Tax Accountant for Money Service Businesses in Ontario and Across Canada
Most of the money in a money service business belongs to somebody else. A customer hands over two thousand dollars to send; the business earns a fee of perhaps fifteen, and the two thousand is customer funds in transit until it settles at the other end. Book the gross sends as income and you report a business many times its real size and pay tax accordingly. Because ETA section 123(1) treats the transfer of money as a financial service, the supply is exempt: nothing is charged to the customer on it, and the sales tax buried in your rent, connectivity and monitoring is not something you can reclaim. The $30,000 small-supplier threshold is measured against taxable fee income alone. We reconcile settlement and float daily, settle the agent-versus-principal question that decides your revenue line, determine and document the character of any separately charged service fee, and file the T2 that follows. Corporate returns, staff payroll, the incorporation decision and planning for an eventual sale all sit with the same two people. Flat-fee, no hourly billing, CPA Ontario, 1300+ five-star.
AFFORDABLE Money Service Business Tax Accountant
A money service business earns a fee, and sometimes a margin, on money that belongs to its customers. Under the definition at ETA section 123(1) the transfer of money counts as a financial service, and financial services are exempt supplies. Nothing is charged on the transfer, and the other half of that bargain is that an exempt supplier generally cannot recover the HST paid on its inputs as input tax credits. Charging in error and over-claiming credits are the two costliest and most audit-attracting mistakes in the sector. Sitting underneath that is the fact that decides whether your statements are true at all: the gross amount a customer asks you to send is not revenue. It is customer funds in transit, a settlement liability owed onward until the payout completes, and only the fee plus any margin belongs on the income statement. At Gondaliya CPA we build the ledger around that distinction, reconcile settlement and float, and provide AFFORDABLE flat-fee support that keeps you CRA-compliant and stops you paying tax on money you never earned.
We work with remittance operators, transfer agents and multi-location agent networks across Ontario, with year-round support rather than a once-a-year scramble. We settle the agent-versus-principal question that sets your revenue line, document the character of any separately charged service fee, and tell you plainly what you can deduct, what you cannot, and where the real margin sits once agent commissions and settlement costs are paid.
Leave the numbers with us; your attention belongs at the counter and on the network you are trying to build.
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Accounting That Understands How a Money Service Business Actually Works
Moving money for other people creates financial realities an ordinary retail or service company never meets. Most of the balance sheet is somebody else’s money. Your transfer revenue is exempt, so the tax on your inputs generally stays with you. Settlement runs on a different clock from the transactions that created it, so float and pre-funding have to be reconciled daily. And whether you act as agent or as principal decides what your revenue line is allowed to say. Gondaliya CPA builds the books around those four facts, for operators right across the GTA and the rest of Ontario.
Stay Compliant and Minimize Your Money Service Business Tax
Compliance and tax efficiency are not competing goals for a business that moves other people’s money; they are the same piece of work. Every filing goes in on time, and fee revenue, settlement balances and payroll are each classified the way the rules require, which is what keeps a reassessment away from the door.
Accounting & Tax Experts for Money Service Businesses
- 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 Money Service Businesses?
Tax Planning — Fee Revenue & Exit Expertise
Active income is kept inside the $500,000 Small Business Deduction band taxed near 12.2% in Ontario, owner remuneration is set deliberately rather than by habit, the Form T2057 rollover is timed, and the $1.25M exemption is protected for the day you sell.
Consulting — Settlement & Exempt Revenue
Our bookkeeping keeps customer funds in transit out of revenue, reconciles the settlement account and pre-funded balances daily, restricts your input tax credits correctly, and grosses up the commissions each agent location retains.
CRA Representation — HST & Unreported Income
When CRA questions your restricted credits, your deposits against declared income, or how a fee was characterised, we prepare the response, produce the settlement reconciliation, and pursue relief on Form RC4288 where a prior error caused the penalties.
Bookkeeping — Agent Networks & Growth
We run T4 payroll, track commissions across every agent location, issue ROEs on separation, and get you ready to scale. We also calculate the profit level at which incorporating starts to pay, and carry out the move when it does.
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Money Service Business Clients
Money Service Business Tax and Accounting Services in Ontario
Corporate Tax Filing (T2) for Money Service Businesses
Professional T2 preparation reporting fee and commission revenue on Schedule 125, funds in transit on Schedule 100, and CRA compliance on every line.
Bookkeeping & Accounting for Money Service Businesses
Settlement and transfer bookkeeping with monthly reporting, financial statements and a ledger that separates customer money from your own.
