Tax Accountant for Locksmiths in Ontario and Across Canada
We tie your dispatch log to your deposit record, job by job, because a trade built on 2am lockouts and small jobs paid on the spot is judged by CRA on revenue completeness before anything else. We count the parts riding in your van at year-end under ITA section 10 and stop treating a rolling warehouse of blanks, cylinders, deadbolts and smart locks as though it were zero. We report gross margin separately for emergency call-outs, scheduled rekeying, master key systems, safe work and automotive key programming, split your vans in Class 10 from your key machines in Class 8, and test every subcontract locksmith against the CRA guide RC4110 factors. Whether you run an emergency lockout service, a commercial master key shop, an automotive key business or a safe and vault practice, we handle the cash, the van stock and the call-outs — with AFFORDABLE flat fees.
AFFORDABLE Locksmith Tax Accountant
No trade in Ontario takes more money at the door than a locksmith. The call comes at two in the morning, the technician drives across the city, the door opens in four minutes, and the customer pays cash or waves a card at a terminal that does not always get used. Multiply that by a few hundred jobs a year and you have a business where the bank statement is not the revenue and never was. That is the first thing CRA looks at on a locksmith file, and the only answer that works is a dispatch log reconciled to the deposit record, job by job. The second problem is the van. It is a rolling parts warehouse carrying key blanks, transponder chips, cylinders, pins, deadbolts, mortise locks, closers, exit devices and smart locks, and most shops expense every bit of it at the till, so cost of goods sold moves with purchase timing rather than with work done and gross margin cannot be tested by anybody. At Gondaliya CPA, we specialize in revenue reconciliation, van stock inventory and per-call job costing for locksmiths, providing AFFORDABLE flat-fee support that keeps you CRA-compliant and stops you paying more tax than you owe.
As a locksmith accountant, we work with emergency lockout services, commercial master key and door hardware shops, automotive key and immobilizer specialists, and safe and vault technicians across Ontario, with year-round support rather than a once-a-year scramble. We tell you what each call actually earned, what is sitting in the van, and where your cash exposure is.
Let us handle the numbers so you can focus on the calls and the crew.
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Accounting That Understands How a Locksmith Business Actually Works
A locksmith shop carries financial pressures a storefront trade never faces. You take payment at the door at odd hours, you carry thousands of dollars of hardware in a van nobody counts, you run five service lines with five different margins on one price list, and your technicians are the kind of workers CRA regularly reclassifies. At Gondaliya CPA, we understand that reality and provide practical, trade-focused solutions across Ontario.
Stay Compliant and Minimize Your Locksmith Business Tax
For a locksmith, staying onside with CRA, WSIB and your municipality and paying the least legal tax are the same job. We keep every filing on schedule while claiming every van, van stock and equipment dollar the T2 allows, so nothing is missed and nothing invites a reassessment.
Accounting & Tax Experts for Locksmiths
- AFFORDABLE + Fully Registered CPA Firm
- Business and Corporate Tax Expert
- Small & Medium Business Expert
- Accounting, bookkeeping, and 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 Locksmiths?
Tax Planning — Vans, Machines & Van Stock
We know the trade: Class 10 at 30% on service vans, Class 8 on key and safe machines, Class 12 on software and small tools, and van stock valued under ITA section 10. We protect the $500,000 Small Business Deduction.
Consulting — Per-Call Costing & Margin
Our bookkeeping costs each call as a job with drive time, technician hours and parts loaded against it, then reports margin separately for call-outs, rekeying, master key work, safes and automotive.
CRA Representation — Cash & Classification Audit
When CRA tests revenue completeness or the subcontractor line, we produce the dispatch-to-deposit reconciliation and pursue relief on Form RC4288 where a prior error caused the penalties.
Bookkeeping — Cash Flow & Sale
We build the cash flow that funds van stock before the property manager pays, produce the statements your equipment lender reads, and value the key records years before you sell.
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Locksmith Clients
Locksmith Tax and Accounting Services in Ontario
Corporate Tax Filing (T2) for Locksmiths
Professional T2 preparation with vans in Class 10, key machines in Class 8, van stock valued under ITA section 10, and CRA compliance on every line.
Bookkeeping & Accounting for Locksmiths
Dispatch-to-deposit reconciliation every month, per-call job costing with drive time loaded, and margin reported separately for each of your five service lines.
Payroll Services for Locksmiths
Technician payroll with standby and callback pay, WSIB coverage, PD7A remittances, T4 and T4A slips filed on time, and RC4110 classification documented.
