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At Tax Filings Canada, we handle every part of your accounting services for professional corporations, from the filing itself to the planning around it. Our accountants work with corporations and business owners every week, so you can focus on running and growing your business.
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Yes — accounting services for professional corporations can be handled entirely online. Tax Filings Canada covers year-end financial statements, T2-ready working papers and CRA-compliant records for small businesses, corporations and startups at budget-friendly fixed fees, pay-after-service.
Gather what you have — even a shoebox of receipts is a fine starting point.
We turn your records into a complete, review-ready accounting services for professional corporations file.
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| 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 |
Compilation engagements now follow CSRS 4200, which sets out the basis-of-accounting note every lender expects to see attached to the statements. Our accounting services for professional corporations engagement is priced as a budget-friendly flat fee, so the cost is known before the work starts.
If you handle Accounting Services for Professional Corporations once a year, everything looks equally important. Handle it weekly, as a tax expert does, and a clear hierarchy emerges; these notes follow that hierarchy.
There is no way around the opening fact, so it may as well come first. Shareholder loan balances must be repaid within one year of the corporation’s following year-end. If they are not, the amount is included in the shareholder’s personal income under subsection 15(2).
Just as important, though far less discussed: Related-party transactions have to be recorded at fair market value. A below-market charge between connected companies invites an adjustment on both sides of the transaction. Then there is the matter of timing, which forgives very little: Capital cost allowance is permissive, not mandatory. A corporation can claim less than the maximum in a low-income year. It can leave the undepreciated capital cost in the pool for a year when the deduction is worth more, provided the schedule carries that decision forward consistently.
In practice, this is why accounting services for professional corporations rewards a tax expert rather than a generic preparer: each of these points is a judgement call before it is a keystroke. A productive accounting services for professional corporations engagement starts with paperwork, and the list below covers what to gather.
As with everything we file: fixed fee agreed first, your review before submission, payment after service.
Providing transparent fixed pricing and high-quality compliance work for your accounting services for professional corporations requirements.
Coverage: Standard bookkeeping and accounting services for professional corporations preparation.
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Providing tailored accounting services for professional corporations services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
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Start with a free, no-obligation consultation to review your business’s financial, tax filing and compliance needs and outline our affordable solutions.
Receive a comprehensive checklist and securely provide the required financial records and documents.
Our tax accountant and accounting experts carefully prepare your filings, identify all applicable deductions and credits, and conduct thorough reviews.
We file your documents electronically with the Canada Revenue Agency (CRA) on time and provide post-filing support.
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A desk review assessed an independent pharmacy in Surrey, British Columbia $71,000. The dispute was over work in progress carried at billing value one year and at cost the next, so neither year was comparable. Producing the records vacated the assessment.
An independent pharmacy in Surrey, British Columbia was carrying $71,000 of penalties and interest. The charges arose from work in progress carried at billing value one year and at cost the next, so neither year was comparable. Much of that amount accumulated during a period the CRA itself had delayed. We reconciled the general ledger to the GIFI schedules filed for each open year and corrected the two years where they disagreed. We framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship. The assessment was vacated. $71,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
An owner-managed corporation preparing its first year-end in Windsor, Ontario was preparing to sell. However, a single shareholder holding every share, with no room to multiply the exemption disqualified the shares. Purification sheltered $830,000 under the exemption.
An owner-managed corporation preparing its first year-end in Windsor, Ontario had an offer on the table and 9 months to close. The shares did not qualify for the capital gains exemption. A single shareholder holding every share, with no room to multiply the exemption was part of the reason. We purified the corporation so the shares met the qualifying tests. We reconciled the inter-company accounts, papered the arrangement with a written agreement, and aligned both corporations’ year-ends. All of it was done well ahead of the closing date. The sale closed on schedule with $830,000 sheltered by the lifetime capital gains exemption across the shareholders.
Growth at a specialty food importer in Edmonton, Alberta had outrun the back office. Inter-company balances between two related corporations that had never been reconciled broke first. Headcount reached 69 with $112,000 of cash freed.
A specialty food importer in Edmonton, Alberta was growing fast, with headcount reaching 69 in eighteen months. The back office had not kept up. Inter-company balances between two related corporations that had never been reconciled was the first thing to break. We rebuilt the trial balance from source documents, reconciled every bank and credit-card account, and issued a CSRS 4200 compilation with a proper basis-of-accounting note. We built the compliance calendar for the size the business was becoming rather than the size it had been. The business reached 69 staff with no missed remittance and no late filing. $112,000 of working capital was freed in the process.
