Small Business Tax Accountant Toronto
Most small businesses overpay CRA every year because they file without a plan. We save you money by monthly bookkeeping, tax planning, and on-time CRA filings.
Trusted by Toronto's Small & Medium Businesses
This Service Is For You If...
- You're doing your own books but they seem messy and make you confused.
- Tax season is stressful and you always feel like you're missing deductions.
- You're using QuickBooks but still confused about what your numbers mean.
- Your accountant files and disappears. You want one who answers questions.
Our Small Business Tax Accounting Services
Small business tax preparation and bookkeeping for Canadian businesses.
Tax Planning & Preparation
- Year-round tax planning (not just filing)
- T2 corporate & T1 personal returns
- Deduction review before year-end
- CRA notice & inquiry handling
Bookkeeping & Payroll
- Monthly bank & credit card reconciliations
- Expense categorization & tracking
- Payroll runs, T4s, ROEs & remittances
- QuickBooks and Xero online setup
HST/GST Filing
- GST/HST registration with CRA
- Return preparation and electronic filing
- Input Tax Credit recovery
- Quick Method eligibility check
Financial Statements & Incorporation
- CPA-signed Notice to Reader statements
- Lender-ready formatting for bank loans
- Sole prop to corporation change
- Corporate setup for tax savings
Want to Save More on Taxes?
Corporate Tax Filing
T2 filing, instalment tracking, and audit support for Canadian businesses.
How We Help Your SMB Grow
From your first call to ongoing support, here’s what you will experience.
1. Free Tax Strategy Call
We review your current setup, find gaps, and see where you might be overpaying on taxes.
2. Onboarding & Cleanup
We clean up any bookkeeping backlog, connect your bank accounts, and set up your chart of accounts in QuickBooks or Xero.
3. 24/7 Support
Monthly bookkeeping, tax filing, and questions answered. You get reminders before every deadline.
Why Do Small Businesses Choose SAL?
Thousands Saved
We keep your books accurate so you stay CRA-compliant. Our small business tax preparation helps you claim every deduction and credit you’re entitled to.
Clear Numbers
Vague numbers make decisions hard. We explain your financial statements in simple language so you understand cash flow, profit, and where your business really stands.
Peaceful CRA Review
CRA reviews or audits can feel overwhelming. We represent you so you have complete peace of mind.
Our SMB Client Stories
See What Our Clients Say
Get Started Today!
Talk with our CPA in Toronto and stop guessing on your SMB taxes.
FAQs
Questions about small business accounting Toronto answered.
Do I really need an accountant for my small business?
If you’re a sole proprietor with simple income, maybe not. But once you have HST to file, payroll to run, or a corporation to manage, mistakes can cost you a lot. Most business owners find a small business accountant in Toronto because it saves them more than it costs through fewer errors and lower taxes.
What does an accountant do for a small business?
Depends on the accountant. A bookkeeper records transactions. A CPA does that plus tax planning, filing your T2 or T1, preparing financial statements, and advising on structure. Some handle payroll and HST too. At SAL, our small business tax accounting services cover all of it.
What is the basic accounting for a small business?
At minimum: tracking income and expenses, reconciling bank accounts, filing HST if registered, and preparing a tax return at year-end. Most businesses also need invoicing, accounts receivable tracking, and some form of financial reporting to understand cash flow.
What type of accountant is best for a small business?
A CPA who specializes in small business tax. General accountants handle compliance. A small business CPA services also help with tax planning, entity structuring, and catching deductions you’d miss on your own.
Do I need an accountant if I use QuickBooks?
QuickBooks tracks transactions. It doesn’t tell you if you’re set up correctly, missing deductions, or paying more tax than necessary. Most businesses benefit from a CPA reviewing their books at least quarterly.
Can I prepare my own business taxes in Canada?
Legally, yes. Corporate returns (T2) are complicated and mistakes trigger CRA reviews. Self-employed returns (T1 with business income) are simpler but still easy to get wrong. Most business owners save more than the accountant costs.
What are the biggest tax mistakes small business owners make?
Mixing personal and business expenses. Missing the $30,000 HST registration deadline. Not tracking receipts and losing deductions. Choosing the wrong business structure. Filing late and paying penalties. Doing their own taxes without understanding what they can claim.
How much can a small business make before paying taxes in Canada?
All business income is taxable; there’s no minimum. However, if you’re under $30,000 in gross revenue over four consecutive quarters, you don’t need to register for HST. Once you cross $30,000, you must register within 29 days.
What documents do I need to give my accountant?
Bank and credit card statements, receipts for major expenses, invoices, payroll records, last year’s tax return, and any CRA correspondence. If your bookkeeping is current, most of this is already organized.
What is the difference between bookkeeping and accounting?
Small business bookkeeping Toronto is recording transactions. Categorizing expenses, reconciling accounts, tracking what’s owed. Small business accounting is interpreting those numbers. Preparing financial statements, filing taxes, advising on strategy. You need both.
What's the best tax structure for a small business?
Depends on income and goals. Sole proprietorships are simple but offer no liability protection. Corporations cost more to set up but allow income splitting, dividend strategies, and lower tax rates on retained earnings. We help you choose.
How do I file taxes for a small business in Canada?
Sole proprietors report business income on their personal T1 return using Form T2125. Corporations file a separate T2 corporate return. HST is filed separately through CRA My Business Account. Miss a deadline and CRA charges penalties plus daily interest.
How much does an accountant charge for a small business in Ontario?
It depends on your specific needs and situation. Small business accounting in Toronto usually starts at $800 for a self employed individuals and $3,000 for incorporated businesses. Book a free call for exact pricing.
Do I need a small business accountant near me?
No. Everything is done remotely. Document sharing, video calls, electronic filing. SAL Accounting is based in Toronto near the Eaton Centre, but we serve small businesses across Ontario.
