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At Tax Filings Canada, we handle every part of your virtual accounting, 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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Stay compliant and optimize your financial processes with our specialized virtual accounting services.
No hidden fees. Pay only after your service is completed. The fee is agreed before any work starts.
Virtual accounting delivers the complete service — bookkeeping, GST/HST, payroll, statements and the corporate return — through secure document sharing and cloud accounting. Your books stay current, your documents stay in one place, and you are not limited to accountants in your own city.
We work in QuickBooks Online and Xero with a secure client portal for documents and e-signatures, so you upload once and we handle the rest. The service is identical to in-person accounting in everything that matters — the same reconciliations, the same filings, the same planning — with the added benefits of always-current cloud books and a fixed, transparent fee. You review and approve every return before it is filed.
Virtual accounting in Canada: Tax Filings Canada delivers full-cycle accounting, from monthly reconciliations to year-end financial statements and your T2, at a fixed fee with pay-after-service.
Everything starts with your documents — send what you have and we will sort it.
We build the virtual accounting file carefully, matching your records line by line.
The draft comes back to you for a proper look, not a rushed signature.
When you say go, we file it and follow up with the confirmation.
| 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 |
Virtual accounting has quietly become the default for Canadian small corporations because the year-end deliverable is unchanged by distance: a compilation, the financial statements, and the T2 with its GIFI schedules. What does change is turnaround. When the ledger is reconciled monthly in the cloud rather than reconstructed in month seven, the year-end engagement stops being an archaeology project and the corporation gets its tax number early enough to act on it.
These notes are written the way an accounting firm would explain Virtual Accounting across a desk: no theory, just the points that decide real files.
The starting point is not a strategy but a constraint: 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.
There is a second layer to this. 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 documentation side matters just as much. 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.
You do not need to hold all of this in your head. You need someone who does — and a tax professional handling virtual accounting week after week keeps these rules current so you do not have to. Gather whatever records touch the numbers — statements, ledgers, prior-year filings — and we take it from there.
Every file we prepare is reviewed with you before anything is filed, the fee is fixed and agreed up front, and you pay only after the service is delivered. If virtual accounting is on your list, the conversation costs nothing to start.
Providing transparent fixed pricing and high-quality compliance work for your virtual accounting requirements.
Coverage: Standard bookkeeping and virtual accounting 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 virtual accounting needs?
Providing tailored virtual accounting 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 Virtual Accounting tax and accounting services have helped Canadian businesses save money and stay compliant.
27 months of records at a growing landscaping company in Kelowna, British Columbia had never been reconciled. That left a shareholder loan account that had drifted for three years with no supporting entries. Rebuilding recovered $11,000.
Nothing reconciled at a growing landscaping company in Kelowna, British Columbia. Every filing started with 27 months of cleanup. The file was carrying a shareholder loan account that had drifted for three years with no supporting entries. We rebuilt from source rather than correcting on top of the existing file. We reconciled the inter-company accounts, papered the arrangement with a written agreement, and aligned both corporations’ year-ends. Then we set the routine that keeps it clean. 27 months reconciled to the bank. The close now takes 7 days, and $11,000 of previously unclaimable input tax was recovered in the process.
A family-owned wholesale distributor in Lethbridge, Alberta was 5 weeks from a deadline. The file also carried capital assets written off in full in the year of purchase, with no fixed-asset schedule behind the deduction. Filing complete and on time avoided roughly $51,000 in penalties.
A family-owned wholesale distributor in Lethbridge, Alberta came to us 5 weeks before its filing deadline. The file came with capital assets written off in full in the year of purchase, with no fixed-asset schedule behind the deduction. A late filing would have triggered a penalty of roughly $51,000 before interest. We worked backwards from the deadline. We moved accruals, prepaids and depreciation into a documented month-end checklist, so they stopped being year-end discoveries. We prioritised the items that actually gated the filing and deferred everything that did not. The return was filed on time and complete. The $51,000 penalty never arose, and the compliance calendar we set means the next deadline is scheduled rather than discovered.
A $13,000 reassessment landed at a supplier with an off-calendar fiscal year-end in Calgary, Alberta. It rested on a year-end moved informally, leaving twelve months of trading reported as though nothing had changed. The objection was allowed in full.
