Accounting & Bookkeeping Services in Canada
Canadian private enterprises typically report under Accounting Standards for Private Enterprises (ASPE), while public companies follow IFRS — both requiring meticulous records for CRA T2 corporate tax, GST/HST returns, and payroll remittances.
Canadian private enterprises typically report under Accounting Standards for Private Enterprises (ASPE), while public companies follow IFRS — both requiring meticulous records for CRA T2 corporate tax, GST/HST returns, and payroll remittances. Fintax Support Limited maintains monthly books on QuickBooks, Xero, and Sage 50, reconciling CAD accounts and coding transactions for GST/HST input tax credits and provincial sales taxes. We prepare management accounts with T2 tax provision estimates and ensure your records support SR&ED claim documentation.
Regulatory Framework
CRA requires businesses to retain financial records for six years from the end of the last tax year they relate to. GST/HST registrants must file returns annually, quarterly, or monthly depending on revenue thresholds. Payroll remittances (CPP, EI, and income tax) must be submitted to CRA by the 15th of the following month for most employers.
Our Accounting & Bookkeeping Services in Canada
CRA-Compliant Bookkeeping
Maintain Canadian books aligned with ASPE and CRA substantiation requirements so T2 corporate returns, GST/HST filings, and payroll remittances trace cleanly to source transactions. We structure your chart of accounts, revenue recognition, and expense categorization for your entity type — whether you file a T2 corporate return, T1 business income, or partnership information return — with records retained per CRA's six-year requirement.
ASPE chart structure
Accounts mapped to CPA Canada Handbook — Accounting standards, industry, and T2 schedule requirements from day one.
CRA-ready transaction coding
Every expense and revenue entry coded to support ITC claims, capital cost allowance, and audit documentation.
Six-year record retention
Digital records organized and retained per CRA requirements — six years from the end of the last tax year they relate to.
Management-ready reporting
Monthly ledgers that feed P&L, balance sheet, and T2 provision schedules without year-end reconstruction.
How It Works
Entity and standard review
Confirm corporation type, ASPE or IFRS applicability, GST/HST registration status, and T2 filing obligations.
Chart of accounts setup
Design an ASPE-compliant account structure tailored to your revenue streams, provinces, and expense categories.
Ongoing transaction posting
Record daily or monthly transactions with proper revenue recognition, GST/HST treatment, and expense classification.
Monthly close and review
Reconcile sub-ledgers, review trial balance, and deliver CRA-ready financial summaries with GST/HST control account.
Entity and standard review
Confirm corporation type, ASPE or IFRS applicability, GST/HST registration status, and T2 filing obligations.
Chart of accounts setup
Design an ASPE-compliant account structure tailored to your revenue streams, provinces, and expense categories.
Ongoing transaction posting
Record daily or monthly transactions with proper revenue recognition, GST/HST treatment, and expense classification.
Monthly close and review
Reconcile sub-ledgers, review trial balance, and deliver CRA-ready financial summaries with GST/HST control account.
Our CRA-compliant bookkeeping service keeps your records aligned with Accounting Standards for Private Enterprises (ASPE) as published in the CPA Canada Handbook — Accounting and with CRA substantiation requirements under the Income Tax Act. We build a chart of accounts that maps cleanly to T2 Schedule 100 (Balance Sheet Information) and Schedule 125 (Income Statement Information) — ensuring every line item on your corporate return is traceable to source transactions. We apply proper revenue recognition for service businesses, product sellers, and subscription models under ASPE Section 3400, and maintain accrual-basis books consistent with your corporation's accounting policy. GST/HST registrants receive transaction coding that supports input tax credit claims on commercial purchases. For CCPCs approaching the small business deduction threshold, we maintain records that support the general rate income pool and active business income allocation. Monthly trial balances, general ledger reviews, and supporting documentation are organized per CRA's six-year retention rule so your CPA can file T2 returns without reconstructing missing entries.
Common Questions
GST/HST Input Tax Credit (ITC) Tracking
Track GST/HST collected on sales and input tax credits on business purchases with a reconciled control account that matches your GST34 return filings. Proper ITC tracking is essential for CRA compliance — only tax paid on commercial activities with valid documentation qualifies — and we code every transaction for federal GST, participating-province HST, and provincial PST/QST where applicable.