Payroll Services for Money Service Businesses
T4 payroll for counter and back-office staff with PD7A remittances, WSIB, ROEs and Employment Standards Act vacation pay handled correctly.
GST/HST Filing for Money Service Businesses
AFFORDABLE handling of exempt transfer revenue under ETA section 123(1), with restricted input tax credits and any taxable fee income split out.
Tax Planning for Money Service Businesses
Planning that protects the Small Business Deduction, fixes the owner remuneration mix, times the incorporation rollover and readies the corporation for sale.
Corporate Catch-Up Filing for Money Service Businesses
Overdue corporate and payroll years brought current, settlement and fee records reconstructed, and your standing with CRA restored without guesswork.
CRA Audit Resolution for Money Service Businesses
Expert support on exempt-supply HST, restricted-credit and unreported-income reviews, with Form RC4288 relief handled with confidence.
CPA Financial Statements (Notice to Reader) for Money Service Businesses
CPA-compiled statements banks and landlords accept, presenting funds in transit and settlement balances the way a lender needs to read them.
Incorporation Services for Money Service Businesses
NUANS search, articles, share classes and the Form T2057 election that carries your existing assets into the new corporation.
Catch-Up Bookkeeping Services for Money Service Businesses
Reconstruct months or years of transfer, settlement and agent-commission records, rebuild clean books and restore monthly reporting.
US Corporation & LLC Tax Filing for Money Service Businesses
Where the structure reaches into the United States, we handle the 1120, 1120-F and 5472 obligations in step with the Canadian filings.
Voluntary Disclosure Program for Money Service Businesses
Unreported fee and commission income disclosed on Form RC199 under the CRA Voluntary Disclosures Program, while coming forward is still your own choice.
Accounting & Tax Services Tailored for Money Service Businesses
Real, practitioner-level CPA expertise for remittance operators, transfer agents, sub-agent locations and multi-branch agent networks across Ontario — built for how money actually moves through the business.
- We prepare your T2 with GIFI so Schedule 125 reports the fee and margin your business actually earned, not the gross amount customers asked you to move, because a return built on gross sends misstates every figure CRA compares.
- Schedule 100 carries customer funds in transit as a liability with the settlement asset that backs it, so the balance sheet shows money owed onward rather than working capital the corporation is free to spend.
- Schedule 8 carries the capital cost allowance on counters, signage, security fixtures and the Class 50 computers behind your transaction system, and one operator picked up $5,100 of depreciation that three earlier returns had simply left out.
- Fee profit up to $500,000 attracts roughly the 12.2% Ontario combined small-business rate, so that ceiling is watched all year and the associated-corporation rules are tested before the limit has to be shared with related companies.
- Filing within six months of year-end and settling the balance by its own earlier due date is unglamorous work, but it is exactly what keeps an operator earning $160,000 of fee profit clear of CRA arrears interest.
- Your chart of accounts is built in QuickBooks Online or Xero so the fee and margin retained on each transfer reach the revenue line while the principal amount sits in customer funds in transit, a liability until it settles.
- The settlement account is reconciled daily against the transfers behind it, because float and pre-funding move on a different clock from the transactions, and an unreconciled variance is the first thing any reviewer asks about.
- Registration with FINTRAC brings record-keeping duties of its own, and those duties draw on the same transaction and settlement ledger we maintain, so it is written up continuously instead of assembled from paper long afterwards.
- Commissions payable to each agent location are posted as they are earned, so what is owed out stays visible against the fee income it came from, and one operator found $6,400 of agent recoveries never billed.
- Branch rent, connectivity, monitoring and bank charges flow through Dext with the supporting document attached, so the $14,000 of deductions behind your fee income survives a CRA request for backup instead of quietly evaporating.
- Payroll runs through Wagepoint for counter and back-office staff alike, with every PD7A remittance made on time, since the late-payment penalty climbs on a graduated scale that tops out at 10% of the amount owing.
- Coverage with WSIB is opened the moment you take on a first employee, not the month an inspector calls, because premiums and interest assessed after the fact cost considerably more than paying them as you went.
- February’s final day is the deadline for the T4 slips and the T4 Summary, and we reconcile both against the source deductions already sent in, so nothing in CRA matching ever contradicts your remittance history.
- Employer Health Tax in Ontario only bites above the $1,000,000 payroll exemption, and one client operating four locations had been paying from the first dollar, recovering $3,100 once the exemption was claimed properly.
- Location managers and counter staff are tested against the CRA control and integration factors before anyone is treated as self-employed, since a misclassification leaves the corporation carrying both halves of CPP and EI with penalties attached.