GST/HST Filing for Locksmiths
AFFORDABLE HST filing built from the dispatch record rather than the bank statement, with every input tax credit on van stock and fuel recovered.
Tax Planning for Locksmiths
Smart tax planning on van and machine purchase timing, the standby charge on a take-home van, the Small Business Deduction, and the exit years ahead.
Corporate Catch-Up Filing for Locksmiths
File overdue T2 and HST years, rebuild the missing capital pools and van stock figures, and get back into CRA compliance with accurate catch-up support.
CRA Audit Resolution for Locksmiths
Expert support for revenue completeness, contractor classification and cost of goods sold audits, handled with confidence from the first letter.
CPA Financial Statements (Notice to Reader) for Locksmiths
CPA-compiled financial statements that van and equipment lenders accept, carrying the fleet and the machines at net book value by class.
Incorporation Services for Locksmiths
Full incorporation including NUANS, articles, share structure, and the section 85 rollover of your vans, machines, van stock and key records into the company.
Catch-Up Bookkeeping Services for Locksmiths
Months or years of call-outs, hardware orders, cash deposits and parts purchases reconstructed and reconciled, so your asset and inventory schedules are finally accurate.
US Corporation & LLC Tax Filing for Locksmiths
Cross-border filing on US-bought machines and hardware and where owners or shareholders are non-resident or American, covering withholding and T1135 reporting.
Voluntary Disclosure Program for Locksmiths
Come forward on unrecorded cash call-outs, unremitted HST or unfiled T4A slips before CRA calls, cancelling penalties through a Voluntary Disclosures Program application.
Accounting & Tax Services Tailored for Locksmiths
Real, practitioner-level CPA expertise for emergency lockout services, commercial master key and door hardware shops, automotive key and immobilizer specialists, and safe and vault technicians across Ontario — built for a business that gets paid at the door and carries its warehouse in a van.
- We prepare your T2 with GIFI on Schedule 100 and Schedule 125, separating emergency call-out fees, scheduled rekeying, master key system work, safe servicing and automotive key programming onto their own lines so margin is visible by service.
- We value the parts riding in your van at year-end under ITA section 10 and carry them as inventory on Schedule 100, because a van full of blanks, cylinders and smart locks is not zero.
- We claim capital cost allowance on Schedule 8 with service vans in Class 10 at 30%, key duplicating machines, laser cutters and safe drilling rigs in Class 8 at 20%, and diagnostic laptops in Class 50 at 55%.
- We separate application software and small tools into Class 12 at 100% and the shop or counter leasehold into Class 13 over the lease term, rather than leaving everything pooled behind the van in Class 10.
- When a van or a key machine is sold or traded in, we calculate the recapture where proceeds exceed undepreciated capital cost and claim the terminal loss where a class is emptied for less than its balance.
- We reconcile the dispatch log in Workiz or Jobber against bank and terminal deposits every month, so every call-out that was booked is a job that reached the books rather than a cash payment nobody recorded.
- We cost every call as a job with technician hours, drive time, parts drawn from the van and the truck cost loaded against the invoice, so a 2am lockout is priced on what it actually consumed.
- We report gross margin separately for emergency call-outs, scheduled rekeying, master key systems, safe work and automotive key programming, because those five lines earn at completely different rates and a blended number hides which one carries you.
- We set a written policy on what van stock is inventory, what is a consumable and what is a capitalized tool, then apply it consistently so cost of goods sold finally moves with revenue instead of purchase timing.
- We capture supplier, hardware distributor, fuel and lead-generation invoices through Dext into QuickBooks Online or Xero and reconcile monthly, keeping the six years of records ITA section 230 requires and losing no input tax credit.
- We test whether your subcontract locksmiths and owner-operator vans are employees or contractors against the CRA guide RC4110 factors, because a large subcontractor line with no analysis behind it is the first thing a payroll auditor pulls.
- We file T4A slips on the locksmiths who are genuinely contractors, so the payments you deducted are reported the way CRA expects rather than sitting inside an unsupported subcontractor total nobody can match to income.
- We run technician payroll in Wagepoint with standby and callback pay handled properly, withholding income tax, CPP and EI and remitting on the PD7A by the 15th of the following month.
- We register your WSIB coverage before the first technician is hired, because drilling a safe, changing a closer on an exit door and working alone at night are exactly the jobs an uninsured employer cannot afford.
- We file your T4 slips and T4 Summary by the last day of February, reconcile them to the PD7A remittances made, and monitor Ontario payroll against the $1,000,000 Employer Health Tax exemption.
- Nothing a locksmith sells is exempt: the call-out fee, the labour, the cylinder, the blank and the after-hours surcharge are all taxable at 13% in Ontario, so the only real question is whether the job was recorded.