ITC eligibility coding
Purchases coded as fully recoverable, partially restricted, or non-claimable per CRA ITC rules and place-of-supply regulations.
GST/HST control account
Running ITC balance reconciled to GST34 filings each reporting period — monthly, quarterly, or annually.
Multi-jurisdiction tax treatment
HST in ON, NB, NL, NS, and PEI; GST+PST in BC, SK, and MB; separate QST tracking for Quebec operations.
Quick method reconciliation
Remittance calculations verified against actual ITCs when you elect or depart from the GST/HST Quick Method.
How It Works
Registration and rate assessment
Confirm GST/HST registration status, reporting frequency, participating provinces, and QST/PST obligations.
Tax coding configuration
Configure tax codes in QuickBooks, Xero, or Sage for GST, HST, PST, and QST with correct place-of-supply rules.
Transaction-level ITC tracking
Code every purchase and sale with recoverable ITC amounts, restricted categories, and capital asset designations.
Period-end GST34 reconciliation
Reconcile ITC control account to GST34 return lines and flag discrepancies before CRA submission.
Registration and rate assessment
Confirm GST/HST registration status, reporting frequency, participating provinces, and QST/PST obligations.
Tax coding configuration
Configure tax codes in QuickBooks, Xero, or Sage for GST, HST, PST, and QST with correct place-of-supply rules.
Transaction-level ITC tracking
Code every purchase and sale with recoverable ITC amounts, restricted categories, and capital asset designations.
Period-end GST34 reconciliation
Reconcile ITC control account to GST34 return lines and flag discrepancies before CRA submission.
GST/HST registrants must charge tax on taxable supplies and may claim input tax credits on GST/HST paid for business purchases used in commercial activities. CRA ITC rules require valid tax invoices showing the supplier's GST/HST registration number, tax amounts, and your business name. We maintain a GST/HST control account that reconciles collected tax and ITCs to each GST34 return filing — due one month after the reporting period end. For businesses operating across provinces, we apply place-of-supply rules: 13% HST in Ontario, 15% in Atlantic provinces, 5% GST plus provincial PST in BC (7%), Saskatchewan (6%), and Manitoba (7%), and separate QST (9.975%) filings with Revenu Québec for Quebec operations. Capital asset purchases receive ITC treatment consistent with CCA class designations. Restricted ITCs on meals, entertainment, and passenger vehicles are coded separately so your GST34 return reflects only legitimately claimable amounts. Our reconciliation reports document every ITC claimed so CRA can verify claims during a GST/HST audit within the normal reassessment period.
Common Questions
Payroll Liability Tracking (CPP, EI, Income Tax)
Track Canada Pension Plan (CPP), Employment Insurance (EI), and federal/provincial income tax withholdings with reconciled payroll liability accounts that match CRA remittance requirements. We journal payroll entries including CPP2 second-ceiling contributions introduced in 2024, monitor EI insurable earnings against annual maximums, and prepare T4 reconciliation support before the February filing deadline.
CPP, CPP2 & EI tracking
Employee and employer CPP contributions tracked through first and second earnings ceilings, plus EI at current CRA rates.
Remittance schedule alignment
Payroll liabilities reconciled to CRA remittance due dates — regular, accelerated, or quarterly based on withholding volume.
T4 reconciliation support
Year-end payroll accounts balanced to T4 Box 14 earnings, Box 16 CPP, Box 18 EI, and Box 22 income tax before filing.
Provincial tax withholding
Federal and provincial income tax deductions tracked separately for multi-province employers and Quebec TP-1015.3 forms.
How It Works
Payroll account and rate setup
Configure CRA payroll account (RP), current CPP/EI rates, CPP2 second ceiling, and provincial tax tables in your system.
Payroll journal entry posting
Record gross wages, employer CPP/EI contributions, income tax withholdings, and net pay with correct GL coding each pay period.
Remittance reconciliation
Reconcile payroll liability accounts to PD7A remittance statements and CRA My Business Account each period.
Year-end T4 preparation support
Balance payroll accounts to T4 totals and resolve discrepancies before the last-day-of-February filing deadline.
