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At Tax Filings Canada, we handle every part of your bank and credit card reconciliation, 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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Tax Filings Canada provides low-cost, fixed-fee bank and credit card reconciliation across Canada: monthly reconciliations, GST/HST-ready ledgers and receipt capture, built for owner-managed businesses and growing teams, with payment only after your work is complete.
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Behind the scenes, we assemble and double-check your bank and credit card reconciliation filing.
Nothing is filed until you have seen it, understood it, and approved it.
We take care of the submission and send you confirmation for your records.
| 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 |
Monthly reconciliation is what keeps input tax credits claimable — unmatched receipts are the first thing disallowed in a GST/HST review. Our bank and credit card reconciliation engagement is priced as a low-cost flat fee, so the cost is known before the work starts.
No two bank and credit card reconciliation files are identical, but the rules that govern them are stable. An accounting firm who works with Bank and Credit Card Reconciliation weekly keeps returning to the same anchors, and they are set out below.
There is no way around the opening fact, so it may as well come first. An expense is deductible where it was incurred to earn income and is reasonable in the circumstances. The business-use portion must be supported, which for vehicles means a logbook. The CRA rarely argues that an expense category is wrong; it argues that the proportion claimed was never substantiated.
Once that is settled, the next question answers itself less often than clients expect. Inventory is valued at the lower of cost and net realisable value, applied consistently. Changing method without CRA consent reopens prior years. Obsolete stock carried at cost overstates income, and the write-down is usually taken years after it was justified. The documentation side matters just as much. A small corporation still carries the full compliance set: T2, GST/HST, payroll, and the annual return with the incorporating jurisdiction. The annual corporate return is separate from the T2 and is the one most often forgotten, which can lead to administrative dissolution.
In practice, this is why bank and credit card reconciliation rewards an accounting firm rather than a generic preparer: each of these points is a judgement call before it is a keystroke. Think of this list as the raw material an accounting firm works from on bank and credit card reconciliation.
When you are ready, the process is straightforward — we agree a fixed fee up front, prepare the work, walk you through it before filing, and you pay once the service is delivered.
Providing transparent fixed pricing and high-quality compliance work for your bank and credit card reconciliation requirements.
Coverage: Standard bookkeeping and bank and credit card reconciliation preparation.
Ideal for early-stage startups and sole proprietors.
Book NowCoverage: Full-service bookkeeping, filings, and CRA compliance support.
Perfect for established small businesses.
Book NowCoverage: Strategic advisory and fractional CFO integration.
Ideal for companies seeking high-growth financial structuring.
Book NowWhy you should partner with Tax Filings Canada Experts for all your bank and credit card reconciliation needs?
Providing tailored bank and credit card reconciliation services to ensure compliance and maximize deductions.
Our tax accountants keep your business compliant with federal and provincial tax rules.
A dedicated team that handles your financials quickly, accurately, and without upfront fees.
Dedicated preparation processes customized for Canadian businesses.
Advanced accounting software integrations with QuickBooks, Xero, and wave accounting.
Customized packages designed to grow as your business operations expand.
Our clear four-step workflow ensuring absolute tax optimization and complete CRA compliance.
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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See how our expert Bank and Credit Card Reconciliation tax and accounting services have helped Canadian businesses save money and stay compliant.
The structure at a wedding photography studio in London, Ontario no longer fitted the business. Input tax credits claimed on receipts that had already been claimed once showed it. Rebuilding it saves $23,500 a year.
The structure at a wedding photography studio in London, Ontario dated from years earlier. It had been set up for a business that no longer existed. Input tax credits claimed on receipts that had already been claimed once had become expensive. We set up a documented chart of accounts, a receipt-capture workflow and a monthly reconciliation that closes within ten days of month-end. The reorganisation used the rollover provisions rather than a taxable transfer, so no tax fell due on the restructuring itself. $23,500 of annual saving, achieved on a tax-deferred basis. The minute book, elections and valuations are all in the file.
Closing the books at a small law practice in Surrey, British Columbia took 5 weeks. The cause was a payroll clearing account that had never been brought to zero, carrying a balance nobody could explain. It now takes 7 days.
