Tax Accountant for Incorporated Businesses in Ontario and Across Canada
We file your T2, get your salary-versus-dividend mix right, protect your $500,000 small business deduction, and keep every shareholder loan and instalment onside with CRA. Whether you just incorporated, run an owner-managed CCPC, or hold a group of companies, we handle the corporate books, the T2 and all its schedules, and the tax planning that keeps you at the 12.2% small-business rate instead of 26.5% — with AFFORDABLE flat fees.
AFFORDABLE Incorporated Business Tax Accountant
Once you incorporate, your business becomes a separate taxpayer with its own T2 corporate tax return, its own filing calendar, and its own traps that never touched you as a sole proprietor. Pay yourself the wrong way and you lose RRSP room, CPP, or overpay tax on the salary-versus-dividend mix; let passive income drift over $50,000 and it grinds your $500,000 small business deduction; take money out and leave it on a shareholder loan past one year of year-end and CRA adds it straight to your personal income. As your incorporated business tax accountant in Ontario, we run the corporation tax-efficiently and keep every schedule, slip and instalment onside.
At Gondaliya CPA we work with new and recently incorporated businesses, owner-managed operating corporations, multi-shareholder corporations, and corporations that sit under a holding company. We file the T2 and its GIFI schedules, plan the 12.2% versus 26.5% rate, track RDTOH and the capital dividend account, and give you year-round support instead of a once-a-year scramble — all on AFFORDABLE flat fees.
Our Official Partners
Accounting That Understands How an Incorporated Business Actually Works
A corporation is a separate legal person with its own return, its own calendar, and its own tax traps. The money you pay yourself, the profit you leave in the company, the loans you take out, and the deadlines you have to hit all interact in ways a sole proprietor never faces. At Gondaliya CPA, we understand how an owner-managed CCPC really runs and provide practical, corporation-focused solutions across the GTA and all of Ontario.
Stay Compliant and Minimize Your Corporate Tax
For an incorporated business, staying onside with CRA and ServiceOntario and paying the least legal tax are the same job. We keep every corporate filing on schedule while claiming every deduction the T2 allows, so nothing is missed and nothing invites a reassessment.
Accounting & Tax Experts for Incorporated Businesses
- AFFORDABLE + Fully Licensed CPA Firm
- Corporate & T2 Tax Expert
- Owner-Managed CCPC Specialist
- Accounting, bookkeeping, and corporate tax filing
- Certified CPA
- 1300+ 5-star Google reviews
- 30-Day Money-Back Guarantee
- 60-Day Fees Matching Policy
Why Choose Our Accounting Services for Incorporated Businesses?
Tax Planning — Owner-Manager Expertise
We set your salary-versus-dividend mix, protect the $500,000 small business deduction, manage RRSP room and CPP, and plan the $1.25M capital gains exemption on a future share sale. Every dollar of remuneration is planned, not guessed.
Consulting — Corporate Bookkeeping
We build a corporate chart of accounts in QuickBooks Online or Xero, track the shareholder loan account line by line, and tie your HST returns to the revenue on your T2 so year-end is a clean transfer, not a rebuild.
CRA Representation — Corporate Audit & Cleanup
When CRA questions a shareholder loan, a personal expense, or an SBD claim, we prepare the response, rebuild RDTOH and the capital dividend account, and file an amended T2 where a prior year needs correcting.
Bookkeeping — Growth, Financing & Reorganization
We set up holding companies, prepare CPA-compiled statements for lenders, and structure buy-sell and reorganization steps so your corporation is ready for financing, a new shareholder, or a sale.
Google Reviews
Incorporated Business Clients
Incorporated Business Tax and Accounting Services in Ontario
Corporate Tax Filing for Incorporated Businesses
Professional T2 corporate return preparation with every GIFI schedule, filed accurately and on time with CRA.
Accounting & Bookkeeping for Incorporated Businesses
Corporate bookkeeping with a clean chart of accounts, tracked shareholder loans, and monthly financial statements.
Corporate Tax Planning for Incorporated Businesses
Salary-versus-dividend planning, SBD protection, RDTOH and capital dividend account strategy that lowers real tax.
Catch-Up Corporate Tax Filing for Incorporated Businesses
File overdue T2 years, rebuild records, and get back into CRA compliance with penalty relief where it applies.