- Transferring money is a financial service within the ETA section 123(1) definition, which makes the transfer an exempt supply; no HST is charged on it, and adding 13% by mistake is expensive and slow to unwind.
- Because the transfer is exempt, the HST behind your branch rent, connectivity, monitoring and professional fees is generally not recoverable; we restrict the claim up front so no over-claim sits on a filed return waiting to be reversed.
- Registration turns on taxable supplies only: exempt transfer revenue sits outside the $30,000 small-supplier test altogether, which is why an operator moving very large sums each month can still fall below the line that forces registration.
- A separately stated service fee raises its own question, and we answer it on the facts and write the reasoning down, because that single determination drives registration, what appears on the receipt and how credits are treated.
- A taxable fee makes the corporation a mixed supplier, and from that point the credit claim is split on a fair and reasonable basis between exempt and taxable activity, with the method recorded and used consistently.
- The salary-and-dividend mix is calculated each year rather than guessed: enough employment income to build RRSP room, the remainder as dividends, so retained profit is taxed near 12.2% in Ontario instead of a personal rate reaching 53.53%.
- A section 85 election on Form T2057 moves your fixtures, equipment and goodwill into the corporation at elected amounts, and one owner avoided triggering $21,000 of immediate tax that transferring the same assets outright would have produced.
- Qualifying for the $1.25M Lifetime Capital Gains Exemption takes a two-year runway and a corporation free of passive holdings, so we begin the purification early and keep the asset tests met while the business is still growing.
- Where capital spending is coming anyway, we place it inside the current fiscal year so Class 8 fixtures at 20% and Class 50 computers begin depreciating against this year’s fee income rather than against next year’s.
- Non-recoverable HST on your inputs belongs inside your pricing, not outside it; an operator who sets a fifteen-dollar fee assuming the tax on costs comes back is earning less on every transfer than the ledger appears to show.
- Each unfiled year is rebuilt from settlement statements, agent activity reports and bank records so the return shows real fee income; without that, ITA 152(7) lets CRA set the figure itself from deposits that were mostly customer money.
- Because the late-filing charge starts at 5% of the balance and grows by 1% monthly for up to twelve months, the earliest outstanding year always goes in first, and filing in that order saved one operator $7,200.
- Where gross sends had been reported as sales, the year is restated from the ground up, since the corporation was being taxed on money it merely held; that correction removed $310,000 of phantom income across three returns.
- Missing payroll years are brought current at the same time, with slips prepared and remittances reconciled, because filing the corporate return alone leaves the per-slip and late-payment exposure sitting there untouched and still growing.
- Depreciation pools are rebuilt for every open year so allowances never taken on Class 8 counters and fixtures, a Class 13 leasehold build-out and Class 50 computers are picked up before the window to amend closes.
- When an auditor tests the HST position, the answer rests on the section 123(1) definition: the transfer is a financial service, the supply is exempt, and the restricted credit claim follows from that rather than from an oversight.
- Where CRA says the deposits are too large for the income reported, we produce the settlement reconciliation showing which deposits were customer funds in transit and which were fee income the corporation genuinely earned.
- Under ITA 152(7) an auditor facing an inadequate ledger may simply assess a number and leave you to disprove it, which is why the ITA 230 books are reconstructed first and the reply is written second.
- Query letters carry a 30-day reply window, and we use it to deliver the revenue split, the fee determination and the credit apportionment together, since a position disallowed for want of evidence is very hard to rebuild later.
- Objections go in on Form T400A before the 90 days run out, and where a former preparer caused the penalties we ask for taxpayer relief on Form RC4288; one client had $9,300 of penalties written off.
- A CSRS 4200 compilation engagement produces the Notice to Reader statements a bank wants across two fiscal years before it commits to the operating facility that keeps your settlement account funded ahead of customer demand.
- Your compiled statement of financial position shows customer funds in transit as a liability beside the settlement asset behind it, so a lender reads working capital correctly instead of mistaking float for surplus cash.
- The statement of operations is built on fee and commission revenue, because a bank that reads the gross amount sent as sales misjudges the business completely and prices or refuses the facility on a false premise.
- Each set of compiled statements includes the CSRS 4200 communication confirming that neither an audit nor a review took place and setting out the accounting basis and owner withdrawals; lenders and landlords reject files that omit it.
- Turnaround is thirty days from the arrival of your records and corporate tax figures, because conditional financing offers expire, and holding to that schedule once kept a $250,000 facility on the table for a client.
- An Ontario Business Corporations Act incorporation separates you personally from the settlement obligations the business carries, and taxes retained active profit at roughly 12.2% combined rather than the 53.53% a proprietor pays at the top.
