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At Tax Filings Canada, we handle every part of your chart of accounts setup and review, 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 — chart of accounts setup and review 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.
Upload, email, or drop off your paperwork — whichever you prefer.
Behind the scenes, we assemble and double-check your chart of accounts setup and review 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 |
CRA reviews are won on documentation: every figure filed should trace to a source document, and deadlines — 90 days for an objection — are unforgiving. Compilation engagements now follow CSRS 4200, which sets out the basis-of-accounting note every lender expects to see attached to the statements. We quote chart of accounts setup and review as one budget-friendly fixed price — the budget-friendly alternative to hourly billing.
A few notes from the files we actually work on, because chart of accounts setup and review is decided by details that never make it into a brochure.
Everything in chart of accounts setup and review hangs off a single anchor. 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.
Layer a second constraint on top and the picture sharpens: 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. Ask what a reviewer will want to see, and the answer sits in this rule: The CRA requires business records to be kept for six years from the end of the tax year they relate to, in a form that allows the return to be verified. Where records cannot support the return, the CRA is entitled to assess on its own estimate — and the burden of disproving that estimate falls on the taxpayer.
Taken together, these rules explain why chart of accounts setup and review can rarely be treated as a do-it-once-and-forget exercise. A tax expert watches how they interact across your specific facts, which is something no checklist can do. The engagement goes fastest when last year’s filings and the current ledger arrive together.
You will see the finished work before it goes anywhere — review-before-filing is standard here, not an add-on. The fee is fixed up front, and nothing is payable until the service is done.
Providing transparent fixed pricing and high-quality compliance work for your chart of accounts setup and review requirements.
Coverage: Standard bookkeeping and chart of accounts setup and review 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 chart of accounts setup and review needs?
Providing tailored chart of accounts setup and review 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 Chart of Accounts Setup and Review tax and accounting services have helped Canadian businesses save money and stay compliant.
A remuneration review at a small law practice in Barrie, Ontario saved $72,000 across the corporate and personal returns. It found a bookkeeping file where owner draws, payroll and supplier payments all landed in the same account.
Nothing was wrong at a small law practice in Barrie, Ontario. The filings were on time and accurate. What they were not was planned. A bookkeeping file where owner draws, payroll and supplier payments all landed in the same account had never been reviewed. We separated the owner’s personal spending out of the corporate accounts and cleared the resulting shareholder loan properly. We ran the numbers across both the corporate and personal returns, so the saving was real rather than deferred into someone else's hands. $72,000 came off the combined corporate and personal tax bill, and the structure holds for future years without further work.
An 8-week rebuild at a wedding photography studio in Mississauga, Ontario got the filing in with 11 days to spare. That avoided $32,500 in penalties.
A wedding photography studio in Mississauga, Ontario was weeks away from the deadline for chart of accounts setup and review. Behind that sat sales recorded from bank deposits, so processor fees, chargebacks and refunds appeared nowhere in the ledger. The exposure if the date slipped was around $32,500. We cleared the payroll and sales tax clearing accounts every month and tied each remittance to the liability it settled. The filing went in complete rather than provisional, so there was no amended return to follow. Filed with 11 days to spare. $32,500 in late-filing penalties avoided, and the working papers are ready for the following year.
Collections had begun against a food-truck operator running two seasonal units in Saskatoon, Saskatchewan over 3 years of unfiled returns. Bringing them current cut $115,000 from the balance.
By the time a food-truck operator running two seasonal units in Saskatoon, Saskatchewan called, 3 years were outstanding. The CRA had assessed on estimates. Underneath it sat eighteen months of unreconciled transactions and a shoebox of receipts. We reconstructed the records year by year. We rebuilt sales from the processor settlement reports so gross sales, fees and refunds each landed in an account of their own. 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 $115,000, and a relief application addressed part of the accumulated interest.
An online seller reconciling three payment processors in Victoria, British Columbia faced a $76,000 proposed reassessment. It came after three years of returns filed off numbers nobody could trace back to a bank statement. We rebuilt the documentation and the adjustment was withdrawn in full.
An online seller reconciling three payment processors in Victoria, British Columbia received a proposal letter opening a review of chart of accounts setup and review. The CRA had identified three years of returns filed off numbers nobody could trace back to a bank statement. It proposed an adjustment of $76,000, with 30 days to respond. We treated the response as an evidence exercise rather than an argument. We set up a documented chart of accounts, a receipt-capture workflow and a monthly reconciliation that closes within ten days of month-end. We then indexed every supporting document against the specific line the auditor had questioned. The proposed adjustment was withdrawn in full — all $76,000 of it. The file closed in 7 weeks with no change to the assessed amounts and no penalty.
A subscription box retailer in Toronto, Ontario was overpaying instalments. The cause was meals and entertainment coded at full cost with the input tax credit claimed on the whole amount. Rebasing them returned $115,000 to the business.
A subscription box retailer in Toronto, Ontario was paying instalments calculated on a prior year. That year no longer reflected the business. Meals and entertainment coded at full cost with the input tax credit claimed on the whole amount was tying up $115,000 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. $115,000 of cash stayed in the business, the penalty cycle ended, and the instalment position is reviewed each quarter against actual results.