GST/HST Filing for Incorporated Businesses
AFFORDABLE GST/HST filing with full input tax credits, reconciled to the revenue reported on your T2.
Corporate Tax Cleanup for Incorporated Businesses
Fix shareholder loans, rebuild RDTOH and the capital dividend account, and file amended T2 returns.
CRA Audit Resolution Services for Incorporated Businesses
Expert support for corporate audits, shareholder-loan reviews, SBD challenges, objections, and taxpayer relief.
CPA Compilation Report (Notice to Reader) for Incorporated Businesses
CSRS 4200 compiled financial statements that banks and the BDC accept for corporate financing.
Incorporation Services for Incorporated Businesses
NUANS, articles, share structure, Business Number and payroll setup, and section 85 rollovers.
Accounting & Tax Services Tailored for Incorporated Businesses
Real, practitioner-level CPA expertise for new corporations, owner-managed operating CCPCs, multi-shareholder corporations, and holding-company groups across Ontario — built for how a corporation actually runs.
- We prepare your T2 return in TaxCycle with Schedule 1 reconciling accounting profit to net income for tax, filed within six months of year-end so CRA’s 5% plus 1% per month late-filing penalty never lands on a corporation that owes tax.
- On Schedule 8 we compute capital cost allowance across every asset class, claiming your corporate vehicle in Class 10 at 30% under the half-year rule, so the corporation never overstates the deduction and triggers a CRA reassessment costing thousands.
- We file the GIFI-coded Schedule 100 balance sheet from your QuickBooks Online trial balance, since a T2 whose GIFI codes contradict your financials invites a CRA desk review and hundreds of dollars in extra fees to defend it.
- Your first T2 balance is due two months after year-end, or three for a CCPC claiming the deduction, so we finalize the numbers early and you never pay CRA arrears interest at the prescribed rate on a five-figure balance.
- We slot computer equipment into Class 50 at 55%, office equipment into Class 8, and leasehold improvements into Class 13 on the CCA schedule, matching the claim to your active income so CRA cannot deny a first-year deduction worth thousands.
- We build your corporate chart of accounts in Xero mapped to the GIFI codes your T2 needs, so month-end closes in hours not days and a lender or CRA reviewer sees clean books instead of a $0 mystery balance.
- We track your shareholder loan balance in Sage 50 through the year, flagging any draw before it breaches subsection 15(2), because a loan left outstanding past one year of year-end is added to your personal income in full.
- We run your owner payroll through Wagepoint, remitting source deductions on the PD7A by the fifteenth of each month, so a single missed remittance never triggers CRA’s 10% penalty on the amount you were late paying.
- When you take profits as dividends we prepare each T5 slip and the T5 summary by the February 28 deadline, reconciling the distribution to Schedule 3, so CRA never assesses the $25 per day late-slip penalty against your corporation.
- We capture every receipt through Hubdoc and Dext and attach it to the transaction, giving your corporation the six years of records CRA demands so one unsupported claim cannot unravel a whole year’s filing on review and cost you thousands.
- We model your salary versus dividend mix each year, weighing RRSP room and CPP against leaving profit taxed at the 12.2% Ontario small business rate, then set it on your slips so you never pay yourself wrong and overpay by thousands.
- Passive income above the $50,000 passive investment income threshold grinds your small business deduction by five times the excess, pushing profit to the 26.5% rate, so we track corporate earnings in TaxCycle to keep the low rate intact.
- We calculate your RDTOH refundable dividend tax and the Part IV tax on inter-corporate dividends, so when the corporation pays a taxable dividend you recover $38.33 per $100 rather than stranding thousands of refundable tax on the books.
- We monitor your capital dividend account and file the T2054 election with CRA so the tax-free half of a capital gain reaches you as a capital dividend; a missed election forfeits that tax-free room worth thousands permanently.
- We purify the corporation of passive assets and excess cash so its shares stay qualified for the $1.25M Lifetime Capital Gains Exemption, a test CRA applies at the sale date; failing it exposes the entire gain to tax.
- Unfiled T2 years put your corporation in default and let CRA raise an arbitrary assessment far above your real tax, so our catch-up filing rebuilds the books in QuickBooks Online and files the oldest year first to halt mounting penalties.
- Where the delay came from illness or a prior accountant’s error, we file an RC4288 taxpayer relief request with CRA covering the ten prior years, so penalties and interest are cancelled rather than compounding on a five-figure balance.