- Existing assets move in under a section 85 election on Form T2057 at amounts you choose, so the transfer itself does not create a disposition to be taxed on before the corporation has earned a dollar.
- New business number, payroll and GST/HST accounts are opened and the proprietorship accounts closed in the same month, which is what stops a single month of fee income being reported twice under two different numbers.
- Share classes are drafted at the outset rather than fixed later, because a structure with voting and non-voting shares is what makes dividends to family members and a multiplied $1.25M exemption possible on an eventual sale.
- We run the break-even before recommending anything: with annual T2 and compliance cost attached, an owner taking home every dollar of a $70,000 profit rarely comes out ahead until surplus is genuinely being retained.
- Missing periods are reconstructed from settlement statements, agent activity reports and bank records, with each fee landing in the month the transfer was made rather than the month the corresponding cash finally arrived.
- Exempt transfer revenue and any separately charged fee income are pulled apart across the entire rebuilt period, because the corporate return and the HST return each need those two streams reported on their own.
- The customer funds in transit balance is reconstructed at each year-end, so the liability rests on a settlement reconciliation rather than a plug figure chosen to make the balance sheet agree with the bank.
- Three unrecorded years typically surface $16,000 or more of rent, connectivity, monitoring and licensing costs that were never deducted, and every one of those dollars reduces the tax payable on the catch-up returns.
- Forty-five days is the usual turnaround on three years of catch-up work, after which you receive reconciled monthly figures and the next settlement cycle is recorded in the week it happens instead of a year later.
- A US branch or subsidiary raises the question of effectively connected income, and where that test is met a Form 1120-F obligation follows, so we work the analysis through properly before assuming either answer.
- A foreign-owned US corporation or single-member LLC owes Form 5472 alongside its Form 1120, and the penalty for leaving that information return out runs to $25,000, which is a great deal for a missing schedule.
- Permanent establishment is tested under the Canada-US treaty, because occasional cross-border activity is not the same thing as a taxable presence, and the distinction decides whether the same fee income is taxed on both sides.
- US bank accounts held to fund settlement bring FBAR and Form T1135 foreign-property reporting into play once the thresholds are met, and an operating balance earning nothing at all still counts toward them.
- The foreign tax credit on your Canadian T2 relieves tax already paid in the United States, and for a business with genuine activity on both sides that relief is commonly worth $10,000 or more each year.
- Income that never reached a filed return is disclosed on Form RC199 through the CRA Voluntary Disclosures Program, which puts the missing years on record before an audit or a deposit-matching letter makes the choice for you.
- Nothing is submitted until the application clears three gates, voluntary, complete, and at least one year overdue, because an approach made after CRA has already been in touch no longer qualifies for relief at all.
- Most disclosures here correct income tax only, since the transfer is an exempt supply and carries no HST; the exception is a separately charged fee determined to be taxable, where unremitted GST/HST is dealt with too.
- The disclosed numbers are built from settlement records, agent statements and bank deposits rather than estimated, because a cash-intensive file always draws a close reading and figures that cannot be traced will not survive it.
- Relief on a successful application removes gross-negligence penalties of up to 50% of the tax and cuts arrears interest; one operator who had under-reported $95,000 of fee income kept more than $24,000 as a result.
Money Transfer Settlement & HST Check
Six quick questions on your exempt transfer revenue, input tax credits, customer funds in transit, settlement reconciliation, the agent-or-principal question and whether it is time to incorporate. No fee shown.
1. Are you correctly NOT charging HST on the transfers you handle?
2. Have your input tax credits been restricted to reflect exempt transfer revenue?
3. Is the money customers hand you to send recorded as a liability rather than revenue?
4. Is your settlement account, including float and pre-funding, reconciled daily?
5. Do you know whether each transfer is written as agent or as principal?
6. Is your money service business incorporated yet?
Free CPA Consultation for Money Service Businesses
Case Studies: Money Service Business Accounting & Tax
Ajax Money Transfer Business — Gross Sends Booked as Revenue
The problem: An Ajax money transfer business had been posting the full amount of every send to sales, so its income statement showed millions of dollars of revenue against an almost identical cost line. The owner believed the company was many times its real size, the bank had priced its facility off those statements, and the corporate return described a business that did not exist.
What we did: We restated three years onto fee and commission revenue, moved the principal amounts into customer funds in transit as the settlement liability they had always been, rebuilt the comparative figures, refiled the affected corporate returns, and handed the bank corrected statements with a plain explanation of the change.