Payroll account and rate setup
Configure CRA payroll account (RP), current CPP/EI rates, CPP2 second ceiling, and provincial tax tables in your system.
Payroll journal entry posting
Record gross wages, employer CPP/EI contributions, income tax withholdings, and net pay with correct GL coding each pay period.
Remittance reconciliation
Reconcile payroll liability accounts to PD7A remittance statements and CRA My Business Account each period.
Year-end T4 preparation support
Balance payroll accounts to T4 totals and resolve discrepancies before the last-day-of-February filing deadline.
Canadian employers must deduct Canada Pension Plan contributions, Employment Insurance premiums, and federal and provincial income tax from employee pay and remit employer-matching CPP and EI amounts to CRA. Since 2024, CPP2 (second additional CPP) applies to earnings above the first ceiling (YMPE) up to the second earnings ceiling (YAMPE), requiring separate tracking from base CPP contributions. EI rates and maximum insurable earnings are set annually by CRA — employers remit 1.4 times the employee EI premium. We post payroll journal entries that split gross wages into expense, CPP payable, EI payable, income tax payable, and net wages, reconciling liability accounts to PD7A remittance confirmations each period. Remittance due dates depend on average monthly withholding amounts: most small employers remit by the 15th of the following month, while larger employers face accelerated thresholds. At year-end, payroll liability accounts must reconcile to T4 slip totals — Box 14 (employment income), Box 16 (CPP contributions), Box 18 (EI premiums), and Box 22 (income tax deducted) — before T4 slips are distributed to employees and filed with CRA by the last day of February.
Common Questions
Bank & Credit Card Reconciliation
Match every CAD bank and credit card transaction to your general ledger so your books reflect actual cash positions. Monthly reconciliation catches duplicate entries, missing deposits, unauthorized charges, and timing differences before they become CRA reassessment triggers. Clean reconciliations are essential for accurate T2 filings, GST/HST return support, and lender covenant reporting.
All accounts reconciled
Business chequing, savings, USD accounts, merchant accounts, and credit cards matched to ledger balances monthly.
Timing difference resolution
Outstanding cheques, deposits in transit, and processor holdbacks identified and tracked to clearance.
Fraud and error detection
Unmatched transactions flagged early — before they distort ITC claims, expense deductions, or cash flow reporting.
CRA-audit ready
Reconciled records with supporting bank statements satisfy CRA record-keeping requirements for six-year retention.
How It Works
Account inventory and access
Catalog all business bank and credit card accounts and establish secure feed or statement access.
Transaction matching
Match each bank and card line item to posted journal entries, identifying unmatched items.
Discrepancy resolution
Investigate and correct duplicates, missing entries, and misclassified transactions with your approval.
Reconciliation sign-off
Finalize reconciliation reports showing bank balance equals book balance for each account.
Account inventory and access
Catalog all business bank and credit card accounts and establish secure feed or statement access.
Transaction matching
Match each bank and card line item to posted journal entries, identifying unmatched items.
Discrepancy resolution
Investigate and correct duplicates, missing entries, and misclassified transactions with your approval.
Reconciliation sign-off
Finalize reconciliation reports showing bank balance equals book balance for each account.
Bank and credit card reconciliation is one of the most critical — and most neglected — bookkeeping tasks for Canadian businesses. CRA expects adequate records that tie every deduction and deposit on your T2 return or T1 business income back to a verified bank or card statement, retained for six years from the end of the relevant tax year. We reconcile all business accounts monthly, matching cleared transactions to general ledger entries and maintaining a clear audit trail for outstanding items. For businesses using Stripe, PayPal, Moneris, or Shopify Payments, we reconcile processor payouts against bank deposits to ensure gross revenue, fees, GST/HST collected, and refunds are properly recorded. Unreconciled accounts are a primary concern in CRA audits and make it impossible for your CPA to certify financial statements or file accurate T2 returns. Our reconciliation reports document every adjustment so you have defensible records if CRA questions a specific deduction, ITC claim, or income item during a review.
