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Do Bookkeepers Reconcile Bank Accounts? A 5-Step Process Guide
Bookkeepers reconcile bank accounts; it is a core monthly responsibility, not an optional add-on. Every professional bookkeeper compares your internal...
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Should Your Bookkeeper Have Access to Your Bank Account? (7 Rules for Safe View-Only Access)
Granting your bookkeeper access to your business bank account is appropriate, but it should be restricted to view-only or limited...
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How Much Do Bookkeeping Services Cost in Canada? (2026 Pricing Guide: Hourly vs Monthly)
Bookkeeping services in Canada cost $300–$2,000/month for most small businesses, or $30–$90/hour for freelance bookkeepers. Specialized bookkeeping firms start at...
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Do I Need a Bookkeeper or an Accountant? A Decision Guide for Canadian Small Businesses
Bookkeepers record, reconcile, and maintain daily financial transactions. Accountants interpret those records for tax planning, compliance, and strategic decisions. The...
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Bookkeeping vs. Accounting: What’s the Difference? (7 Key Differences for Canadian Businesses)
Bookkeeping is the day-to-day recording and organizing of financial transactions, while accounting uses those records to interpret results, prepare reports,...
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What Is the Penalty for Filing Corporate Taxes Late? (6 CRA Rules for Late T2 Returns in Canada)
CRA charges a late-filing penalty of 5% of the unpaid tax due on the filing deadline, plus 1% for each...
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Bookkeepers record, reconcile, and maintain daily financial transactions. Accountants interpret those records for tax planning, compliance, and strategic decisions. The right choice depends on your...
Bookkeeping is the day-to-day recording and organizing of financial transactions, while accounting uses those records to interpret results, prepare reports, and support compliance and decision-making...
CRA charges a late-filing penalty of 5% of the unpaid tax due on the filing deadline, plus 1% for each complete month the T2 return is late, up to a maximum of 12 months. (Penalties for failing to...
Corporate tax filing in Canada is the process of preparing and submitting a T2 Corporation Income Tax Return (T2 return) to the Canada Revenue Agency (CRA) for each corporate tax year (fiscal period)...
The T2 Corporation Income Tax Return must be filed within six months after the end of each fiscal period. If your fiscal year-end falls on the last day of a month, file by the last day of the sixth...
Canadian corporations must file their T2 Corporation Income Tax Return within 6 months after their tax year-end, pay their balance owing within 2 months (or 3 months for eligible CCPCs), and remit...
Canadian taxpayers can pay tax owing to the Canada Revenue Agency online through four authorized methods: online banking with your bank or credit union, the CRA’s My Payment debit service...
A small business in Canada has 1–99 paid employees. Medium-sized businesses have 100–499 paid employees, and large businesses have 500+ paid employees. This employee-based definition is set out in...
Square has reported Canadian merchant transaction data to the Canada Revenue Agency (CRA) under a 2017 Federal Court order. The CRA retains authority to request merchant information from payment...
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