- Under ETA subsection 152(1) consideration becomes due on the earlier of the invoice date and the day payment is required, so the tax on a cash lockout belongs in the period you did the work.
- We build your GST34 return from the dispatch record rather than the bank statement, because a return filed only on what cleared the account understates the tax you collected on every job settled in cash.
- We register you under ETA section 240 once taxable revenue passes $30,000 over four consecutive calendar quarters, because a locksmith crossing that line mid-year and not noticing owes the tax whether or not it was charged.
- We claim the input tax credits under ETA section 169 on van stock, hardware distributor orders, key machines, fuel, lead fees and terminal charges, which on a shop restocking constantly is a real recovery every filing period.
- We time van and key machine purchases against your fiscal year-end, weighing the 30% Class 10 rate on a second service van against the 20% Class 8 rate on a laser key machine.
- We set the salary-versus-dividend mix for the owners, paying enough T4 salary to build RRSP room while the balance flows as dividends, so combined tax stays near 12.2% in Ontario rather than 53.53% personally.
- We keep active income inside the $500,000 Small Business Deduction limit under ITA section 125 and watch the associated-corporation rules where the owner also holds the shop building or a second van company.
- We compute the standby charge and operating benefit under ITA paragraph 6(1)(e) on a take-home service van, or document the business-use log that keeps it off the owner’s T4 rather than leaving it undeclared.
- We plan at least two years ahead so your shares qualify for the $1.25M Lifetime Capital Gains Exemption under ITA 110.6, purifying the balance sheet of assets that would otherwise fail the asset test.
- We reconstruct call-out fees, rekeying jobs, hardware installs and automotive work from dispatch exports, terminal settlements and bank deposits across your unfiled years, rebuilding the six years of records ITA section 230 requires.
- Late filing costs 5% of the balance owing plus 1% per month up to twelve months, so we file your oldest unfiled T2 first to stop the penalty compounding and limit the arrears interest CRA charges.
- We rebuild the capital cost pools across the missing years, moving diagnostic laptops into Class 50 and software into Class 12 out of the single pool that usually holds the van, the machines and everything else.
- We establish an opening van stock figure under ITA section 10 for each unfiled year, because a catch-up T2 that shows no inventory on a business with a fully loaded van invites the first question.
- We file a Voluntary Disclosures Program application on Form RC199 before CRA contacts you, because a disclosure accepted under the general program cancels penalties in full and gives roughly 50% interest relief on the older years.
- When CRA questions revenue completeness, we produce the dispatch log job by job against the deposit record and the terminal settlements, because that reconciliation is the only answer a cash-heavy trade can give.
- Where CRA reaches for indirect verification of income and starts rebuilding your sales from lifestyle and deposits, we challenge the assumptions with the job records rather than letting an estimate become the assessment.
- When the subcontractor line is challenged, we produce the contracts, the invoices and the CRA guide RC4110 analysis for each subcontract locksmith, so classification is decided on documented factors instead of on how the invoice was worded.
- When an auditor tests cost of goods sold, we show the year-end van stock count under ITA section 10 and the purchase records behind it, so gross margin can be tested instead of simply disbelieved.
- We file the Notice of Objection within 90 days of a reassessment and pursue taxpayer relief on Form RC4288, cancelling penalties and interest that can top $15,000 where a prior accountant’s error caused them.
- We prepare the CSRS 4200 compilation engagement financial statements a lender requires across two fiscal years to finance a second service van, a laser key machine or an automotive key programming package.
- Your compiled statement of financial position carries the vans at net book value in Class 10 separately from the key machines and safe rigs in Class 8, because those two assets finance on very different terms.
- We state van stock as inventory rather than burying it in expenses, because a bank underwriting an operating line wants to see the parts you are holding against the commercial hardware orders already booked.
- We present receivables against property-management payment terms, because a locksmith holding thirty days of institutional invoices while paying technicians weekly has a working-capital gap the lender needs to see stated rather than explained.
- We deliver the compiled statements within 30 days of receiving your records and the year’s T2 figures, because a van or equipment finance approval ahead of your busiest season does not wait for a slow accountant.
- We incorporate your locksmith business under the Ontario Business Corporations Act, giving you limited liability on exit hardware and master key work and roughly the 12.2% Ontario small-business rate against 53.53% personally.
- We complete the section 85 rollover on Form T2057, transferring your vans, key machines, van stock, key records and goodwill into the corporation at elected amounts and deferring the gain a straight sale would trigger.