Common Questions
Year-End Financial Statements (ASPE/IFRS)
Close your fiscal year with adjusted trial balances, formal ASPE or IFRS financial statements, and supporting schedules ready for your CPA, lender, or auditor. Year-end preparation includes accruals, CCA depreciation entries, prepaid adjustments, and inventory true-ups so your T2 filing starts from accurate books filed within CRA's six-year retention framework.
Adjusting journal entries
Year-end accruals, deferrals, CCA depreciation, and prepaid adjustments posted before CPA handoff.
Formal financial statements
Complete P&L, balance sheet, statement of retained earnings, and cash flow information per ASPE Part II.
CCA schedule alignment
Capital asset schedules reconciled to T2 Schedule 8 for capital cost allowance claims.
T2-ready trial balance
Adjusted trial balance mapped to T2 Schedule 125 and Schedule 100 line items.
How It Works
Pre-close account review
Review all accounts for miscodings, unreconciled items, and missing documentation before year-end close.
Adjusting entries posting
Post accruals, prepaid amortization, CCA depreciation, deferred revenue, and inventory adjustments.
Financial statement preparation
Generate ASPE Part II or IFRS financial statements with required note disclosures for your entity type.
CPA and T2 handoff package
Deliver adjusted trial balance, financial statements, CCA schedules, and GST/HST reconciliation for T2 preparation.
Pre-close account review
Review all accounts for miscodings, unreconciled items, and missing documentation before year-end close.
Adjusting entries posting
Post accruals, prepaid amortization, CCA depreciation, deferred revenue, and inventory adjustments.
Financial statement preparation
Generate ASPE Part II or IFRS financial statements with required note disclosures for your entity type.
CPA and T2 handoff package
Deliver adjusted trial balance, financial statements, CCA schedules, and GST/HST reconciliation for T2 preparation.
Year-end financial statement preparation transforms monthly bookkeeping into formal ASPE Part II (CPA Canada Handbook — Accounting) or IFRS financial statements that your CPA, lender, and stakeholders rely on. For Canadian private enterprises, ASPE governs revenue recognition (Section 3400), property plant and equipment (Section 3061), and financial statement presentation (Section 1521). We post year-end adjusting entries for accrued liabilities, prepaid expenses, CCA depreciation per T2 Schedule 8, deferred revenue, inventory obsolescence, and bad debt provisions. Financial statements include a balance sheet, income statement, statement of retained earnings, and cash flow information with note disclosures appropriate to your entity size and lending requirements. Public companies and certain regulated entities receive IFRS-aligned statements. The adjusted trial balance maps directly to T2 Schedule 125 (Income Statement Information) and Schedule 100 (Balance Sheet Information), minimizing book-to-tax adjustments your CPA must compute. All working papers are organized for CRA's six-year retention requirement and audit readiness.
Common Questions
QuickBooks Online / Xero / Sage Setup
Launch your Canadian business on the right cloud accounting platform with a properly configured chart of accounts, bank feeds, GST/HST tax codes, and integration mapping. Whether you choose QuickBooks Online Canada, Xero, or Sage 50, we set up your instance for ASPE compliance, CRA-ready reporting, and seamless payroll and payment processor connections.
Platform selection guidance
QuickBooks Online Canada, Xero, or Sage 50 recommended based on your entity type, provinces, and integration needs.
ASPE chart configuration
Chart of accounts, classes, and tracking categories structured for ASPE and T2 schedule mapping.
Bank feed and integration setup
Canadian bank accounts, credit cards, Stripe, Shopify, and payroll systems connected with correct tax mapping.
GST/HST and PST/QST tax codes
Federal GST, provincial HST, BC/SK/MB PST, and Quebec QST codes configured with place-of-supply rules.
How It Works
Platform and plan assessment
Evaluate QuickBooks Online Canada, Xero, and Sage 50 against your transaction volume, provinces, and integrations.
Instance configuration
Create company file, configure ASPE chart of accounts, GST/HST settings, fiscal year, and corporation details.
Integration and bank feed setup
Connect Canadian bank accounts, payment processors, payroll systems, and configure automatic categorization rules.
Training and handoff
Walk through daily workflows, GST/HST reporting, and month-end close procedures with your team.
Platform and plan assessment
Evaluate QuickBooks Online Canada, Xero, and Sage 50 against your transaction volume, provinces, and integrations.
