Small business accountant FAQ: London, Ontario & virtual accounting across Canada

Bhundhoo Tax Professional Corporation is located at 217-379 Dundas Street, London, Ontario, N6B 1V5. Office meetings are by appointment. Virtual appointments are also available.

Contact our London office to discuss your accounting needs or arrange an appointment.

We provide corporate tax preparation, year-end accounting, bookkeeping, payroll, GST/HST filing, compilation engagements, tax planning and fractional CPA support.

You can discuss a specific filing or an ongoing arrangement. The engagement sets out which services, reporting periods and deliverables are included. Explore our accounting services.

We work with owner-managed businesses, including solo founders, contractors and tradespeople, eCommerce businesses, logistics operators and service businesses. We also support professional practices and other incorporated businesses.

Tell us about your industry, business structure and accounting needs so we can assess whether the engagement is a good fit. See our contractor accounting and medical professional services.

Look for relevant experience, clear communication and a written scope that matches your needs. Ask who will handle your work, which filings are included, how fees are calculated and what records you must supply.

Also distinguish between year-end filing and ongoing advice. A tax-return engagement does not automatically include monthly bookkeeping, cash-flow forecasting or unlimited consultations.

Our practice is led by Amit Bhundhoo, CPA and former CRA auditor. We focus on helping business owners understand their records, tax obligations and practical next steps.

We discuss the work needed, identify information gaps and agree on the scope and fees before proceeding. Services can be delivered virtually or through appointments at our London office.

Yes. We offer virtual accounting and tax services to Canadian business owners outside London, including elsewhere in Ontario. Meetings, record collection and document review can be handled remotely.

We confirm the provinces involved and any additional filing, professional or specialist requirements before accepting an engagement. Availability depends on the work required.

We begin with an introductory conversation, confirm the scope and fees, and provide a list of required records. We then arrange authorized access to relevant software and a suitable way to exchange documents.

Questions, draft work and required approvals are handled remotely. You do not need to travel to London for an engagement that can be completed virtually.

We can assess the accounting and tax needs of a business with activities in multiple provinces. Provincial allocation, registrations, sales taxes and payroll obligations may require additional work.

Some jurisdictions require separate returns or specialist input. We confirm what we can handle and any coordination needed before the engagement begins.

Use the document-sharing method agreed during onboarding. Do not send your CRA password, banking password or security codes. CRA representative access should be arranged through the applicable authorization process.

We explain what access is needed and how to provide records. Review our privacy information and contact us if you have questions about a particular document.

Accounting fees depend on the services required, the complexity of the business and the condition of the records. A straightforward corporate return differs from an engagement involving overdue bookkeeping, payroll, several entities or ongoing advice.

See our services and pricing for available options. Your written quote confirms the applicable fee, taxes, inclusions and any additional work.

Yes. We offer different ways to work together, from support for owners who maintain their own records to bookkeeping and ongoing fractional CPA involvement.

Payroll, sales tax filings, corporate returns, compilation engagements and advisory time are included only where stated in your agreed package. We help you compare the options against your actual needs.

We discuss your business, current accounting setup, deadlines and the help you are looking for. The purpose is to assess service fit and explain the next steps.

Detailed tax analysis, document review or a written recommendation may require a separate paid engagement. The introductory call does not automatically include a full tax review.

The list depends on your engagement. Common items include:

• Business number, incorporation documents and fiscal year-end.
• Prior tax returns, financial statements and notices of assessment.
• Bank, credit-card and loan statements.
• Access to accounting records and supporting receipts.
• Sales, payroll, GST/HST and shareholder transaction records.
• Outstanding CRA letters and known deadlines.

We provide a tailored checklist rather than asking you to guess which documents matter.

Yes. Start by confirming outstanding work, filing deadlines and access to your records. We discuss the transition and, where appropriate, communicate with your previous accountant with your authorization.

Bringing prior returns, working records and financial statements helps reduce duplicated work. Urgent deadlines and incomplete records can affect the transition timetable.

Timing depends on the scope, record completeness, outstanding questions and available capacity. We discuss an expected timetable after assessing the work.

Tell us about an approaching deadline at your first contact. Sending documents shortly before a deadline does not guarantee that the work can be completed by that date.

Yes. We prepare corporate income tax returns and related year-end accounting within the agreed scope. We review the available records, identify required adjustments and discuss questions that affect the return.

Bookkeeping cleanup, financial statement engagements, information returns and specialized tax planning may be separate services. View corporate tax services.

Generally, yes. A typical Canadian resident business corporation must file a T2 return for each tax year even if it was inactive or has no income tax payable. Exceptions exist for certain types of entities.

No sales does not necessarily mean no transactions. Bank fees, loans, investments and shareholder funding can still affect the records. An open GST/HST account may also have separate filing obligations.

CRA: Corporation income tax returns

A T2 return is generally due within six months after the corporation’s tax year-end. The filing date depends on the company’s year-end, not automatically the personal income tax deadline.

Corporate income tax payment deadlines are separate and can fall earlier. We recommend identifying both dates when planning the year-end work.

CRA: T2 guide and filing requirements

The remaining corporate tax balance is generally due two months after the tax year-end. Certain qualifying Canadian-controlled private corporations have three months for specified taxes if the applicable conditions are met.

Instalments may also be required during the year. Having six months to file a T2 does not automatically provide six months to pay the tax.

CRA: Corporate balance-due day

CRA’s ordinary late-filing penalty is generally 5% of the unpaid tax due at the filing deadline, plus 1% of that amount for each complete month late, up to 12 months. Increased penalties and other rules can apply.

Interest may apply separately. No tax payable does not remove the filing requirement or every possible consequence. Mandatory electronic filing also has separate rules.