A supplier with an off-calendar fiscal year-end in Calgary, Alberta had been reassessed for $13,000. 14 days were left on the objection deadline. The reassessment rested on a year-end moved informally, leaving twelve months of trading reported as though nothing had changed. We filed the objection inside the deadline with a complete submission rather than a placeholder. Alongside it, we built a fixed-asset continuity schedule from the purchase invoices. We set the capital cost allowance claim class by class rather than claiming the maximum by default. The appeals officer allowed the objection in full. $13,000 was reversed and the account returned to a nil balance.
An owner-managed corporation preparing its first year-end in Mississauga, Ontario needed a holding structure. It had to deal with a bank that refused to renew an operating line without compliant statements. The reorganisation was tax-neutral and removed $55,000 of annual exposure.
The structure at an owner-managed corporation preparing its first year-end in Mississauga, Ontario needed fixing. The file was carrying a bank that refused to renew an operating line without compliant statements. 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 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 also prepared the elections, resolutions and valuations the structure needed to stand up. The structure now matches the business. Annual saving of $55,000, and the reorganisation itself was tax-neutral.
The CRA had assessed a machine-shop owner-operator in Ottawa, Ontario on estimates across 4 unfiled years. Real filings vacated $77,000 of that tax.
4 years of unfiled returns had turned into notional assessments at a machine-shop owner-operator in Ottawa, Ontario. Underneath lay inter-company balances between two related corporations that had never been reconciled. Collections had already started. We valued work in progress on one consistent basis and documented the method, so the comparative year could be relied on. We then filed every outstanding year in chronological order so the CRA could vacate the notional assessments cleanly. All 4 years were accepted as filed. $77,000 of arbitrarily assessed tax was vacated, collections action stopped, and the account is current for the first time in 4 years.
Due diligence at a boutique fitness studio group in Hamilton, Ontario surfaced passive assets sitting inside the operating company, disqualifying the shares. Restructuring the sale saved $525,000 against the original terms.
A boutique fitness studio group in Hamilton, Ontario was preparing to sell. Due diligence surfaced passive assets sitting inside the operating company, disqualifying the shares. That would have reduced the price or killed the deal outright. We cleaned up the historical file. We separated personal and corporate spending, cleared the shareholder loan through a documented salary and dividend mix, and restated the comparative year. Then we prepared the due-diligence package the buyer's advisers actually asked for. The deal closed at the agreed price. $525,000 of tax was saved against the structure originally proposed, with no post-closing adjustment.
Meet the specialists behind your Virtual Accounting filings. Our Partners Are Alumni of the World's Top Accounting and Tax Institutions
CA (ICAI), CA (MIA), CPA Canada (In-Depth Tax Program)
Cross-border tax for businesses and individuals, after a Big 4 career at Ernst & Young and Deloitte.
CPA (Canada), CPA (USA), CA (India)
US and Canadian returns prepared together, so relief is claimed once.
CPA (Canada), CA (India)
Fractional CFO work for businesses operating in Canada and India.
CA (India)
Payroll remittances and GST/HST returns, each filed on its own schedule.
FCA (India)
UAE and India residence, treaty positions, and transfer pricing work since 2014.
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.
Virtual Accounting 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 virtual accounting 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.
It depends less on opinion than owners assume. A fiscal year-end cannot be changed by simply closing the books on a new date. Subsection 249.1(7) requires the CRA’s concurrence. The short transitional period is a tax year in its own right and needs its own return and its own statements. Once you know that, the practical question becomes timing and documentation — both of which we handle inside the engagement.
Here is what the rules actually say, stripped of the folklore: 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. Our role as your tax professional is to apply that cleanly to your situation rather than to a hypothetical one.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
A tax return is the annual filing that reports your income, deductions and credits to the CRA so the final tax for the year can be settled. Payers withhold tax during the year and the return reconciles that against what you actually owe, producing either a refund or a balance to pay. For 2025 returns filed in 2026, refunds usually arrive in about two weeks for an online return, while a paper return runs on a considerably longer standard because it is handled manually.
Paper returns go to the CRA tax centre that serves your province or territory of residence, not to one national address. The correct address is printed in the paper return package and listed on canada.ca under mailing addresses for individual returns, and it differs for non-residents and for business returns. Filing electronically is much faster: for the 2025 tax year the CRA aims to issue a refund on an online return in about two weeks, against a considerably longer standard on paper.