Instance configuration
Create company file, configure ASPE chart of accounts, GST/HST settings, fiscal year, and corporation details.
Integration and bank feed setup
Connect Canadian bank accounts, payment processors, payroll systems, and configure automatic categorization rules.
Training and handoff
Walk through daily workflows, GST/HST reporting, and month-end close procedures with your team.
Choosing and configuring the right cloud accounting platform is a foundational decision for Canadian businesses that affects every subsequent T2 filing, GST/HST return, and financial report. We set up QuickBooks Online Canada, Xero, and Sage 50 with ASPE-compliant chart of accounts mapped to T2 Schedule 125 and Schedule 100 line items. Bank feeds are connected for all business chequing, savings, and credit card accounts at Canadian financial institutions, and we configure integration rules for Stripe, Shopify, Moneris, PayPal, and Canadian payroll providers so transactions import with correct GL coding and tax treatment. GST/HST tax codes are configured for multi-province operations — HST in participating provinces, GST plus PST in BC (7%), Saskatchewan (6%), and Manitoba (7%), and separate QST codes for Quebec. User roles and approval workflows are established so your team can enter bills and invoices while maintaining segregation of duties. We also configure T4 contractor tracking and GST/HST ITC flags so year-end compliance workflows start from properly structured daily records retained per CRA's six-year rule.
Common Questions
Accounts Payable & Receivable Management
Track what you owe vendors and what customers owe you with disciplined AP and AR workflows that protect cash flow and support accrual-basis T2 filings. We manage bill entry, invoice tracking, ageing reports, and payment scheduling so you never miss a T4A deadline or lose revenue to uncollected receivables.
Cash flow control
Ageing schedules and payment calendars so you optimize vendor timing without damaging supplier relationships.
Accrual-basis accuracy
AP and AR balances recorded when incurred, supporting proper accrual-basis T2 Schedule 125 filings.
Vendor GST/HST verification
Supplier GST/HST registration numbers verified upfront so ITC claims are supported before payment.
Receivable follow-up tracking
Outstanding invoices monitored with ageing buckets so overdue accounts are flagged before write-off.
How It Works
AP and AR workflow design
Define bill approval process, invoice numbering, payment terms, and GST/HST documentation requirements.
Bill and invoice entry
Enter vendor bills and customer invoices with correct GL coding, due dates, and GST/HST/QST/PST treatment.
Ageing and payment scheduling
Generate AP and AR ageing reports and coordinate payment runs aligned with your cash position and CRA remittances.
Period-end reconciliation
Reconcile AP and AR sub-ledgers to the general ledger and accrue unmatched items at month-end.
AP and AR workflow design
Define bill approval process, invoice numbering, payment terms, and GST/HST documentation requirements.
Bill and invoice entry
Enter vendor bills and customer invoices with correct GL coding, due dates, and GST/HST/QST/PST treatment.
Ageing and payment scheduling
Generate AP and AR ageing reports and coordinate payment runs aligned with your cash position and CRA remittances.
Period-end reconciliation
Reconcile AP and AR sub-ledgers to the general ledger and accrue unmatched items at month-end.
Effective accounts payable and receivable management keeps Canadian businesses liquid while maintaining the accrual records CRA expects on T2 Schedule 125. We enter vendor bills when received — not when paid — so expenses are recorded in the correct fiscal period under ASPE accrual accounting. Customer invoices are tracked through ageing schedules, and we flag overdue receivables before they become uncollectible bad debts requiring T2 write-off documentation. On the AP side, we verify supplier GST/HST registration numbers at onboarding so ITC claims on purchases are supported with valid tax invoices before payment is issued. Payment scheduling is coordinated with your cash flow forecasts and CRA payroll remittance obligations so you avoid overdrafts while capturing early-payment discounts. For Quebec vendors, QST registration numbers are verified separately for Revenu Québec ITC claims. Month-end AP and AR reconciliations ensure sub-ledger balances match your general ledger for clean ASPE financial statements and CRA-audit-ready records retained for six years.