CRA: Corporate tax penalties

No. A T2 reports corporate income tax information to the CRA. An annual corporate registry return concerns the corporation’s legal registration and information.

The responsible registry depends on where the company is incorporated or registered. Confirm who handles each requirement; filing a T2 should not be assumed to complete every corporate registry obligation.

Bookkeeping records and organizes transactions, reconciles accounts and maintains supporting records. Accounting uses those records to prepare reports, make adjustments and support tax compliance and business decisions.

Reliable bookkeeping gives your accountant a stronger starting point. Tax preparation alone does not necessarily include reconstructing or correcting the underlying books.

QuickBooks Online helps record transactions and produce reports, but software does not determine every accounting or tax treatment. Bank feeds and automation rules still need review.

A CPA can help assess the records, prepare year-end adjustments, address filing requirements and explain decisions such as owner compensation. You can keep your own books and engage us for a defined review or year-end scope.

Yes. We assess the periods involved, available records and account balances before proposing cleanup work. This may include reconciling bank and credit-card accounts, reviewing sales and expenses, and identifying missing information.

The resulting scope depends on the condition of the records. Completing the books and filing outstanding returns are related tasks, but they should be identified separately in the quote.

Yes. We can discuss QuickBooks Online setup, a suitable chart of accounts, opening balances, bank connections and migration support.

A migration needs checks to confirm that transferred balances and records are appropriate. Moving software does not automatically correct errors in the old system.

Yes. We can assess bookkeeping for businesses with payment processors, marketplace settlements, contractor costs, job-related expenses or multiple revenue streams.

For eCommerce, a bank deposit may represent sales less fees, refunds and other adjustments. For contractors, useful records may include materials, subcontractors and project costs. The bookkeeping setup should reflect how the business actually operates.

For many businesses, mandatory registration is linked to exceeding the $30,000 small-supplier threshold. The test considers relevant worldwide taxable supplies, including zero-rated supplies and supplies of associated persons, over a single calendar quarter or four consecutive quarters.

Exceptions and special rules apply. The date you must start charging tax depends on how the threshold is exceeded. It is not simply an annual profit test.

CRA: When to register and start charging GST/HST

Generally, a registered business must file for each required reporting period even if there were no transactions or no net tax to remit. CRA provides for nil returns.

Check whether the account remains open and which returns are expected. Having no activity does not automatically close a GST/HST account.

CRA: GST/HST reporting requirements and deadlines

Monthly and quarterly filers generally file and pay within one month after the reporting period ends. Annual filers generally have three months after their fiscal year-end, subject to exceptions.

Certain annual-filing individuals with business income and a December 31 year-end pay by April 30 but file by June 15. Confirm your assigned reporting period, account deadlines and any instalment requirements.

CRA: GST/HST filing and remitting rules

Yes. We can discuss payroll processing, remittance support and applicable year-end information returns, including T4s. The engagement confirms the employees, pay schedule, filings and responsibilities covered.

Payroll remittances and year-end slips have different deadlines. Owners must provide complete employee and compensation information on the agreed timetable.

A CPA can review deductions, available elections, transaction timing and planning options that may apply to your circumstances. The objective is appropriate reporting and informed decisions, not a guaranteed tax saving.

Effective planning depends on your business structure, profitability, personal needs and future plans. Discuss significant transactions before completing them.

There is no single answer for every incorporated owner. The analysis considers corporate and personal taxes, payroll obligations, CPP, retirement planning, cash needs and other relevant circumstances.

We can assess salary, dividends or a combination within a planning engagement. Transferring money from the company to your personal account does not by itself establish the correct tax treatment.

Yes. We can compare the accounting and tax implications of operating personally and through a corporation. Considerations include retained profits, administrative costs, owner withdrawals and longer-term plans.

Incorporation is not automatically worthwhile at a particular revenue figure. Legal liability and corporate documents may also require advice from a lawyer.

A compilation engagement involves assisting management in preparing compiled financial information using the information management provides and an identified basis of accounting.

It does not provide audit or review assurance. If a lender requests financial statements, confirm the exact reporting requirement before commissioning the work.

Fractional support provides ongoing financial involvement without hiring a full-time finance leader. Depending on the engagement, it may include reporting oversight, budgeting, cash-flow forecasts and discussions about business performance.

It is different from simply preparing an annual return. We agree on the reporting, meeting frequency and responsibilities that suit your business.

We can discuss an initial review of owner-managed corporate structures and potential planning needs. Reorganizations require a defined scope and may involve legal counsel, valuations or specialist tax advice.

Do not transfer assets, redeem shares or establish a structure based only on a general FAQ. The tax and legal consequences depend on the specific facts and implementation.

Identify the missing returns, outstanding periods and correspondence deadlines first. Gather prior returns, account statements and bookkeeping records before assuming what is owed.

With appropriate authorization, we can review available CRA information, assess the accounting work needed and propose a catch-up scope. Tell us immediately about demands to file, collection notices or other urgent letters.

Yes. We can assess correspondence and discuss assistance with gathering records, explaining the issue and preparing a response within the agreed scope.

Provide the complete letter and its deadline. Some disputes, legal issues or investigations need specialist representation. We do not guarantee that an assessment will change. Learn about CRA representation services .

No. Penalty or interest relief depends on the applicable rules, circumstances and CRA’s decision. Catching up on returns does not automatically eliminate existing charges.

We can assess whether a relief request or another process warrants further review. Any application needs accurate facts and supporting documentation.

Separate the filing problem from the payment problem. Delaying a required return does not resolve an outstanding balance. Establish what must be filed and what is owed, then discuss payment options with the CRA as appropriate.

We can help organize the financial information for that discussion. Acceptance of an arrangement and any continuing interest or collection consequences depend on the circumstances.