The result:
- $310,000 of phantom income removed across three years
- Funds in transit carried as a liability, not as sales
- Statements the bank and CRA can both rely on
Brantford Remittance Operator — Credits Claimed Against Exempt Revenue
The problem: A Brantford remittance operator was recovering the sales tax on its rent, connectivity and monitoring costs, as though the money it moved for customers had been a taxable supply. Transferring money is a financial service under ETA section 123(1), which makes the transfer an exempt supply and leaves the tax on those inputs stranded. The over-claim grew with every return filed, and interest would have run on all of it.
What we did: We quantified the credits taken in error, corrected the exempt-supply position, and determined and documented the character of the separate service fee the operator also charged, then adjusted the affected returns and set up an apportionment method that is written down and applied the same way every period.
The result:
- $17,400 of input tax credits reversed before CRA assessed them
- Fee character determined and documented, not assumed
- Exempt-supply position clean and supportable going forward
Peterborough Agent Network — Settlement, Float and Agent Commissions
The problem: A Peterborough operator ran six agent locations against a single bank account and no settlement reconciliation of any kind. Pre-funded balances, commissions retained at the counter and amounts still owed onward were indistinguishable from one another, month-end took the better part of a week, and nobody in the business could say which locations were actually profitable or whether the float was still intact at the end of any given day.
What we did: We separated the settlement asset from customer funds in transit, built a daily reconciliation the counter staff now run themselves, grossed up the commissions each location retained instead of netting them away, and settled the agent-versus-principal characterisation so revenue recognition finally matched what the agreements actually said.
The result:
- Settlement account reconciled daily, variances caught same-day
- Agent commissions grossed up rather than netted away
- Per-location margin visible for the first time
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect prior T2 returns, settlement and agent statements, the bank and pre-funding records, payroll and T4 history, agreements with counterparties, and bank statements.
First 30 Days (Cleanup & Setup)
Set up QuickBooks Online or Xero, move customer funds in transit out of revenue, confirm your exempt-supply position, and configure settlement, commission and payroll tracking.
Monthly Close
Monthly reconciliations, daily settlement and float matching, agent commission gross-ups, payroll and PD7A remittances, and exempt-versus-taxable revenue tracking.
Quarterly Planning Review
Salary and dividend mix, fee characterisation review, input-tax-credit apportionment, agent-network profitability, and the incorporation break-even.
Year-End Close & T2 Filing
Trial balance, statements that keep customer money off the revenue line, the T2 with GIFI, payroll slips, and a file ready for CRA.
Get Your Money Service Business Taxes Done Right Today
Affordable Pricing for Money Service Businesses
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 Money Service Business Accountant
Meet your lead money service business accountant. As your settlement and corporate tax adviser, you deal with the same two people every year.
What Our Clients Say
More than 1300 five-star reviews, left by owners of money service businesses and small companies in Ontario and beyond.
Serving Money Service Businesses Across Ontario
We look after money service businesses in every part of Ontario, from a single storefront to a multi-location agent network. We understand how exempt transfer revenue, customer funds in transit, settlement float and agent commissions actually flow through the business, what CRA looks at on a cash-intensive exempt-supply file, and where the real margin sits once every location has been paid.
Toronto (ON)
55 Queen St E Ste 1205, Toronto, ON M5C 1R6, Canada
+1 (647) 212-9559
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Mississauga (ON)
5373 Bullrush Dr, Mississauga, ON, Canada
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Brampton (ON)
4 Starhill Crescent, Brampton, ON L6R 2P9, Canada
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Scarborough (ON)
24 Clementine Square, Scarborough, ON M1G 2V7, Canada
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Vaughan (ON)
19 Cabinet Crescent, Woodbridge, ON L4L 6H9, Canada
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Oshawa (ON)
210 Durham St, Oshawa, ON L1J 5R3, Canada
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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
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Hamilton (ON)
70 Starling Dr, Hamilton, ON L9A 0C5, Canada
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Guelph (ON)
1155 Gordon St, Guelph, ON N1L 1S8, Canada
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Windsor (ON)
4387 Guppy Ct, Windsor, ON N9G 2N8, Canada
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North York (ON)
150 Graydon Hall Dr #912, North York, ON M3A 3B2, Canada
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Money Service Business Accounting & Tax FAQs
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Money Service Business Accounting & Tax Done Right.
T2 filing, exempt transfer revenue under ETA section 123(1), restricted input tax credits, customer funds in transit and the settlement liability, float and pre-funding reconciliation, agent versus principal, agent commissions, T4 payroll, incorporation 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.