Business Accounting Services in Ontario
Business accounting in Ontario encompasses the recordkeeping, reporting, and compliance work that keeps your company financially organized and CRA-ready. The Acctax Company delivers accounting and bookkeeping services configured for how Ontario businesses actually operate from monthly reconciliations and GST/HST returns to corporate tax filing and payroll remittances. We help Ontario business owners maintain accurate financial records, meet CRA deadlines, and make decisions with clean numbers. Serving Kitchener, Waterloo, Cambridge, and across Ontario.
Ontario's CPA-Led Accounting & Tax Firm
What Does Business Accounting Cover in Ontario?
Business accounting is the systematic process of recording, classifying, summarizing, and reporting a business’s financial transactions to support management decisions, meet regulatory requirements, and prepare for tax filing. For Ontario businesses, this means building records that satisfy both federal CRA obligations and provincial requirements like WSIB premiums and Employer Health Tax.
Ontario Industries We Serve
Industry-Specific Solutions
Business accounting requirements vary by industry. We configure our services to match how your business actually operates whether you’re tracking job costs on construction sites or reconciling Stripe payouts from your Shopify store.
Comprehensive CRA Compliance and Accounting Services
Bookkeeping & Accounting
AccTax maintains your general ledger, bank reconciliations, and trial balance with monthly precision. Our CPA Ontario-registered team ensures every transaction is recorded.
- Monthly financial statement preparation
- Bank and credit card reconciliation
- Accounts payable and receivable management
- CRA-compliant record-keeping
Tax Preparation & Filing
We prepare and file T1, T2, and T3 returns for Ontario businesses. Our CPAs calculate eligible deductions and ensure documentation is submitted before the deadline.
- T1 Personal & T2 Corporate filings
- GST/HST return filing and remittance
- T4, T5, and T4A slip issuance
- Trust and Estate (T3) returns
Ontario Company Incorporation
We incorporate Ontario and Federal corporations, obtain Business Numbers, and register for GST/HST and payroll accounts accurately.
- Ontario Provincial (ONCA) & Federal setups
- Business Number & CRA registration
- Professional corporation compliance
- Corporate minute book preparation
CRA Audit Assistance
Our CPAs represent you during CRA audits, communicating directly with auditors and negotiating on your behalf to protect your interests.
- CRA audit preparation and documentation
- Direct representation with auditors
- Notice of Objection filing
- Notice of Assessment analysis
From Cleanup to Ongoing Compliance
How We Onboard Ontario Businesses
The Acctax Company follows a 4-phase onboarding process. Clear timelines, defined deliverables, and documented responsibilities eliminate ambiguity from engagement start through monthly reporting.
Phase 1: Discovery
Timeline: Days 1–3
We assess your current financial position: outstanding reconciliations, unfiled returns, CRA notices requiring response, and accounting software status. You provide 12 months of bank statements, prior-year tax returns, and read-only access to existing bookkeeping files.
Deliverable: Compliance gap assessment identifying immediate priorities
Phase 2: Design
Timeline: Days 4–7
We build your chart of accounts structure, establish reporting cadence, and set filing deadline calendar. Businesses with bookkeeping backlog receive a catch-up timeline with weekly milestones. You approve a scope document outlining monthly deliverables, communication protocols, and fee structure.
Deliverable: Engagement scope document with service specifications
Phase 3: Onboarding
Timeline: Days 8–21
We connect bank feeds, configure accounting software, and complete historical reconciliations. Backlogged transactions are categorized and reconciled according to the catch-up schedule. Your first month-end close occurs within 30 days of engagement start.
Deliverable: Reconciled books through current period with preliminary financial statements
Phase 4: Delivery
Timeline: Ongoing (Monthly)
Monthly reconciliations completed by the 10th. Financial reports delivered by the 15th. GST/HST returns filed before quarterly deadlines. Payroll remittances confirmed by the 15th of each month. Annual tax preparation begins 60 days before fiscal year-end.
Deliverable: Monthly financial package with compliance status dashboard
Ontario Small Business Tax Resources
Guides, checklists, and compliance updates for Ontario business owners.
Do Taxes for Free in Canada (2026 Guide)
Canadians can legally do their taxes for free in three…
What Documents Do I Need to File Taxes…
Small Business Tax Checklist for CRA-Compliant Filing Small business owners…
When Are Business Taxes Due in Canada? Ontario…
Running a small business in Canada comes with many responsibilities…
Client Outcomes
What Ontario Business Owners Say About The Acctax Company
Why Ontario Businesses Choose The Acctax Company?
Accounting firms process transactions. CRA compliance requires more proactive deadline management, audit-ready documentation, and direct access to professionals who understand your industry. The Acctax Company delivers full-service accounting and tax support built for Ontario small business realities.
CRA-Focused Compliance System
Books structured for CRA requirements from day one. Record retention, filing deadlines, and documentation standards built into every engagement.
Ontario-Specific Expertise
HST place-of-supply rules, WSIB premium reporting, Employer Health Tax thresholds, Ontario annual return filing provincial compliance built into our workflows.
Direct CRA Access
Authorized representative access via the Represent a Client portal. We communicate with CRA directly, respond to notices, and handle reviews on your behalf.
FAQs About Business Accounting in Ontario
Business accounting includes bookkeeping, financial statement preparation, tax compliance, and record keeping for CRA audit readiness. Bookkeeping records and categorizes transactions. Financial statements (P&L, Balance Sheet) report results. Tax compliance covers GST/HST returns, payroll remittances, and corporate tax (T2) filing. It produces the underlying accounting records general ledger, trial balance, and month-end reports that support management decisions and tax filing.
CRA requires businesses to keep records and supporting documents for generally six years from the end of the last tax year to which they relate. This includes sales invoices, purchase receipts, bank statements, payroll records, and financial statements. Destroy records early, and CRA can reassess with arbitrary figures if they audit.
GST/HST filing deadlines depend on your reporting period. Monthly and quarterly filers must file and remit within one month after the reporting period ends. Annual filers with a December 31 year-end file by June 15 with payment due by April 30. Miss the deadline and interest starts accruing immediately.
Payroll remittance deadlines depend on your remitter type. Regular remitters (average monthly withholding amount under $25,000) remit by the 15th of the month following payment. Accelerated remitters (AMWA $25,000–$99,999 or above) have more frequent due dates—up to four times per month. CRA assigns your remitter type based on your two-year withholding history.
You can do your own bookkeeping using software like QuickBooks or Xero. However, accurate transaction categorization, GST/HST tracking, and CRA-compliant record keeping require accounting knowledge. Errors compound over months. Incorrect filings trigger penalties. A $200 miscategorization in January becomes an audit issue in December. Professional bookkeeping ensures accuracy from day one.
Bookkeeping records and organizes transactions categorizing income and expenses, reconciling bank accounts, and maintaining the general ledger. Accounting interprets those records to prepare financial statements, file tax returns, calculate liabilities, and provide financial analysis for decisions. Most businesses need both: bookkeeping for ongoing maintenance, accounting for year-end and strategic work.
Simplify Your Financial Operations with Ontario's CRA Compliance Experts
Let us handle the books, filings, and deadlines so you can focus on running your business.
