Tax Accountant for Portfolio Managers in Ontario and Across Canada
A fee for managing a portfolio is generally consideration for a taxable management service rather than an exempt financial service under ETA subsection 123(1) — which means HST on the fee and, far more valuable, input tax credits on your rent, your Bloomberg and research subscriptions, your custodian platform costs, your software and your professional fees. That is the opposite of the commission side of this industry, and most registrants never claim it. We test the position fee by fee, write down the ETA section 141.01 allocation where your firm earns both kinds of revenue, record the accrued management fee receivable on fees billed quarterly in arrears, and watch the ITA subsection 125(5.1) grind when the firm accumulates a portfolio of its own. Whether you run private client mandates, institutional mandates, sub-advisory work or an investment counsel practice, we handle the registrant, the fee and the corporation — with AFFORDABLE flat fees.
AFFORDABLE Portfolio Manager Tax Accountant
Almost everything written for financial services people starts from the same premise: your revenue is exempt, so the HST you pay on rent and software is gone forever. For a discretionary portfolio manager that premise is usually backwards, and the mistake is expensive in the other direction. Selling a fund is arranging for the issue or transfer of a security, which is an exempt financial service under ETA subsection 123(1) with no input tax credits behind it. Managing a portfolio for a fee is generally something else: consideration for a taxable management or advisory service, taxable at 13% in Ontario, with input tax credits available on the office, the market data, the custodian platform, the reporting software and the legal and audit bill. We have taken over registrant files where nobody had claimed a dollar of that in years. The discipline the position demands is that the line is tested fee by fee against what is actually supplied, and that a firm earning both kinds of revenue apportions its inputs on a written, consistent method under ETA section 141.01. At Gondaliya CPA, we specialize in registrant accounting, fee classification and input tax credit recovery for portfolio managers, providing AFFORDABLE flat-fee support that keeps you CRA-compliant and stops you paying more tax than you owe.
As a portfolio managers accountant, we work with private client discretionary managers, institutional portfolio managers, sub-advisory firms and investment counsel practices across Ontario, with year-round support rather than a once-a-year scramble. We tell you what the fee stream actually earned, what is recoverable, and where the corporation is quietly costing you the small business rate.
Let us handle the numbers so you can focus on the mandates and the markets.
Our Official Partners
Accounting That Understands How a Portfolio Management Firm Actually Works
A registered firm carries pressures an ordinary professional practice never faces. Your largest cost after payroll is market data nobody reviews. Your revenue depends on a period-end valuation and arrives a quarter after it was earned. Your registration in the portfolio manager category under NI 31-103 brings working capital, insurance and custody obligations with a real annual price. And the HST question on your fee is the opposite of the one your commission-earning colleagues face. At Gondaliya CPA, we understand that reality and provide practical, registrant-focused solutions across Ontario.
Stay Compliant and Minimize Your Portfolio Management Firm Tax
For a registered portfolio manager, staying onside with the OSC and CRA and paying the least legal tax are the same job. We keep every filing on schedule while recovering every input tax credit and every deduction the T2 allows, so nothing is missed and nothing invites a reassessment.
Accounting & Tax Experts for Portfolio Managers
- 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 Portfolio Managers?
Tax Planning — Input Tax Credits & the Grind
We recover the input tax credits on rent, market data and custody that a taxable fee makes available, and keep the firm’s own portfolio from grinding away the $500,000 Small Business Deduction.
Consulting — Fee Classification & Revenue
We test management, performance, sub-advisory and referral fees against what is actually supplied, record the accrued receivable on quarterly billing in arrears, and show what each mandate type earns.
CRA Representation — Credits & Revenue Audits
When CRA tests your input tax credits or your fee revenue against the GST34 returns, we prepare the response and pursue relief on Form RC4288 where a prior error caused the penalties.
Bookkeeping — Growth & Succession
We build the statements a lift-out lender reads, capitalize acquired client relationships to Class 14.1, and model the sale of the firm years before it happens.
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Portfolio Manager Clients
Portfolio Manager Tax and Accounting Services in Ontario
Corporate Tax Filing (T2) for Portfolio Managers
Professional T2 preparation with the accrued management fee receivable recorded, acquired client relationships in Class 14.1, and the ITA subsection 125(5.1) grind monitored.
Bookkeeping & Accounting for Portfolio Managers
The billing run reconciled to the ledger every quarter, revenue split by mandate type, and referral fees shown gross so the economics of each source stay visible.
