Construction Accounting in Toronto

What a trade file actually includes

Construction accounting in Toronto, for this firm, means the books and the tax returns of a contractor or a tradesperson. Many are still sole proprietors, so the income is business income on the personal return. Others have incorporated, and then the company files a T2. The Scarborough office does both. It does not keep a site trailer or a second office in Toronto.

Papers from the job

Bring bank statements, invoices you issued, invoices from subcontractors, and material receipts. If the truck is used for the work, keep fuel, repairs and lease papers. HST collected on taxable jobs has to be tracked separately from the income. A small supplier whose HST-taxable supplies stay at or under $30,000 in the set period may not need to register. Many active trades are over that line. The firm will say which before an HST return is filed.

Payroll when there is a crew

The first employee means a payroll account. The firm can run weekly or bi-weekly pay, the CPP, EI and tax remittance, T4s and an ROE when someone leaves. WSIB reporting is part of the payroll service when the file needs it. There is no published price per worker.

The only office is in Scarborough, near Kennedy Station. You can visit or send the documents. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has worked since 2010. Personal returns start at $49.99 + HST. Other files are quoted first.

Start with bookkeeping, HST or self-employed tax, depending on which piece is behind.

Books before the return

Construction accounting, for this firm, starts with the records the bookkeeping page already names. Income and expenses are written down. The bank is reconciled. The statements at the end of the month or the year are the income statement, the balance sheet, the statement of retained earnings and the cash flow statement. A trade that is still a sole proprietor reports the net income on the personal return. A trade that has incorporated files a T2 from those same books, within six months after the company’s year end. The Scarborough office does both. It does not keep a site trailer or a second office.

Papers from the job

Bring bank statements, invoices you issued, invoices from subcontractors, and material receipts. If the truck is used for the work, keep fuel, repairs and maintenance, and lease papers if you lease. That is the vehicle file the self-employed page asks every business owner to keep. The firm explains which of those costs are claimable under the Income Tax Act. It will also pick documents up from your shop or site when that is how you want to start, which is a service the self-employed page already offered.

HST on the jobs

HST collected on taxable jobs is tracked apart from the income. The original HST page says a small supplier whose taxable supplies stay at or under $30,000 in a calendar quarter and the last four consecutive quarters may not need to register, and that crossing the line means registering within 29 days of the sale that crossed it. Many active trades are over that line. The firm will say which, before an HST return is filed. Input tax credits are claimed from the invoices, not from a guess.

A crew means payroll

The first employee means a payroll account. The original payroll list is weekly, bi-weekly, semi-monthly or monthly pay, the remittance for CPP, EI and income tax, T4 and T4A slips, a record of employment when someone leaves, and WSIB when the file needs it. There is no published price per worker. The old site printed starting prices for payroll. They are not used.

Personal returns are the only published starting price, $49.99 + HST, and they are for a simple T1, not for a trade file. The quote covers the books, the HST and the return you actually need. English, Bengali and Tamil are spoken at Suite 205, near Kennedy Station. Manoranjan (Mano) Talukder, CPA, has led the firm since 2010.

One file, not three firms

A trade that asks the office to “just do the taxes” still needs the books those taxes come from. The original bookkeeping page treated the statements as the thing a lender and the CRA both read. Bring the year in one package: bank statements, invoices out, subcontractor invoices, material receipts, and the truck file. Say whether anyone was on payroll. Say whether HST was collected. The quote names which of those pieces are in the engagement. The T2 or the personal return is prepared after the books, not instead of them.

You can drop the box at Suite 205 or ask the firm to pick it up, which the self-employed page already offered. There is no published price for a trade file. A simple personal return, if the owner also has one with only T4s, starts at $49.99 + HST and is a different job. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, has led the firm since 2010.

Say at the start whether subcontractors were paid and whether you collected HST on the invoices you issued. Those two facts decide whether the file is only a personal return or also an HST account and a set of expense records. The office will not assume either one from the trade you work in.