Common Questions
eCommerce Bookkeeping (Shopify, Amazon Canada)
Reconcile multi-channel eCommerce revenue from Shopify, Amazon.ca, and payment processors against bank deposits with proper fee, refund, and GST/HST/PST treatment. eCommerce accounting is uniquely complex in Canada — platform fees, FBA inventory, multi-province tax nexus, and payout timing all require specialized bookkeeping that standard approaches miss.
Multi-channel payout reconciliation
Shopify Payments, Amazon.ca disbursements, and Stripe payouts matched to bank deposits and gross revenue.
Fee and refund tracking
Platform commissions, FBA fees, chargebacks, and returns coded separately from net revenue.
Multi-province tax coding
Transactions tagged by destination province for GST/HST, QST, and PST (BC/SK/MB) filing obligations.
COGS and inventory alignment
Cost of goods sold and inventory movements tracked for accurate T2 gross margin and CCA on equipment.
How It Works
Channel and processor mapping
Catalog all selling channels, payment processors, and bank accounts with their fee structures and payout schedules.
Integration and data import setup
Connect A2X, Bookkeep, or native Shopify and Amazon integrations to import settlement reports into your accounting platform.
Monthly settlement reconciliation
Reconcile gross sales, fees, refunds, GST/HST collected, and net payouts for each channel against bank deposits.
Sales tax and reporting delivery
Deliver province-coded revenue reports and reconciled P&L for GST34, QST, and PST filing and T2 preparation.
Channel and processor mapping
Catalog all selling channels, payment processors, and bank accounts with their fee structures and payout schedules.
Integration and data import setup
Connect A2X, Bookkeep, or native Shopify and Amazon integrations to import settlement reports into your accounting platform.
Monthly settlement reconciliation
Reconcile gross sales, fees, refunds, GST/HST collected, and net payouts for each channel against bank deposits.
Sales tax and reporting delivery
Deliver province-coded revenue reports and reconciled P&L for GST34, QST, and PST filing and T2 preparation.
eCommerce businesses face bookkeeping complexity that traditional service-business accounting does not address. Shopify — headquartered in Ottawa — processes payments through Shopify Payments with GST/HST collected at applicable provincial rates; Amazon.ca Seller Central settlements include FBA fees, storage charges, reimbursements, and multi-currency adjustments. We reconcile gross merchandise revenue against net bank deposits, ensuring platform fees, refunds, and chargebacks are recorded separately so your T2 Schedule 125 reflects accurate gross receipts and COGS. Multi-province tax obligations require sales to be coded by destination: 13% HST in Ontario, 15% in Atlantic provinces, 5% GST plus PST in BC (7%), Saskatchewan (6%), and Manitoba (7%), and 9.975% QST for Quebec customers filed separately with Revenu Québec. We use tools like A2X and Bookkeep alongside native QuickBooks and Xero integrations to automate settlement imports while maintaining manual review for discrepancies. Inventory-based sellers receive COGS calculations tied to FBA inventory reports, supporting accurate gross margin reporting and year-end CCA claims on eCommerce equipment.
Common Questions
Outsourced CFO Services
Access strategic financial leadership — budget forecasting, KPI dashboards, cash flow modeling, and board-ready reporting — without the cost of a full-time CFO hire. Our outsourced CFO service gives Canadian growth-stage businesses the financial intelligence to make hiring, pricing, and investment decisions backed by ASPE data and CRA-aware tax planning.
KPI dashboards and forecasting
Custom dashboards tracking revenue, margins, burn rate, and unit economics against your business plan.
Cash flow modeling
13-week cash flow forecasts aligned to payroll remittances, GST/HST payments, and seasonal revenue patterns.
Board and investor reporting
Monthly and quarterly packages formatted for board meetings, investor updates, and BDC or bank loan covenants.
T2 tax planning coordination
Quarterly T2 provision estimates integrated with operational forecasts and small business deduction strategy.
How It Works
Financial strategy assessment
Review current books, reporting gaps, growth targets, and stakeholder reporting requirements.
Dashboard and model build
Configure KPI dashboards, budget templates, and cash flow models tied to your ASPE chart of accounts.
Monthly CFO review sessions
Walk through variances, update forecasts, and advise on pricing, hiring, and capital allocation decisions.