Payroll Services for Portfolio Managers
Advising representative payroll with PD7A remittances, T4 and T4A slips filed on time, and discretionary bonuses timed to keep the deduction in the right year.
GST/HST Filing for Portfolio Managers
AFFORDABLE HST filing with the taxable management fee position tested fee by fee and every input tax credit on rent, data and custody recovered.
Tax Planning for Portfolio Managers
Smart tax planning on the remuneration mix, the $500,000 Small Business Deduction, the RDTOH recovery under ITA section 129, and the exit structure years ahead.
Corporate Catch-Up Filing for Portfolio Managers
File overdue T2 and HST years, recover the input tax credits never claimed, and get back into CRA compliance with accurate catch-up support.
CRA Audit Resolution for Portfolio Managers
Expert support for input tax credit allocation, fee revenue and shareholder draw audits, handled with confidence from the first letter.
CPA Financial Statements (Notice to Reader) for Portfolio Managers
CPA-compiled financial statements that a holding company or lift-out lender accepts, carrying the recurring fee stream and the accrued receivable clearly.
Incorporation Services for Portfolio Managers
Full incorporation including NUANS, articles, share structure, and the section 85 rollover of your client relationships and equipment into the company.
Catch-Up Bookkeeping Services for Portfolio Managers
Months or years of custodian statements, billing runs, data subscriptions and referral payments reconstructed and reconciled, so your revenue is finally on an earned basis.
US Corporation & LLC Tax Filing for Portfolio Managers
Cross-border filing on non-resident mandates and where owners or shareholders are American, covering Part XIII withholding and T1135 reporting.
Voluntary Disclosure Program for Portfolio Managers
Come forward on HST never charged on taxable fees, over-claimed credits or unfiled slips before CRA calls, cancelling penalties through a Voluntary Disclosures Program application.
Accounting & Tax Services Tailored for Portfolio Managers
Real, practitioner-level CPA expertise for private client discretionary managers, institutional portfolio managers, sub-advisory firms and investment counsel practices across Ontario — built for a registrant whose fee is generally taxable and whose costs are therefore generally recoverable.
- We prepare your T2 with GIFI on Schedule 100 and Schedule 125, separating management fees on assets under management, performance fees, sub-advisory revenue and separately billed planning fees onto their correct lines so CRA’s matching reads your file properly.
- We claim capital cost allowance on Schedule 8 with research and trading workstations, servers and laptops in Class 50 at 55%, office furniture and the client boardroom in Class 8 at 20%, and application software in Class 12.
- We record the accrued management fee receivable at your year-end on fees billed quarterly in arrears, because a quarter earned in December and invoiced in January belongs in the year the mandate actually ran.
- We capitalize acquired client relationships and purchased assets under management to Class 14.1 at 5% rather than expensing them, because a lift-out written off in one year is the reassessment we most often inherit on a management firm.
- We monitor adjusted aggregate investment income against the $50,000 threshold in ITA subsection 125(5.1), because a firm that parks surplus in its own portfolio can lose the $500,000 business limit entirely once that income reaches $150,000.
- We reconcile the billing run out of Croesus, Envestnet Tamarac or Addepar to the general ledger every quarter, because a management fee calculated on a period-end valuation has to tie to the revenue you actually report.
- We split management fees, performance fees, sub-advisory revenue and separately billed planning fees into their own accounts, so you can see which mandate types carry the firm rather than one blended assets under management number.
- We track referral fees paid out under your approved referral arrangements as a separate expense line against the revenue they generated, so the economics of every referral source are visible before the agreement comes up for renewal.
- We keep market data and research subscriptions, Bloomberg Terminal, FactSet and Morningstar Direct in their own cost centre, because on a research-driven firm that line is usually second only to payroll and nobody ever reviews it.
- We capture custodian, data, software and professional invoices through Dext into QuickBooks Online or Xero and reconcile monthly, keeping the six years of records ITA section 230 requires and making sure no input tax credit is lost.
- We run payroll for advising representatives, associate advising representatives and analysts, withholding income tax, CPP and EI and remitting on the PD7A by the 15th of the following month, because CRA’s late-remittance penalty reaches 10%.
- We structure the discretionary bonus paid to an advising representative after a strong year so it is accrued and paid within 179 days of year-end, keeping the corporate deduction in the year the performance was earned.
- We file your T4 slips and T4 Summary by the last day of February, reconcile them to every PD7A remittance made, and monitor Ontario payroll against the $1,000,000 Employer Health Tax exemption as the team grows.