Closing the books at a professional practice that closes its books quarterly in Regina, Saskatchewan took 8 weeks. The cause was a year-end moved informally, leaving twelve months of trading reported as though nothing had changed. It now takes 8 days.
The accounting file at a professional practice that closes its books quarterly in Regina, Saskatchewan had a weak foundation. It was built on a year-end moved informally, leaving twelve months of trading reported as though nothing had changed. The year-end had taken 8 weeks each of the last three years. We valued work in progress on one consistent basis and documented the method, so the comparative year could be relied on. We also moved the reconciliations into the monthly cycle, so the year-end stopped being a rebuild. The file reconciles. Month-end closes in 8 days instead of 8 weeks, and the year-end is a review rather than a reconstruction.
A regional courier operator in Toronto, Ontario needed a holding structure. It had to deal with two sets of numbers — one in the accounting file, one the owner actually ran the business on. The reorganisation was tax-neutral and removed $32,000 of annual exposure.
The structure at a regional courier operator in Toronto, Ontario needed fixing. The file was carrying two sets of numbers — one in the accounting file, one the owner actually ran the business on. Every option for fixing it ran through a reorganisation that had to be done without triggering tax. We worked with the client's lawyer. Together, we set a monthly close calendar with a fixed cut-off, so the year-end became a review of work already done rather than a twelve-month rebuild. We also prepared the elections, resolutions and valuations the structure needed to stand up. The structure now matches the business. Annual saving of $32,000, and the reorganisation itself was tax-neutral.
4 years of filings at a supplier with an off-calendar fiscal year-end in Saskatoon, Saskatchewan had never claimed the incentives the work qualified for. The review recovered $70,000.
A supplier with an off-calendar fiscal year-end in Saskatoon, Saskatchewan had been filing for 4 years. In that time, the incentives its activity qualified for were never claimed. Behind that sat capital assets written off in full in the year of purchase, with no fixed-asset schedule behind the deduction. We tested each activity against the eligibility criteria rather than the description on the invoice. Then we moved accruals, prepaids and depreciation into a documented month-end checklist, so they stopped being year-end discoveries. $70,000 in credits claimed, with the open prior years adjusted as well. The claim passed review without adjustment.
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Same fixed fees in every province. Find your city or your sector.
Direct answers to what Canadian business owners actually ask before hiring an accountant.
Accounting Services for Professional Corporations starts at a fixed fee quoted before any work begins. The quote is locked at the outset and does not change mid-engagement, and you pay only after you have reviewed and approved the deliverable. Compare every plan on our transparent pricing page.
At minimum: prior-year returns and notices of assessment, your bank and credit-card statements for the fiscal period, payroll records if you have employees, and GST/HST filings. We send a checklist tailored to your situation after the free 15-minute call.
Most engagements are completed within 3 to 5 business days once your documents are complete. Catch-up work covering multiple years takes longer, and we tell you the realistic timeline before you commit rather than after.
We respond on your behalf at no extra charge for any return we prepared. Every figure we file is supported by documentation retained in your file, which is what turns a CRA review from a crisis into correspondence. See how our CRA audit representation works.
Yes. Late filing penalties compound at 5% of the balance owing plus 1% per month, so the cost of waiting is real. We prioritise catch-up work and, where eligible, file under the CRA's Voluntary Disclosures Program to reduce penalties.
Yes. We serve clients in every province and territory at the same fixed fees, so your location does not change the price or the service. Browse our coverage across Canada to find your city.
We work across construction, healthcare, e-commerce, professional services, restaurants, real estate, transportation, technology and non-profits, each with its own deduction profile and CRA scrutiny patterns. See all industries we serve.
Software applies the rules you already know about. An experienced tax accountant finds the ones you do not: capital cost allowance timing, the small business deduction threshold, shareholder loan repayment rules, and TOSI exposure on family dividends. The fee is usually smaller than the deductions it surfaces.
Our accounting services for professional corporations services include complete filing, compliance management, and strategic advice customized to Canadian tax laws.
You can start by booking a free 15-minute call. We will review your files, provide a fixed quote, and start working immediately.
There is a widespread assumption here, and the actual position is worth stating plainly. 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. If your current setup was built on the assumption instead of the rule, that is fixable — but sooner is better than later.