Two different categories carry no tax. Zero-rated supplies are taxed at nil, including basic groceries, prescription drugs, medical devices and most agricultural products, and the seller can still claim input tax credits. Exempt supplies, such as most residential rent, health and dental care and financial services, carry no tax and no input tax credits. Small suppliers below the $30,000 threshold, unchanged for 2025 and 2026, also charge nothing until they register. The CRA lists both categories.
There is no single figure, because your province and your credits change the result. On $43,000 of employment income for 2026, the federal rate on the lowest bracket is 14%, and the federal basic personal amount of $16,452 removes tax on the first part of your income. Provincial tax and CPP and EI deductions apply on top. Run your own numbers through the CRA's payroll deductions online calculator.
Sign in to CRA My Account and open the carryover amounts section, which lists unused amounts the CRA has on file, such as tuition, RRSP room, capital and non-capital losses, and donations carried forward. The same figures appear on your latest notice of assessment. Use the CRA's numbers rather than your software's, because a reassessment can change them. If a carryforward you expected is missing, the year it arose may need adjusting first.
Add up the tax withheld year to date on your pay stub, then compare it with the tax you expect on your full-year income; the CRA's payroll deductions calculator lets you model a pay period. Multiple jobs, bonuses, self-employment or investment income are the usual reasons withholding falls short. If you pay by instalments, My Account shows the amounts and dates the CRA expects. Adjust withholding with your employer or top up by instalment.
Tax administration is the work of collecting and enforcing tax rather than setting it. Parliament and the legislatures write the law; the Canada Revenue Agency administers it, processing returns, issuing assessments and refunds, running reviews and audits, charging penalties and interest, and collecting balances owing. Revenu Quebec administers Quebec's provincial system alongside it. Administration also covers the service side: My Account, payment arrangements, and taxpayer relief requests to cancel penalties and interest.
Almost always a bank display issue rather than a tax problem. A CRA deposit usually appears as a federal or Canada payment; a pending item, a reversal, or a duplicate deposit being pulled back can sit on the debit side of the statement. Compare the amount and date with the refund recorded in CRA My Account. If the CRA shows it issued and your account does not hold it, that question belongs to your bank.
Divide income tax expense by profit before tax to get the effective rate. It differs from the statutory rate because of permanently non-deductible items, credits and timing differences between accounting and tax treatment. Income tax payable is a current liability and income tax receivable a current asset, so a refund is recorded against that receivable rather than as revenue. Internet is normally an operating expense under utilities or office costs, and property taxes are expensed unless properly capitalised to a project under construction.
HST applies only in Ontario at 13%, Nova Scotia at 14% since 1 April 2025, and New Brunswick, Newfoundland and Labrador and Prince Edward Island at 15%. Everywhere else the federal GST of 5% applies on its own or beside a separate provincial tax: British Columbia PST 7%, Saskatchewan 6%, Manitoba RST 7%, and Quebec QST 9.975% charged on the pre-GST price. Alberta and the three territories charge GST only.
Start from accounting profit and adjust to taxable income: add back disallowed amounts, swap book depreciation for capital cost allowance, and apply loss carry-forwards. For the 2025 and 2026 tax years, apply 9% to active business income within a Canadian-controlled private corporation's $500,000 business limit, which shrinks where the associated group has passive investment income above $50,000 or taxable capital above $10 million, and 15% above that limit and to any corporation that is not a CCPC. Then add provincial tax where the corporation has a permanent establishment.
A T5 reports investment income such as interest or dividends paid out to a recipient. Prepare a slip for each recipient plus the summary, file the set electronically through the CRA's internet file transfer or web forms service using your business number and web access code, and give every recipient their copy. The deadline falls early in the year after the income was paid, so confirm the exact date on canada.ca before filing.
Reviewed and fact-checked by Udit Gupta
Ex Big 4 — Ernst & Young, Deloitte · Director, cross-border tax expert · CPA Canada (In-Depth Tax Program) · Chartered accountant, ICAI & MIA
Udit Gupta, a Director of Tax Filings Canada and a cross-border tax expert, 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. Since 2014 he has worked with 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)
