Small Business Accountant in Toronto and Scarborough

One accountant for the year

A small business does not need four firms. Kennedy Tax & Accounting Inc. already keeps books, files HST, runs payroll and prepares the T2 or the self-employed return. This page is that bundle for Toronto owners whose office is still the Scarborough desk near Kennedy Station.

What happens in a year

Each month or quarter the books are brought up to date: income, expenses and the bank. HST is filed on the schedule the CRA assigned. Payroll, if you have staff, is run on the weekly, bi-weekly, semi-monthly or monthly cycle, with the CPP, EI and tax remittance. At year end the T2, or the personal return with a business statement, is prepared from those books. A federal annual return is filed when the corporation is federal.

Scarborough as well as Toronto

Owners in Scarborough use the same desk. The phrase to use for that search is small business accounting in Scarborough, and it is this office, not a second location. Incorporating first is the business registration service. The separate service pages are bookkeeping, HST, payroll and corporate tax.

The only office is in Scarborough, near Kennedy Station. You can come in or send the papers. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, leads the firm, which has done this work since 2010. Personal income tax returns start at $49.99 + HST. Everything else is quoted before it starts.

What the original bookkeeping page means by this work

The firm’s bookkeeping page describes the job as recording, organising and managing the transactions so the records stay current. That is the monthly work. The accounting work on the same page is the next step: financial statements, tax planning and support if the CRA asks about the file. A small business accountant in Toronto, at this firm, is that pair of jobs plus the returns, done from the Scarborough office.

The statements named on the original page are the income statement, the balance sheet, the statement of retained earnings and the cash flow statement. They can be prepared monthly, quarterly or for the year. Bank reconciliations are on the same list, as are the ordinary business records and a review of the documents when you ask for one. The other-services list adds a cash-flow review and papers for a business loan on an existing business. None of those items has a menu price.

A year with one accountant

Bring the bank statements, the sales invoices and the expense invoices. The office records them, reconciles the bank, and keeps accounts payable and receivable when you track them. HST is prepared on the schedule the CRA assigned, monthly, quarterly or annual. If taxable supplies are at or under $30,000 across a calendar quarter and the last four consecutive quarters, the original HST page says a small supplier may not need an account. Cross that line and the same page says you register within 29 days of the sale that crossed it. The firm will say which case you are in before a return is filed.

Payroll starts when there is an employee. The original payroll list is weekly, bi-weekly, semi-monthly or monthly pay, the monthly 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. The calculation steps the firm published are gross pay, then deductions and tax, then net pay, then the pay and the filings.

The return at the end of the year

A sole proprietor reports the net income on the personal return. The original self-employed page says the personal return and the business income are filed together, and that the firm will explain which expenses are claimable under the Income Tax Act. Up to 10 years can be prepared. The firm also offered to pick documents up from your office. A corporation files a T2 within six months after its year end, and the books have to be finished first. A federal corporation also has its annual return. Not-for-profit organisations and charities are named on the corporate service. Records are kept for the general six-year period the firm quotes, counted from the end of the last tax year they relate to.

Scarborough and Toronto are the same desk

Owners who search for small business accounting in Scarborough use this office, not a second location. Toronto owners do the same. Incorporating, if you are still a sole proprietor and want to talk about a corporation, is the business registration service. The separate pages are bookkeeping, HST, payroll and corporate tax. Personal returns are the only work with a published starting price, $49.99 + HST. A business file is quoted before it starts. The old site printed monthly packages. Those figures are not used here.

Call (647) 827-2220 or email the office. The only address is 2390 Eglinton Ave E, Suite 205, Scarborough. English, Bengali and Tamil are spoken. Manoranjan (Mano) Talukder, CPA, has led the firm since 2010.

Benefits the bookkeeping page actually listed

Accurate records, so tax filings and a loan application use the same numbers. Time back for the owner, because the original page treated the books as work that crowds out the business. A cash-flow statement and an income statement that show a tight month while you can still change it. Returns filed from those records. Bills and invoices tracked so payable and receivable are not a memory. The firm does not add a promise that profits will rise. It keeps the records and prepares the returns those records support.