Board and investor package delivery
Prepare and present financial packages for board meetings, SR&ED planning, or lender covenant submissions.
Financial strategy assessment
Review current books, reporting gaps, growth targets, and stakeholder reporting requirements.
Dashboard and model build
Configure KPI dashboards, budget templates, and cash flow models tied to your ASPE chart of accounts.
Monthly CFO review sessions
Walk through variances, update forecasts, and advise on pricing, hiring, and capital allocation decisions.
Board and investor package delivery
Prepare and present financial packages for board meetings, SR&ED planning, or lender covenant submissions.
Our outsourced CFO service provides Canadian businesses with controller-level and CFO-level financial leadership on a fractional basis. We build rolling 12-month forecasts, 13-week cash flow models, and KPI dashboards that track gross margin, customer acquisition cost, lifetime value, and operating expense ratios against your strategic plan. Monthly CFO sessions review budget variances, update projections based on actual performance, and advise on decisions with tax implications — such as CCPC salary versus dividend optimization, capital cost allowance timing, and GST/HST registration threshold planning. Board-ready and investor packages include ASPE financial statements, management commentary, and covenant compliance calculations for BDC loans, commercial credit facilities, and venture due diligence. We coordinate with your CPA on year-end T2 tax planning, small business deduction optimization, SR&ED expenditure forecasting, and multi-province tax exposure so operational and tax strategy stay aligned throughout the fiscal year.
Common Questions
Clean-Up & Catch-Up Bookkeeping
Reconstruct months or years of incomplete bookkeeping from bank statements, credit card records, and payment processor data before T2 filing season or a CRA reassessment response. Clean-up bookkeeping transforms disorganized records into ASPE-aligned books that support accurate T2 filings and satisfy CRA's six-year record-keeping requirements.
Historical transaction reconstruction
Missing months rebuilt from bank feeds, statements, and processor reports with full GL coding and GST/HST treatment.
Error and duplicate correction
Misclassified entries, duplicate postings, and orphaned transactions identified and resolved systematically.
CRA reassessment preparation
Books organized to respond to CRA notices of reassessment, GST/HST audits, and amended T2 return requirements.
Opening balance reconciliation
Clean opening balances established so ongoing monthly bookkeeping starts from a verified baseline.
How It Works
Scope and records assessment
Review the period requiring reconstruction, available bank statements, receipts, and prior T2 or GST/HST filings.
Historical transaction posting
Rebuild missing months from bank and card statements with ASPE-compliant coding and GST/HST ITC treatment.
Reconciliation and correction
Reconcile all accounts, correct errors, and resolve discrepancies between books and CRA filed returns.
Ongoing bookkeeping transition
Hand off to monthly bookkeeping with verified opening balances and documented catch-up methodology.
Scope and records assessment
Review the period requiring reconstruction, available bank statements, receipts, and prior T2 or GST/HST filings.
Historical transaction posting
Rebuild missing months from bank and card statements with ASPE-compliant coding and GST/HST ITC treatment.
Reconciliation and correction
Reconcile all accounts, correct errors, and resolve discrepancies between books and CRA filed returns.
Ongoing bookkeeping transition
Hand off to monthly bookkeeping with verified opening balances and documented catch-up methodology.
Clean-up and catch-up bookkeeping addresses the reality that many Canadian businesses fall behind on record-keeping — often discovered at T2 filing time, during a CRA reassessment, or when applying for BDC or bank financing. We reconstruct missing periods from bank statements, credit card records, Shopify and Amazon.ca settlement reports, and payroll summaries, coding every transaction under ASPE with proper GST/HST, QST, and PST treatment. Historical ITC claims are supported with reconstructed vendor documentation where original invoices are available or obtainable. Payroll catch-up includes CPP, CPP2, and EI reconciliation to T4 totals for prior years. We correct duplicate entries, misclassified transactions, and orphaned items that distort T2 Schedule 125 income and expense lines. Once catch-up is complete, we establish verified opening balances and transition to ongoing monthly bookkeeping so you maintain CRA-compliant records for the full six-year retention period. Our clean-up methodology is documented so your CPA and CRA have a clear audit trail for reconstructed periods.
Common Questions
Frequently Asked Questions
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