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At Tax Filings Canada, we handle every part of your year-end bookkeeping, 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 year-end bookkeeping services.
No hidden fees. Pay only after your service is completed. The fee is agreed before any work starts.
Yes — year-end bookkeeping can be handled entirely online. Tax Filings Canada covers monthly reconciliations, GST/HST-ready ledgers and receipt capture for owner-managed businesses and growing teams at affordable fixed fees, pay-after-service.
Upload, email, or drop off your paperwork — whichever you prefer.
Behind the scenes, we assemble and double-check your year-end bookkeeping 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 |
The CRA requires business records to be kept for six years from the end of the last tax year they relate to. Because the fee is fixed and affordable, the economics stay predictable whether your file is simple or messy.
If you handle Year-End Bookkeeping once a year, everything looks equally important. Handle it weekly, as a tax filing specialist does, and a clear hierarchy emerges; these notes follow that hierarchy.
If a client remembers only one point from this page, it should be this one: Business records must be kept for six years from the end of the last tax year they relate to. The CRA can require them in electronic form that it can actually read.
Then comes the detail that separates a clean file from an expensive one: 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. A file is only as strong as what backs it up, which brings us to the next rule: 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.
So where does that leave you? In most cases, with a decision about whether to work through year-end bookkeeping alone or hand the moving parts to a tax consultant who tracks them for a living. The engagement goes fastest when last year’s filings and the current ledger arrive together.
Every year-end bookkeeping engagement carries the same commitments: a fixed fee settled before we begin, your sign-off before anything is filed, and payment only after the service is complete.
Providing transparent fixed pricing and high-quality compliance work for your year-end bookkeeping requirements.
Coverage: Standard bookkeeping and year-end bookkeeping 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 year-end bookkeeping needs?
Providing tailored year-end bookkeeping 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.
Risk-Free, Hassle-Free, and Client-First!
Schedule a Free ConsultationUse our office finder below to select your nearest accountant tax filing expert.
See how our expert Year-End Bookkeeping tax and accounting services have helped Canadian businesses save money and stay compliant.
A subscription box retailer in Surrey, British Columbia was carrying $53,000 of penalties and interest. The charges arose from meals and entertainment coded at full cost with the input tax credit claimed on the whole amount. A relief application cancelled that amount.
An assessment of $53,000 landed at a subscription box retailer in Surrey, British Columbia following a desk review. It turned on meals and entertainment coded at full cost with the input tax credit claimed on the whole amount. The auditor had not seen the records behind it. 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. We then set out the legislative basis for the position alongside the documents supporting it. $53,000 of penalties and interest was cancelled under the taxpayer relief provisions, and the underlying assessment was adjusted to match the filed position.
The ledger at a mobile pet-grooming company in Hamilton, Ontario could not support its own filings. The reason was a payroll clearing account that had never been brought to zero, carrying a balance nobody could explain. Rebuilding it surfaced $11,500 in unclaimed input tax.
A mobile pet-grooming company in Hamilton, Ontario could not answer basic questions about its own numbers. A payroll clearing account that had never been brought to zero, carrying a balance nobody could explain sat between the bank statements and the ledger. 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 documented the process so the work does not depend on any one person remembering how it was done. Records rebuilt and reconciled, $11,500 recovered in input tax credits that the old file could not support, and a documented monthly process now in place.
A remuneration review at a small law practice in Winnipeg, Manitoba saved $49,000 across the corporate and personal returns. It found eighteen months of unreconciled transactions and a shoebox of receipts.
Nothing was wrong at a small law practice in Winnipeg, Manitoba. The filings were on time and accurate. What they were not was planned. Eighteen months of unreconciled transactions and a shoebox of receipts had never been reviewed. We rebuilt sales from the processor settlement reports so gross sales, fees and refunds each landed in an account of their own. We ran the numbers across both the corporate and personal returns, so the saving was real rather than deferred into someone else's hands. $49,000 came off the combined corporate and personal tax bill, and the structure holds for future years without further work.
A residential cleaning franchise in Ottawa, Ontario faced a $109,000 proposed reassessment. It came after input tax credits claimed on receipts that had already been claimed once. We rebuilt the documentation and the adjustment was withdrawn in full.
A residential cleaning franchise in Ottawa, Ontario received a proposal letter opening a review of year-end bookkeeping. The CRA had identified input tax credits claimed on receipts that had already been claimed once. It proposed an adjustment of $109,000, with 30 days to respond. We treated the response as an evidence exercise rather than an argument. We cleared the payroll and sales tax clearing accounts every month and tied each remittance to the liability it settled. We then indexed every supporting document against the specific line the auditor had questioned. The proposed adjustment was withdrawn in full — all $109,000 of it. The file closed in 5 weeks with no change to the assessed amounts and no penalty.
An equipment rental yard in Edmonton, Alberta was preparing to sell. However, a shareholder loan balance that would have been picked up as income on closing disqualified the shares. Purification sheltered $505,000 under the exemption.