- We set the opening Class 10, Class 8, Class 50, Class 12 and Class 13 schedules from the rollover so the corporation starts with an asset base that is correct rather than rebuilt from memory years later.
- We open the corporation’s CRA Business Number, HST and payroll accounts within the first 30 days and confirm the municipal business licence, insurance certificates, CVOR registration and NASTF registration move to the new entity.
- We set the chart of accounts with call-out revenue, rekeying, master key work, safe servicing and automotive programming separated from day one, and the van stock inventory account open before the first job is invoiced.
- We rebuild months or years of neglected books from dispatch exports, terminal settlements, hardware distributor statements and bank deposits, so a shop that ran three years on a notebook finally gets a defensible ledger.
- We rebuild the equipment schedule item by item from purchase invoices and split it across Class 10, Class 8, Class 50 and Class 12, which is almost always a single pool when we inherit a locksmith file.
- We recover input tax credits buried in unentered van stock purchases, hardware distributor orders, fuel, key machine parts and lead-generation invoices, which over a couple of unreconciled years regularly runs into five figures.
- We separate the shareholder loan from genuine business activity across the backlog, because in a cash trade the owner’s account is usually where unrecorded jobs and personal spending quietly ended up offsetting each other.
- We reconcile technician payroll and subcontract payments to the PD7A and T4A filings across the caught-up months, so an accurate T2 can be filed without guessing at what the crew were actually paid.
- Where a non-resident owns shares in your locksmith company, we handle the Part XIII withholding on dividends paid out of Canada and the NR4 reporting that follows, at 25% or the treaty rate.
- We file Form T1135 where the owners’ foreign property passes the $100,000 threshold, avoiding a penalty regime CRA applies whether or not any tax was actually owing on the holding itself.
- Where a US citizen is a shareholder or an owner of the shop, we coordinate the Canadian and US returns, because those reporting obligations reach into a Canadian corporation in ways most families discover far too late.
- Where you buy key machines, safe rigs or programming hardware from a US supplier, we match the customs entry and the import GST to the input tax credit claimed, so the recovery is not lost.
- We reconcile the Canadian and US returns so foreign tax credits actually land, ensuring tax paid on the same income in one country offsets tax in the other rather than being written off as a cost.
- We bring your company forward on years of cash call-outs that never reached the books, because the dispatch record still exists and a disclosure you make first is far cheaper than one CRA finds.
- We disclose HST collected on cash jobs and never remitted, which on a trade taking payment at the door accumulates quietly across every quarter and is the first thing a GST34 reviewer tests.
- We bring forward T4A slips never filed on subcontract locksmiths paid for years, because the per-slip penalties and the classification exposure both sit behind that one unsupported subcontractor line on the return.
- We file your submission on Form RC199 with a full reconstruction from dispatch exports, terminal settlements and bank records, so a shop that outgrew its bookkeeping is not left facing an arbitrary assessment.
- We confirm your disclosure is genuinely voluntary before CRA contacts you, the single condition that makes it valid, and secure the roughly 50% interest relief on the older years, turning a prosecution risk into a managed correction.
Locksmith Cash & Van Stock Check
Six quick questions on your dispatch reconciliation, your van stock count, your per-call costing, your capital pools, your technician classification and whether it is time to incorporate. No fee shown.
1. Is your dispatch log reconciled to bank and terminal deposits every month?
2. Do you count the parts in your van at year-end under ITA section 10?
3. Do you know the margin on a call-out separately from a master key job?
4. Are your vans in Class 10 and your key machines in Class 8 on separate pools?
5. Have your subcontract locksmiths been tested against the RC4110 factors?
6. Is your locksmith business incorporated?
Free CPA Consultation for Locksmiths
Case Studies: Locksmith Accounting & Tax
Toronto Emergency Locksmith — The Deposits That Did Not Match the Calls
The problem: A Toronto emergency locksmith ran two vans and answered calls around the clock. The bookkeeping started at the bank statement, which is to say it started after the fact. Every lockout settled in cash at the door simply never entered the ledger, and the shareholder loan had been absorbing the difference for four years. CRA opened a review, counted the jobs in the dispatch system against the deposits, and began rebuilding the sales figure itself using indirect verification of income.
What we did: We built a dispatch-to-deposit reconciliation for every open year from the Workiz job export, the terminal settlement reports and the bank records, identified the genuinely unrecorded cash work, filed a Voluntary Disclosures Program application on Form RC199 before the review became an assessment, and put a monthly reconciliation in place so the gap can never reopen.
