Frequently asked questions

When you are thinking of starting a business, become self-employed, incorporate, hire employees, register for HST, fall behind on taxes, need financial statements, or want better insight into performance. Speak with an accountant before major financial or business decisions.

An accountant can often help identify eligible deductions, improve planning, avoid penalties, reduce errors, and support better decisions. No accountant should promise a specific tax result without reviewing your situation. Professional advice can still be worth a great deal.

At least quarterly, and monthly is better for most operating businesses. Regular review catches cash issues, rising costs, weaker revenue, and tax obligations before they are urgent.

Invoices, receipts, bank and credit card statements, payroll records, mileage logs, contracts, loan documents, HST records, investment documents, and support for income, expenses, deductions, or credits. The CRA generally requires records to be kept for six years, and GST/HST records usually follow that period.

Bookkeeping records transactions such as sales, purchases, payments, payroll, and bank activity. Accounting uses that information to prepare financial statements, analyze performance, support tax filings, and help with planning.

Start as soon as you can. Gather records, determine which returns or payments are outstanding, and speak with an accountant before the situation becomes more serious. We help clients organize records, prepare overdue filings, and work toward compliance.

Organize income records, expense receipts, bank statements, loan documents, payroll records, HST information, investment slips, charitable and medical receipts, and prior-year notices of assessment. Businesses should also reconcile bank accounts, review receivables and payables, and confirm shareholder or owner withdrawals.

Most business owners should meet at least semi-annually. Growing businesses, corporations, and employers often need more frequent check-ins. Individuals with complex situations should meet before year-end.

A common misconception is that accountants only prepare tax returns. A good accountant also helps with planning, compliance, reporting, cash flow, and decisions. Another misconception is that accounting is only needed once a year. For a business, regular support is often essential.

A local accountant understands Ontario payroll, CRA compliance, and the cost and staffing pressure of operating here. Communication is also simpler when the firm is in Mississauga and the client is in the GTA. Look for experience, responsiveness, clear explanations, ethics, and someone who will stay involved after the return is filed.