- Unfiled years also risk your corporate loss carryforwards expiring after 20 years, so we file each open year in TaxCycle to lock in non-capital losses before CRA denies a deduction that could shelter $50,000 of future active profit.
- Once CRA issues a demand to file, the late-filing penalty on your T2 doubles to 10% plus 2% per month, so we prioritize any year already under demand to stop a balance ballooning past what the corporation can comfortably pay.
- Where no bookkeeping survives, we reconstruct each unfiled year’s active business income from bank records and file a Voluntary Disclosures application before CRA contacts you, cancelling penalties in full and cutting interest by 50% on older years.
- Your corporation must register once taxable revenue passes the $30,000 HST registration threshold across four consecutive quarters, and we pinpoint the exact day you cross so CRA cannot assess 13% tax on sales you never charged customers.
- We claim input tax credits on the corporation’s operating costs and capital purchases at the 13% Ontario rate, recovering thousands in business expense deductions most owners leave on the table by netting HST against the tax you remit.
- We reconcile line 101 of your GST/HST return to the revenue on Schedule 125, because CRA’s matching program compares the two and a five-figure mismatch is one of the fastest ways an incorporated business is selected for a full audit.
- Where your corporation supplies services we test the GST/HST Quick Method, remitting 8.8% of tax-included revenue instead of full 13% less credits, and file every return on time so CRA’s late-remittance penalty and interest never apply.
- When your corporation buys equipment or a corporate vehicle in Class 10, we claim the full HST as an input tax credit in the period, so a $50,000 asset returns roughly $5,750 of HST to cash flow instead of sitting unrecovered.
- Where a prior preparer left a shareholder loan unreported, we correct it on Schedule 50 shareholder information and clear it before the subsection 15(2) one-year window closes, so the balance is not added to your personal income and taxed twice.
- We rebuild your general rate income pool and refundable balances from prior T2 returns CRA has on file, because an understated pool means your corporation forfeits a dividend refund it earned, often several thousand dollars, when it distributes profit.
- We recompute the capital dividend account from every historical gain and file the corrected capital dividend election on T2054, so CRA cannot deny an over-elected dividend and hit it with the punitive 60% Part III tax.
- We file an amended T2 to correct misclassified expenses, missed CCA, or a wrong SBD claim, filing before CRA’s normal three-year reassessment window closes so your corporation keeps the right to fix errors worth thousands.
- We strip personal costs a prior bookkeeper ran through the corporation in Sage 50, because a single denied category during a CRA review usually reopens two prior T2 years and adds the subsection 163(2) penalty of 50% of the tax.
- Our CRA audit resolution proves repayment, a bona fide loan agreement, or a T5 dividend reclassification when CRA proposes adding an unrepaid shareholder loan to your income, so a five-figure draw is not taxed a second time.
- During a personal-expense review CRA tests whether the corporate vehicle, meals, and travel were truly for the business, and our CRA corporate compliance response presents the logbook and invoices so the 50% gross-negligence penalty is kept off your reassessment.
- Where you control more than one corporation, the associated corporation rules require the $500,000 deduction shared across the group, so we file the allocation on Schedule 23 so the low 12.2% rate is not double-claimed and clawed back.
- When penalties arise from a genuine error, we file taxpayer relief beside the audit response documenting the chronology CRA needs, so a five-figure interest and penalty charge on the reassessed T2 is reduced rather than accruing against retained earnings.
- CRA can deny an owner salary it considers unreasonable, so we support your T4 salary slip with market evidence and the work actually performed, ensuring a $100,000 salary deduction holds and is not reclassified as a non-deductible dividend.
- We prepare a CPA compilation report under CSRS 4200 for your corporation from your Xero ledger, which banks and the BDC require when a T2 alone will not support a $250,000 credit facility, delivering statements a lender accepts.
- Your compiled notice to reader shows retained earnings, the shareholder loan balance, and share capital for two fiscal years, giving a lender the picture a bare T2 first page cannot, so a $500,000 commercial mortgage is not declined for thin documentation.
- We compile the statement of operations with your active income, cost of sales, and expenses classified consistently across two years and tied to the T2 filed with CRA, so corporation bookkeeping shows a stable trend supporting a $200,000 term loan.
