Bookkeeping, tax, and CRA compliance for incorporated IT professionals
From first registration to wind-down, every compliance requirement handled correctly and on time. Fixed-scope packages for setup, ongoing administration, and wind-down. Every engagement begins with a New Client File Review.
- Bookkeeping records
- Prior tax returns
- GST/HST and QST accounts (where applicable)
- Payroll accounts (where applicable)
- CRA and Revenu Québec correspondence
- Corporate records (if incorporated)
- Accounting software review
- Outstanding filing obligations
- Areas requiring attention before ongoing work begins
Every business has a different history. Before accepting responsibility for an engagement, we review the existing file so we understand the current position, identify outstanding issues, and define the work required. The review allows us to define the appropriate scope of work and provide an accurate fixed-fee proposal.
After the review, you receive a written findings summary and, if we are a fit, a fixed-fee proposal for ongoing services.
- Business structure review: sole proprietorship vs. corporation, and which province to operate from
- Federal and provincial tax registrations: CRA business number, GST/HST, payroll, corporate accounts, and Revenu Québec QST where applicable
- QuickBooks Online setup with chart of accounts for your business type
- Invoicing setup: template, payment terms, and GST/HST line configuration
- Mileage log setup for business vehicle use
- Receipt and expense tracking workflow
- Prior-year bookkeeping cleanup where needed
- Opening balance sheet
- Corporate records book established and organized
- Initial organizational resolutions prepared
- Share issuance documented and registers created
- Director and officer records established
Choosing between a sole proprietorship and a corporation depends on income level, liability exposure, and plans for the business. The province you operate from affects ongoing compliance obligations and tax registrations required. Quebec has its own tax authority (Revenu Québec) with QST obligations separate from federal GST. We review the options before any filings are made.
IT professionals and incorporated businesses just starting out, recently incorporated, or operating informally without proper CRA registrations or bookkeeping in place. Also for those switching from sole proprietorship to corporation who need the new entity set up correctly from day one.
- Bookkeeping in QuickBooks Online
- Sales tax filings (GST/HST and QST) and input tax credit tracking
- Payroll remittances where applicable
- Corporate tax return (T2 federal, CO-17 Quebec where applicable)
- Personal tax return (T1) for business owners
- T4 and T5 slips where applicable
- Year-end financial statements and working papers
- CRA correspondence handling
- Ongoing advisory
- Annual corporate records review and maintenance
- Director, officer, and shareholder records updated where required
- Annual corporate resolutions prepared where appropriate
- Salary vs. dividend split: optimizing compensation before year-end
- Shareholder loan: keeping the balance clean and avoiding deemed income
- PSB risk: Personal Services Business exposure for contractors with a dominant client
- Tax instalments: planning remittances to avoid arrears interest when income fluctuates
- GST/HST on foreign billing: treatment when invoicing U.S. or international clients
- Home office deduction: eligibility, method, and documentation
- RRSP vs. retained earnings: when to contribute personally vs. hold inside the corporation
- Transactions categorized and reconciled across all accounts
- GST/HST tracked and filed on your filing frequency
- Updated income statement and balance sheet available in QuickBooks Online
- Payroll remittances processed where a salary is paid
- Any CRA notices or correspondence flagged and handled
- Salary vs. dividend review before December 31 while options are still open
- Shareholder loan reconciled and documented
- Tax instalment review to avoid arrears interest
- T4 and T5 slips prepared and filed
- Corporate tax return (T2 federal, CO-17 Quebec where applicable) and financial statements prepared
- Personal tax return (T1) filed for the owner
- Corporate records reviewed and updated to reflect year-end decisions and changes
Incorporated IT professionals and consultancies billing consistently who want compliance handled without gaps. Best fit for those who are past the setup stage and need a CPA managing the full compliance and advisory cycle year-round, not just at tax season. Particularly valuable for incorporated contractors who want both tax compliance and corporate records maintained together throughout the life of the corporation, including a corporation that is between contracts and continuing to operate.
- T2 (and CO-17 where Quebec-incorporated) nil or minimal-activity corporate return prepared and filed
- Corporate registry annual return: federal annual return with Corporations Canada, or Quebec's annual updating declaration with the Registraire des entreprises, as applicable
- Minute book maintenance: annual resolutions and approval of nil or minimal financial statements
- GST/HST and QST status review: decision on maintaining registration versus deregistering, including the equivalent QST process where applicable
- CRA and Revenu Québec correspondence handled if any arises
A corporation with no current activity does not need to keep a GST/HST or QST account open. Deregistering removes a periodic filing obligation, but re-registering later takes time if the corporation resumes billing. We review the trade-off against how likely a return to active operation is before recommending either path.
Hold sits between Run and Close. It is often a bridge: a corporation paused for now, kept in good standing while a longer-term decision is worked out. From here, the path can lead back to Run once the corporation is active again, or forward to Close if the decision is made to wind down permanently. Neither outcome is assumed at the outset.
Incorporated businesses with no current income that still want their T2, corporate registry, and minute book obligations kept current without paying for the full scope of the Run package. Also for corporations weighing whether to eventually resume active operation or proceed to dissolution, and that want their filings current in the meantime.
- Final T2 and CO-17 (Quebec) corporate returns
- Final GST/HST filing and federal account closure
- Provincial account closure, including Revenu Québec QST where applicable
- Payroll account deregistration and final T4 filing where applicable
- Final financial statements
- Personal tax return for the wind-down year
- CRA clearance certificate coordination
- Dormant corporation maintenance: nil T2 filings and CRA account preservation for inactive corporations
- All CRA accounts must be cleared before dissolution can proceed
- Outstanding returns or balances are resolved as part of this engagement
- Asset distributions to shareholders involve capital gains and deemed dividend considerations reviewed before the final return is filed
- CRA dissolution clearance can take several months; early engagement avoids delays
IT professionals and incorporated businesses that have stopped operating and need to either dissolve their corporation or keep it dormant with minimal compliance obligations. Also for those whose corporation has been inactive for one or more years and needs outstanding filings cleared before a next step can be taken. See what stays in effect when a corporation is between contracts and has not yet decided between the two paths.
Typical engagement fees
Every client's situation is different, particularly where bookkeeping, payroll, Quebec compliance, U.S. clients, or outstanding filings are involved. A fixed fee is confirmed after the New Client File Review.
Most incorporated contractors fall within the Run package range. More complex consultancies, multi-owner corporations, and extensive catch-up work may require a custom engagement.
- Type of corporation and jurisdiction
- Number of shareholders
- Payroll requirements
- U.S. or foreign income
- Bookkeeping condition
- Outstanding filings
- Corporate records status
- Complexity of the engagement
- 01Book a 15-minute introduction call
- 02New Client File Review of your current filings and records
- 03Fixed-fee proposal based on what the review finds
Send a brief description of your business and where you are in the lifecycle
We respond within one business day.