The accounting file at a small law practice in Surrey, British Columbia had a weak foundation. It was built on a payroll clearing account that had never been brought to zero, carrying a balance nobody could explain. The year-end had taken 5 weeks each of the last three years. We separated the owner’s personal spending out of the corporate accounts and cleared the resulting shareholder loan properly. We also moved the reconciliations into the monthly cycle, so the year-end stopped being a rebuild. The file reconciles. Month-end closes in 7 days instead of 5 weeks, and the year-end is a review rather than a reconstruction.
Growth at an owner-operated trades business in Ottawa, Ontario had outrun the back office. Sales recorded from bank deposits, so processor fees, chargebacks and refunds appeared nowhere in the ledger broke first. Headcount reached 88 with $77,000 of cash freed.
An owner-operated trades business in Ottawa, Ontario was growing fast, with headcount reaching 88 in eighteen months. The back office had not kept up. Sales recorded from bank deposits, so processor fees, chargebacks and refunds appeared nowhere in the ledger was the first thing to break. We reconciled receivables and payables to source documents and wrote off the balances that were genuinely uncollectible, with support. We built the compliance calendar for the size the business was becoming rather than the size it had been. The business reached 88 staff with no missed remittance and no late filing. $77,000 of working capital was freed in the process.
A courier subcontractor paid by the drop in Vancouver, British Columbia was preparing to sell. However, a shareholder loan balance that would have been picked up as income on closing disqualified the shares. Purification sheltered $320,000 under the exemption.
A courier subcontractor paid by the drop in Vancouver, British Columbia had an offer on the table and 30 months to close. The shares did not qualify for the capital gains exemption. A shareholder loan balance that would have been picked up as income on closing was part of the reason. We purified the corporation so the shares met the qualifying tests. We rebuilt sales from the processor settlement reports so gross sales, fees and refunds each landed in an account of their own. All of it was done well ahead of the closing date. The sale closed on schedule with $320,000 sheltered by the lifetime capital gains exemption across the shareholders.
A desk review assessed a home-renovation contractor in Lethbridge, Alberta $50,000. The dispute was over a bookkeeping file where owner draws, payroll and supplier payments all landed in the same account. Producing the records vacated the assessment.
A home-renovation contractor in Lethbridge, Alberta was carrying $50,000 of penalties and interest. The charges arose from a bookkeeping file where owner draws, payroll and supplier payments all landed in the same account. Much of that amount accumulated during a period the CRA itself had delayed. We recoded the meals and entertainment accounts to the statutory limit and reversed the over-claimed input tax credits before the next return went in. We framed the relief application on the specific grounds the CRA guidelines recognise rather than on general hardship. The assessment was vacated. $50,000 came off the account, and the documentation now on file makes the same position straightforward to defend next time.
An equipment rental yard in Barrie, Ontario was overpaying instalments. The cause was eighteen months of unreconciled transactions and a shoebox of receipts. Rebasing them returned $116,000 to the business.
An equipment rental yard in Barrie, Ontario was paying instalments calculated on a prior year. That year no longer reflected the business. Eighteen months of unreconciled transactions and a shoebox of receipts was tying up $116,000 of cash. We rebased the instalments on the current-year estimate rather than the prior-year default. Alongside that, we converted the foreign-currency purchases at transaction-date rates and recorded the exchange difference at settlement instead of burying it in cost of sales. $116,000 of cash stayed in the business, the penalty cycle ended, and the instalment position is reviewed each quarter against actual results.
Meet the specialists behind your Bank and Credit Card Reconciliation 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
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.
Bank and Credit Card Reconciliation 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 bank and credit card reconciliation 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.
The honest answer comes down to one rule. Meals and entertainment are deductible at 50 percent of the lesser of the amount paid and a reasonable amount under subsection 67.1(1). The recoverable share of the GST/HST on those costs is restricted in the same proportion, with the excess recaptured. Coding them at full value overstates both the deduction and the credit. That is the part we verify before anything is filed.