- The CSRS 4200 communication discloses that no audit or review was performed, and the notes set out the basis of accounting and shareholder remuneration, so the BDC accepts the file instead of rejecting a $300,000 application over missing disclosure.
- As your operating company accountant we deliver compiled statements within 30 days of your year-end T2 figures, because a corporation’s financing collapses when the lender’s approval lapses before the file is ready, costing an 8% lease on a $30,000 asset you lose.
- We handle OBCA incorporation in Ontario through ServiceOntario with a NUANS search and articles, then set common and non-voting share classes so future dividends and the $1.25M exemption are available, instead of leaving personal assets exposed to creditors.
- We register the corporation’s Business Number and open its GST/HST and payroll accounts, then close the old sole-proprietor accounts, so you never file two sets of returns or trigger a CRA demand on a duplicated $30,000 revenue stream.
- We complete the section 85 rollover on Form T2057 with CRA to move equipment, goodwill, and your client list into the corporation at elected amounts, deferring the capital gain and recapture a straight sale of assets worth $200,000 would trigger.
- We prepare the minute book, director resolutions, and share certificates and set a first fiscal year-end up to 53 weeks out, deferring the corporation’s first T2 and CRA balance-due date so cash compounds at the 12.2% rate longer.
- We build the corporation’s opening balance sheet in QuickBooks Online with GIFI codes and set the shareholder loan for a $50,000 asset you funded, so your first T2 is clean and CRA has nothing to question on review.
Incorporated Business Tax & Salary-Dividend Check
Six quick questions on how you pay yourself, your passive income, shareholder loans and corporate compliance. No fee shown.
1. Are you paying yourself mainly with dividends rather than salary?
2. Is your corporation’s passive investment income over $50,000 a year?
3. Do you have a shareholder loan outstanding to the company?
4. Are you tracking your RDTOH and capital dividend account?
5. Is your minute book and OBCA annual return up to date?
6. Did you file your last T2 on time, within six months of year-end?
Free CPA Consultation for Incorporated Businesses
Case Studies: Incorporated Business Accounting & Tax
Toronto Owner-Managed Corporation — Salary/Dividend Optimized
The problem: A Toronto owner-managed CCPC was paying its shareholder entirely in dividends on the advice of a previous preparer, generating no RRSP room and no CPP, while the corporation retained profit it did not need and let cash drift into a passive investment account edging toward the $50,000 threshold. The salary-versus-dividend mix had never been modelled, the T4 payroll account sat unused, and the owner was quietly overpaying at the personal level.
What we did: We modelled the integration of salary and dividend for the owner’s actual spending, set a reasonable T4 salary run through Wagepoint to create RRSP room and CPP, kept the remainder as dividends on a T5, and moved the passive investments so the $500,000 small business deduction stayed off the grind. We remitted source deductions on the PD7A and reconciled everything on the T2.
The result:
- Saved $21,300 per year in combined corporate and personal tax
- Created $18,000 of new RRSP room for the owner
- Kept the full $500,000 SBD at the 12.2% rate
Mississauga CCPC — Shareholder Loan Cleaned & SBD Restored
The problem: A Mississauga operating corporation had a shareholder loan of $84,000 that a prior bookkeeper never flagged, sitting outstanding well past one year of the fiscal year-end and squarely inside subsection 15(2) — meaning CRA could add the entire balance to the owner’s personal income. Passive income had also crept over $50,000, quietly grinding the small business deduction and pushing profit toward the 26.5% general rate.
What we did: We cleared the shareholder loan through a documented dividend and repayment before the window closed, corrected Schedule 50 shareholder information, rebuilt the RDTOH balance, and restructured the corporate-owned investments so the $500,000 deduction was restored. We filed an amended T2 in TaxCycle to correct the two affected years and lock in the low rate.
The result:
- Avoided an $84,000 shareholder-loan income inclusion
- Saved $16,700 by restoring the small business deduction
- Recovered $9,400 of RDTOH for future dividend refunds
Vaughan New Incorporation — Setup & First-Year T2
The problem: A Vaughan founder had just incorporated but had no corporate books, no Business Number for GST/HST or payroll, commingled personal and business banking, and no idea when the first T2 was due. Assets from the former sole proprietorship — equipment and goodwill worth about $60,000 — still sat outside the corporation, exposing a taxable gain if simply transferred, and the year-end had not been set.
