax specialist · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta has over 15 years of experience helping corporations and business owners with corporate structuring, corporate tax filing, bookkeeping, payroll, GST/HST, cross-border tax and CRA representation. He is Big 4 trained, at Ernst & Young and Deloitte, and qualified as a chartered accountant in India and again in Malaysia. In 2014 he founded his accounting practice to serve entrepreneurs, startups and non-resident business owners across Canada. View full member bio.
The Institute of Chartered Accountants of India — member 521458 · Malaysian Institute of Accountants — member CA 44667 · Ex Big 4: Ernst & Young, Deloitte · CPA Canada (In-Depth Tax Program), completed 19 Dec 2023 · In-Depth GST/HST Part I, 12 Jul 2022 · Part II, 5 Jul 2023
Editorial policy. Every page is researched against primary sources — the Income Tax Act, CRA publications and CPA Canada guidance — and every rate or threshold is stated with the tax year it applies to.
Sources. CRA — Businesses · Income Tax Act (Justice Laws Website)
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