An equipment rental yard in Edmonton, Alberta had an offer on the table and 32 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 separated the owner’s personal spending out of the corporate accounts and cleared the resulting shareholder loan properly. All of it was done well ahead of the closing date. The sale closed on schedule with $505,000 sheltered by the lifetime capital gains exemption across the shareholders.
A wedding photography studio in Mississauga, Ontario needed a holding structure. It had to deal with three years of returns filed off numbers nobody could trace back to a bank statement. The reorganisation was tax-neutral and removed $66,000 of annual exposure.
The structure at a wedding photography studio in Mississauga, Ontario needed fixing. The file was carrying three years of returns filed off numbers nobody could trace back to a bank statement. 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 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 also prepared the elections, resolutions and valuations the structure needed to stand up. The structure now matches the business. Annual saving of $66,000, and the reorganisation itself was tax-neutral.
Meet the specialists behind your Year-End Bookkeeping 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.
Year-End Bookkeeping 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 year-end bookkeeping 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.
Let us give you the substance first and the caveats second. 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. The caveat is simply that facts on your file can shift the outcome, so treat this as the baseline rather than the final word.
You are asking the right question, and it has a real answer. 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. What we add on top of that is the paperwork discipline that makes the answer stand up if anyone ever asks you to prove it.
The questions Canadians actually search on this topic, answered plainly. Browse every question in the Canadian tax answers directory.
Online banking is the simplest route: add the CRA as a payee, select the account and tax year precisely, and pay from your chequing account. CRA My Payment takes debit card payments, and pre-authorised debit can be scheduled in My Account or My Business Account for a single amount or a run of instalments. Corporations and GST/HST registrants use the same channels under their business number. Keep the confirmation number and allow several days for the payment to post.
Make it routine rather than an April scramble. Record income and expenses monthly, keep receipts and statements for six years from the end of the tax year they relate to, and check CRA My Account for slips, notices, balances and instalment reminders. Pay instalments when the CRA asks for them. Set aside a share of self-employment income as it arrives, and register for direct deposit. A mid-year review is when planning can still change the result.
A refund liability is the amount a business expects to pay back to customers for returns, rebates, price adjustments or unused credits, recognised when the sale is recorded rather than when the money goes out. Revenue is reported net of that estimate, and a separate asset is set up for goods expected to come back. Revisit the estimate each period end against actual return rates, and adjust the sales tax reported on refunded sales as well.
About two weeks after the CRA receives an online return, if you are signed up for direct deposit and nothing on the return needs a second look. A non-resident return can take up to 16 weeks. Reviews, a debt owed to a federal or provincial program, or missing information will stretch that out. Check the status in CRA My Account, which shows the assessment date once processing finishes.
A refund is issued once your return is assessed, which is about two weeks for an online return; a non-resident return can take up to 16 weeks. Refunds arise because payroll withholding, instalments and refundable credits often add up to more than the tax you actually owe after deductions and credits. Register direct deposit in CRA My Account for the quickest payment, and remember the CRA can hold or apply a refund against other amounts you owe.
Most bank charges are exempt rather than zero rated. Financial services such as account fees, interest, loan arrangement and most transfers fall in the exempt category, so no GST or HST is charged and there is no input tax credit to recover. Some bank services are taxable, including safety deposit boxes and certain administrative or advisory fees, and those do carry tax and an input tax credit. Check each statement line instead of assuming.
Multiply the pre-tax price by the rate for the province where the customer receives the goods or service, then add that to the price. Ontario is 13%; New Brunswick, Newfoundland and Labrador and Prince Edward Island are 15%; Nova Scotia is 14% from 1 April 2025. So a $100 Ontario sale is billed at $113. Show the tax separately with your registration number so a registered customer can claim it back.
No. GST is 5% in 2025 and 2026 and applies to most goods and services, but basic groceries, prescription drugs and most medical devices are zero-rated, while residential rent, most health and dental care, tuition and many financial services are exempt. Provinces add HST or their own sales tax, so the rate on a purchase also depends on where you buy it. Registered businesses recover the tax on inputs through input tax credits.
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.
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 Canada Child Benefit and related credits are calculated on adjusted family net income taken from both spouses' prior-year returns, so there is no single income cut-off. Payments sit at a maximum up to a threshold, then reduce as income rises, and the amounts and thresholds are indexed each July. Both partners must file every year, even with no income, or payments stop. Use the CRA's child and family benefits calculator for your own figures.
You owe a balance when the tax withheld or paid during the year came to less than your total tax for the year. Common causes are two employers each applying the basic personal amount, self-employment or rental income with no withholding at all, investment income, RRSP withdrawals taxed at a flat rate, and CPP or OAS with little tax taken off. For the 2025 tax year the balance was due 30 April 2026. Extra withholding or instalments stops it recurring.
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 — Keeping records · CRA — Businesses · Income Tax Act (Justice Laws Website)