What we did: We handled OBCA setup through ServiceOntario, registered the Business Number and opened GST/HST and payroll accounts, built the opening balance sheet and chart of accounts in QuickBooks Online, and completed the section 85 rollover on Form T2057 so the assets moved in tax-deferred. We set a 53-week first year-end and prepared the first T2 with all GIFI schedules.
The result:
- Deferred tax on a $60,000 asset transfer via section 85
- Cut first-year setup and admin time by 24 hours
- First T2 filed on time with a clean minute book
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect your prior T2, minute book, bank statements, payroll records, and prior-year GIFI financials.
First 30 Days (Setup)
Set up QuickBooks Online or Xero with Wagepoint, and establish a clean shareholder-loan account.
Monthly Close
Monthly reconciliations, receipt capture, HST tracking, and shareholder-loan and payroll monitoring.
Quarterly Planning Review
Salary-versus-dividend review, corporate instalments, and an SBD and passive-income check.
Year-End Close & T2 Filing
Trial balance, financial statements, the T2 with GIFI schedules, and CRA preparation.
Get Your Incorporated Business Taxes Done Right Today
Affordable Pricing for Incorporated Businesses
We believe in clear, upfront pricing so you know exactly what to expect. All fees include HST.
- Tax Preparation (Corporation, T2) — From $400
- Tax Return Filing (Corporation) — From $400
- Tax Compliance Audit — FREE CRA audit support for our clients
- Tax Strategy — FREE for our clients
- Accounting Base Plan — From $100 per month
- Bookkeeping Management — Free for our Accounting clients
- Financial Reporting — Free for our Accounting clients
- Business Formation — Flat $35
- Incorporation Process — Flat $35
- Entity Setup Assistance — Flat $35
- Full-Service Payroll — From $125 per month
Payment is by Interac e-Transfer to info@gondaliyacpa.ca only. Security question: Not Applicable, as auto-deposit is enabled.
Read our Pricing Transparency Promise — full and final flat fees, HST included, shown in 2 minutes.
Meet Your Lead Incorporated Business Accountant
Meet your lead incorporated business accountant. As your corporate tax and owner-manager adviser, you deal with the same two people every year.
What Our Clients Say
1300+ five-star reviews from incorporated and owner-managed business owners across Ontario and Canada.
Serving Incorporated Businesses Across Ontario
Our CPA team provides specialized corporate accounting and tax solutions for incorporated business owners throughout Ontario. We understand how an owner-managed CCPC actually operates, what CRA looks at on a T2 and its schedules, and how to keep your salary, dividends, shareholder loans and instalments onside all year.
Toronto (ON)
55 Queen St E Ste 1205, Toronto, ON M5C 1R6, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Mississauga (ON)
2100 Camilla Rd #716, Mississauga, ON L5A 2J8
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Brampton (ON)
4 Starhill Crescent, Brampton, ON L6R 2P9, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Scarborough (ON)
24 Clementine Square, Scarborough, ON M1G 2V7, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Vaughan (ON)
19 Cabinet Crescent, Woodbridge, ON L4L 6H9, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Oshawa (ON)
210 Durham St, Oshawa, ON L1J 5R3, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Ottawa (ON)
2090 Neepawa Ave a314, Ottawa, ON K2A 3L6, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Etobicoke (ON)
60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Hamilton (ON)
70 Starling Dr, Hamilton, ON L9A 0C5, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Guelph (ON)
1155 Gordon St, Guelph, ON N1L 1S8, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Windsor (ON)
4387 Guppy Ct, Windsor, ON N9G 2N8, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
North York (ON)
150 Graydon Hall Dr #912, North York, ON M3A 3B2, Canada
+1 (647) 212-9559
9:00 AM – 8:30 PM (Mon – Sun)
Incorporated Business Accounting & Tax FAQs
Related Industries We Serve
Accounting & Tax Services for Small Businesses
- Corporate tax planning for small businesses
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- Family income-splitting and TOSI planning
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Accountant for Investment Companies
- Investment income and RDTOH planning
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Accountant for Sole Proprietors
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Incorporated Business Accounting & Tax Done Right.
T2 filing with every GIFI schedule, salary-versus-dividend planning, the $500,000 small business deduction, shareholder loans, RDTOH, corporate instalments and the $1.25M capital gains exemption under one roof. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.