A $50,000 reassessment landed at a residential cleaning franchise in Hamilton, Ontario. It rested on input tax credits claimed on receipts that had already been claimed once. The objection was allowed in full.
A residential cleaning franchise in Hamilton, Ontario had been reassessed for $50,000. 12 days were left on the objection deadline. The reassessment rested on input tax credits claimed on receipts that had already been claimed once. We filed the objection inside the deadline with a complete submission rather than a placeholder. Alongside it, we reconciled receivables and payables to source documents and wrote off the balances that were genuinely uncollectible, with support. The appeals officer allowed the objection in full. $50,000 was reversed and the account returned to a nil balance.
Meet the specialists behind your Chart of Accounts Setup and Review filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
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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.
Chart of Accounts Setup and Review 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 chart of accounts setup and review 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. Cash-basis records are not acceptable for a corporation. Income must be reported on the accrual basis, with receivables and payables recognised when they arise rather than when the money moves. If your current setup was built on the assumption instead of the rule, that is fixable — but sooner is better than later.
A tax preparation specialist answers this differently than a search engine, because the rule has edges. Personal expenses run through a corporate account are shareholder benefits, taxable to the shareholder personally whether or not they were ever labelled as such. Where your business sits relative to those edges is what we establish in the first meeting.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
Divide the total by one plus the tax rate expressed as a decimal. That gives the amount before tax, and subtracting it from the total leaves the tax portion. Going the other direction, multiply the pre-tax amount by the rate to get the tax and add the two together. Use the combined rate for the province of supply, and avoid rounding at each step so the tax you report matches the figures on your invoices.
Not across the board. For 2026 the lowest federal bracket rate is 14%, with 20.5%, 26%, 29% and 33% applying above it, and the federal basic personal amount is $16,452, tapering to $14,829 on net income between $181,440 and $258,482. The capital gains inclusion rate stays at one-half for 2025 and 2026; the 2024 proposal to raise it was never enacted. Brackets and credits are indexed annually, so check the CRA's rates for the year you are filing.
A small business corporation is a Canadian-controlled private corporation that uses substantially all of its assets in an active business carried on mainly in Canada. The label matters because it opens access to the small business deduction, which for 2026 applies the 9% federal rate to the first $500,000 of active business income, and to the lifetime capital gains exemption on a share sale. Holding companies and passive investment corporations usually fail the asset test.
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.
Workers' compensation benefits are not taxed, but they are not ignored either. The provincial board issues a slip, you report the amount as income on your T1 and then claim an offsetting deduction, so no tax results. Reporting still matters because the amount counts in net income used to test credits and benefits. Any top-up your employer pays, or wages paid while a claim is pending, is ordinary employment income and taxed in the normal way.
No. QST is a separate Quebec tax administered by Revenu Quebec, and it cannot be recovered on your federal GST/HST return. Only a business registered for QST can claim input tax refunds for the 9.975% QST it pays, and registration normally follows from making taxable supplies in Quebec. An Ontario business with no QST registration treats the QST on a Quebec invoice as part of the cost of the expense. Check Revenu Quebec for the registration rules.
Yes. There is one combined GST/HST return, so HST you paid on business purchases is claimed as an input tax credit on the same return where you report the GST and HST you collected. The rate charged does not matter: GST 5%, Ontario HST 13%, Nova Scotia 14% from 1 April 2025, and 15% in New Brunswick, Newfoundland and Labrador and Prince Edward Island are all recoverable if the purchase relates to commercial activity. Keep invoices showing the tax and the supplier's registration number.
Most bank service charges are exempt financial services, so no GST/HST is added to them. Monthly account fees, overdraft interest, transfer fees and transaction charges normally carry no tax at all. Some items billed by a bank are taxable, such as safe deposit box rental or certain administrative and safekeeping services. Your statement itemises any tax charged, and only tax actually shown there can be claimed as an input tax credit on a GST/HST return.
Because you remit the tax you charged customers, less the GST/HST you paid on business purchases. Tax you collect was never your money, so when collections exceed your input tax credits, the difference is payable. The usual reasons a bill feels large are missed input tax credits, receipts too thin to support a claim, the quick method applying to your sales, or the collected tax having been spent as working capital. Bank it separately.
Usually yes, if you are not registered. Non-resident digital suppliers such as ad networks and software subscriptions must register under CRA's digital economy rules and charge GST/HST to Canadian customers who are not registered themselves. If you give the platform a valid GST/HST number, it generally stops charging the tax and you account for it yourself where the rules require. Tax charged on genuine business purchases is normally recoverable as an input tax credit once you are registered.
You cannot write off the income itself, but you deduct the costs of earning it. Common current expenses are mortgage interest (not principal), property tax, insurance, utilities you pay, condo fees, advertising, property management, and repairs that maintain the property. Improvements that better the property are capital and depreciated instead. Only the rented portion counts where you also live there. Keep invoices for six years from the end of the tax year they relate to.
The address depends on where you live and on what you are sending, because the CRA splits the work across several tax centres. The current one is printed in the paper return package and listed on canada.ca under where to mail your return, and any letter from the CRA shows the centre holding your file. Reply to the address on that letter. Filing online removes the question and shortens the assessment time.
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)