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. We flag this early with every client it touches, because finding it out at filing time leaves you far fewer options than finding it out now.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
Rent on your home is not deductible on a Canadian return. Two situations change that. Self-employed people, and employees who meet the work-space-in-the-home conditions, may claim the share of rent tied to the area used for work. Several provinces also run a property tax or rent based credit, applied for on the provincial schedule filed with your T1, where rent paid affects the amount. Keep receipts and your landlord's details either way.
Yes. Severance is taxable in the year you receive it, and the employer withholds tax before paying it out. Amounts paid as salary continuance are taxed like regular employment income. A single lump sum has a flat withholding rate applied, which is only a prepayment against the tax finally calculated on your return, so a balance can still be owing. Part of a retiring allowance may qualify for a direct transfer to an RRSP, which defers the tax.
Download and print whatever you need from the forms and publications section of canada.ca, which is the fastest route. For printed copies by mail, use the CRA's order forms and publications service online or order by phone. The income tax package is also stocked at some Canada Post and Service Canada counters during filing season. Forms for the 2025 tax year have been available since online filing opened on 23 February 2026.
Options range from free community volunteer clinics for simple returns on a modest income, through NETFILE-certified software you use yourself, to a tax preparer or accounting firm that files on your behalf. Choose based on complexity: a single T4 is straightforward, while self-employment, rental property, investments or a corporation usually warrant professional help. Our fees are fixed and agreed before we start, and you pay after the service.
It means the sales tax that applies where the sale takes place. Federal GST is 5%. In Ontario the HST is 13%; in New Brunswick, Newfoundland and Labrador and Prince Edward Island it is 15%; Nova Scotia is 14% from 1 April 2025. British Columbia adds 7% PST and Saskatchewan 6% on top of GST, Manitoba adds 7% RST, and Quebec charges 9.975% QST on the pre-GST price for 14.975% combined. Alberta and the territories have GST only.
Tax law is the body of statutes, regulations and court decisions that set who pays tax, on what, and when. In Canada the main pieces are the federal Income Tax Act and the Excise Tax Act, which covers GST/HST, plus each province's own tax statutes. The CRA administers these rules and publishes guides, folios and interpretations explaining its view, while the Tax Court and higher courts settle disputes over what the wording means.
Add every source of income, subtract the deductions that reduce it to net income, then take off any further deductions to reach taxable income. Apply the federal brackets to that figure — for 2026 they begin at 14% and rise through 20.5%, 26% and 29% to 33% — and separately apply your province's brackets. The total is gross tax before credits. Non-refundable credits such as the basic personal amount then reduce it to the tax you actually owe.
Tax preparation fees are deductible when they relate to earning income. A self-employed person or a partner deducts the accounting fee on the business statement, Form T2125, and a rental owner deducts it on the rental statement, Form T776. A salaried employee with a straightforward T1 generally cannot claim it. Fees paid to prepare an objection or an appeal of an assessment are also deductible, and fees for investment advice may qualify as carrying charges.
There is no fixed timeframe. A reassessment the CRA issues on its own after a review usually follows within weeks of that review closing. A change you request yourself, a T1-ADJ or an online adjustment, takes longer, and paper requests take longer than online ones. Complex cases, or ones needing documents from you, stretch further. The CRA publishes current processing times by service, so check that page rather than assuming.
The tax-free savings account began in the 2009 calendar year, so an adult resident of Canada has been accumulating room every year since then, and unused room carries forward indefinitely. Cumulative room reached $102,000 at 1 January 2025 and $109,000 at 1 January 2026, with the annual limit $7,000 for both 2025 and 2026. Check My Account for your own number, since it also reflects past contributions and withdrawals.
Usually yes. A rental loss from a genuine income-earning property reduces your other income for the year, such as employment income, and any unused amount becomes a non-capital loss you can carry back or forward. The CRA will challenge losses where there is no reasonable expectation of profit, where rent is below market to a relative, or where personal-use expenses are claimed. Capital cost allowance cannot create or increase a rental loss.
There is no single figure, because the amount depends on your income, your province and which taxes are counted. Studies that quote an average usually bundle income tax, payroll contributions, sales tax and property tax together, which is why published numbers differ so widely. For your own position, divide the total tax shown on your notice of assessment by your total income to get your effective rate, then compare that with later years rather than with a national average.
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)