In our files, this is the deciding factor: Foreign-currency amounts have to be converted at the exchange rate for the day the transaction occurred. Applying one year-end rate to twelve months of purchases distorts the recorded cost and hides the exchange gain or loss on settlement. An accountant applies it to your numbers before submission.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
A tax deduction is an amount subtracted from your income before tax is worked out, so it reduces the income being taxed rather than the tax bill directly. Its worth depends on your marginal rate: the higher the rate, the more the deduction saves. Common examples are RRSP contributions, child care costs, union dues, moving expenses and business expenses. Credits work the other way, reducing the tax calculated on that income.
Rental income is revenue, not an asset. In double-entry bookkeeping you credit a rental income account and debit cash or accounts receivable, so the income sits on the income statement while the receivable or bank balance sits on the balance sheet. The property itself is the asset, and the rent it produces is periodic revenue. Rent collected in advance is a liability, deferred revenue, until the month it relates to arrives.
No. Revenue is income you have earned and belongs on the income statement, not among liabilities. Money taken before you deliver the goods or service is different: unearned or deferred revenue is a liability until you perform the work. Sales tax you collect is also a liability rather than revenue. Booking customer deposits straight to sales is a common error that overstates profit and distorts the figures on your GST/HST return.
For the 2025 tax year, most people had to file and pay by 30 April 2026. If you or your spouse were self-employed, the filing deadline moved to 15 June 2026, but any balance owing was still due 30 April 2026. Corporations work on their own fiscal year: the T2 is due six months after year end, with the balance due two months after year end, or three months for an eligible CCPC claiming the small business deduction.
Your return tells you: if the tax withheld from your pay plus your credits exceed the tax owing on the year's income, the difference is a refund, and the bottom of the T1 shows it. After you file, CRA My Account shows the assessed amount and the deposit date, and your notice of assessment confirms whether the CRA agreed with your figures. An online return is usually processed in about two weeks.
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.
Telecommunications services are taxable, so the bill carries 5% GST plus whatever provincial tax applies where the service is supplied: 7% PST in British Columbia, 6% in Saskatchewan, or the provincial part folded into HST at 13% in Ontario and 14% in Nova Scotia since 1 April 2025. Alberta and the territories see only the 5% GST. A business can recover the GST or HST portion as an input tax credit; PST is not recoverable.
Match what is withheld to what you will owe. Ask your employer to deduct extra tax if you have a second job, a pension, or investment income with nothing taken off, and review the credits you claimed on the personal tax credits return you filed with them. Self-employed people should set money aside each month and pay instalments when the CRA asks. RRSP contributions made before the annual contribution deadline early in the next year also cut the balance.
Usually not. Unbottled water supplied through a municipal system, and basic municipal services such as sewer and wastewater, are relieved from GST/HST, so those lines on the bill carry no tax. Bottled water, water sold in small containers, and taxable extras such as certain repair, connection or installation work are treated differently. What appears on the bill varies by municipality, so read its tax line and check the CRA's GST/HST guidance for municipalities.
Other income is the catch-all line on the T1 for taxable amounts that fit nowhere else: certain retiring allowances, death benefits, some scholarship, bursary or grant income, and various payments reported on a T4A that have no dedicated line of their own. It is ordinary income taxed at your marginal rate. Tax is often not withheld on these amounts, so they can leave a balance owing. Match the slip's box number to the CRA guide before choosing a line.
Yes. Being incarcerated does not remove the obligation to file: an inmate with taxable income, or one who wants benefits and credits to keep flowing, files a T1 for each year. A family member outside can prepare and file it once the inmate signs an authorisation, and institutional earnings are usually low enough that little or no tax is owed. Some benefit payments are reduced or suspended during a long period of incarceration, so check the CRA eligibility rules.
Start with the spouse or common-law partner amount, which is at its largest when your partner's net income for the year is nil. There is still no joint return, and your partner should file anyway: filing keeps benefit payments such as the GST/HST credit and the Canada child benefit flowing, and it creates the record needed to transfer unused credits like tuition or the disability amount to you. Donations and medical expenses can sit on your return.
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 — SR&ED tax incentives · CRA — Corporations · Income Tax Act (Justice Laws Website)