The result:
- $41,600 of penalties cancelled through the disclosure
- Four years of cash call-outs reconciled job by job
- Shareholder loan cleared of the unrecorded revenue
Brampton Commercial Locksmith — The Van Nobody Counted
The problem: A Brampton commercial locksmith carried a fully stocked van for each of three technicians: key blanks, transponder chips, cylinders, pins and springs, deadbolts, mortise locks, closers, exit devices and a shelf of smart locks. Every purchase was expensed the day it was bought and nothing was ever counted. Cost of goods sold jumped whenever the owner restocked, gross margin swung by twenty points between quarters, and the T2 showed a business with three loaded vans and zero inventory on Schedule 100.
What we did: We wrote an ITA section 10 policy setting what counts as inventory, what is a consumable and what is a capitalized tool, ran a physical count on all three vans, restated the opening and closing figures, and moved the key machines and safe rigs out of the van pool into Class 8 where they belong.
The result:
- $37,900 of van stock brought onto the balance sheet
- Gross margin testable quarter to quarter for the first time
- Key machines separated from Class 10 into Class 8
Hamilton Master Key Shop — The Job That Lost Money Every Time
The problem: A Hamilton locksmith with a strong commercial book had never costed a single call. Emergency call-outs, scheduled rekeying, master key system design, safe servicing and automotive key programming all landed on one revenue line. The owner was convinced the master key contracts for the property-management accounts were carrying the shop. Once we loaded technician hours, drive time, van parts and the truck cost against each job, the master key work turned out to be the thinnest line on the board, while the after-hours automotive programming nobody wanted to do was the strongest.
What we did: We rebuilt the chart of accounts with five separate service lines, set up per-call job costing in Jobber against QuickBooks Online, tracked drive time as a real cost, and gave the owner a monthly margin report by line before the next round of contract renewals.
The result:
- Margin visible on all five service lines monthly
- 18 hours a month of manual invoice review eliminated
- Master key contracts repriced at renewal
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect prior T2 returns, the dispatch job export, terminal settlement reports, hardware distributor statements, van purchase and CVOR documents, key machine invoices, the municipal licence, payroll records and bank statements.
First 30 Days (Cleanup & Setup)
Set up QuickBooks Online or Xero against Workiz or Jobber, run the first van stock count under ITA section 10, rebuild the Class 10, 8, 50, 12 and 13 schedules, and run the RC4110 analysis.
Monthly Close
Dispatch-to-deposit reconciliation, per-call job costing with drive time loaded, gross margin by service line, GST34 built from the job record, and payroll, PD7A and subcontractor reconciliation.
Quarterly Planning Review
Salary and dividend mix, van and key machine purchase timing across Class 10 and Class 8, the standby charge on take-home vans, van stock levels, and pricing on the thinnest service line.
Year-End Close & T2 Filing
Trial balance, van stock counted and stated as inventory, financial statements with vans and machines at net book value by class, recapture and terminal loss settled, T2 with GIFI, and CRA preparation.
Get Your Locksmith Business Taxes Done Right Today
Affordable Pricing for Locksmiths
We believe in clear, upfront pricing so you know exactly what to expect. All fees include HST.
- Tax Preparation (Corporation) — 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.
Meet Your Lead Locksmith Accountant
Meet your lead locksmith accountant. As your trade and corporate tax adviser, you deal with the same two people every year.
What Our Clients Say
1300+ five-star reviews from locksmith, mobile service and field trade business owners across Ontario and Canada.
Serving Locksmiths Across Ontario
Our CPA team provides specialized accounting and tax solutions for locksmiths and mobile hardware trades throughout Ontario. We understand how a call-out is costed, why a loaded van is inventory rather than an expense, where the cash exposure sits on a 24-hour lockout business, and what CRA looks at first when it opens a locksmith file.
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
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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
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Oshawa (ON)
210 Durham St, Oshawa, ON L1J 5R3, Canada
+1 (647) 212-9559
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Ottawa (ON)
2090 Neepawa Ave a314, Ottawa, ON K2A 3L6, Canada
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Etobicoke (ON)
60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4, Canada
+1 (647) 212-9559
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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)
Locksmith Accounting & Tax FAQs
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Locksmith Accounting & Tax Done Right.
T2 filing with your dispatch log reconciled to your deposit record job by job, van stock counted and valued under ITA section 10 instead of expensed and forgotten, service vans in Class 10 at 30% kept apart from key machines and safe rigs in Class 8 at 20%, gross margin reported separately for call-outs, rekeying, master key systems, safe work and automotive programming, subcontract locksmiths tested against the CRA guide RC4110 factors with T4A slips filed, and GST34 returns built from the job record rather than the bank statement. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.