- We file T4A slips on outsourced compliance, Chief Compliance Officer and research contractors, so the amounts you deducted are reported the way CRA expects rather than sitting inside an unsupported professional fees total.
- We set the owner’s salary high enough to build RRSP room and support the Form 31-103F1 working capital picture, then test any payment to a spouse or adult child against the ITA section 120.4 split income rules.
- A fee for managing a portfolio is generally consideration for a taxable management service rather than an exempt financial service under ETA subsection 123(1), so it generally carries 13% in Ontario and we confirm that position fee by fee.
- Because the fee is taxable, input tax credits are available on office rent, Bloomberg and research subscriptions, custodian platform costs, portfolio software, legal and audit fees, and we claim every one of them on your GST34 return.
- That is the opposite of the commission side of this industry, where a fee for arranging the issue or transfer of a security is exempt under Part VII of Schedule V and carries no input tax credits at all.
- Where your firm earns both taxable management fees and exempt revenue it is a mixed supplier, so we write down a fair and reasonable allocation method under ETA section 141.01 and apply it consistently throughout the year.
- We register you once taxable revenue passes the $30,000 small supplier threshold in ETA section 148, and where a mandate is managed for a non-resident client we review the place of supply rules rather than assuming Ontario tax applies.
- We set the salary-versus-dividend mix for the principals, paying enough T4 salary to build RRSP room while the balance flows as dividends, so combined tax stays near the 12.2% Ontario small-business rate instead of 53.53% personally.
- We keep active management fee income under the $500,000 Small Business Deduction limit using ITA section 125, and watch the associated-corporation rules where a principal also holds a second company for consulting or real estate.
- Where the firm holds its own portfolio, we recover refundable tax out of the RDTOH pools under ITA section 129 by timing taxable dividends, which returns $38.33 for every $100 of dividends paid to shareholders.
- We track the capital dividend account under ITA subsection 89(1) as the firm’s own holdings are realized and file the election on Form T2054 before the dividend becomes payable, because filing that election late carries a penalty.
- We plan at least two years ahead so your shares qualify for the $1.25M Lifetime Capital Gains Exemption under ITA 110.6, purifying surplus cash and portfolio assets that would otherwise fail the qualifying asset test.
- We reconstruct management fees, performance fees and sub-advisory revenue across your unfiled years from the billing run, the custodian statements and bank deposits, 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 recover input tax credits never claimed across the missing periods on rent, market data and custodian costs, which on a registrant that wrongly assumed its fees were exempt is often the largest single recovery in the catch-up.
- We rebuild the capital cost pools across the missing years, moving research and trading workstations out of Class 8 into Class 50 at 55% and posting acquired client relationships to Class 14.1 at 5% where they belong.
- 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 tests your input tax credits, we produce the written ETA section 141.01 allocation method and the revenue split behind it, because a mixed firm claiming credits in full is the first thing a reviewer pulls.
- When management fee revenue on the T2 does not agree to the GST34 returns, we reconcile the difference to the accrued fee receivable on quarterly billing in arrears rather than leaving a reviewer to assume revenue was suppressed.
- When CRA queries amounts drawn from the firm by a principal, we separate genuine remuneration from shareholder advances and clear the balance inside the window ITA subsection 15(2) allows, before the draw is taxed as income.
- When CRA opens a full audit, we manage the file and answer the revenue, expense and payroll queries inside the deadlines, so a one-year review does not expand across the three prior years CRA can reopen.
- 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, protecting your Tax Court rights.
- Your annual financial statements delivered to the regulator under NI 31-103 are audited, which is a different and higher engagement than a compilation, and we make sure the two are never confused when a lender asks.
- We prepare the CSRS 4200 compilation engagement financial statements a lender requires on the holding company and on a book acquisition or lift-out loan, across two fiscal years so the recurring fee stream is visible.
- The compiled statement of financial position carries the accrued management fee receivable separately from cash, because a lender advancing against recurring revenue on assets under management needs to see what is earned but not yet billed.
- We build the statement of operations with management fees, performance fees and sub-advisory revenue classified consistently across two years and tied to the T2 filed with CRA, so the bank accepts the file without questions.
- We deliver the compiled statements within 30 days of receiving your records and the year’s T2 figures, because a financing approval on a lift-out with a signing deadline does not wait for a slow accountant.
- We incorporate your firm under the Ontario Business Corporations Act, giving you limited liability on discretionary mandates and roughly the 12.2% Ontario small-business rate on active management fee income against 53.53% personally when unincorporated.
- We complete the section 85 rollover on Form T2057, transferring your existing client relationships, goodwill and equipment into the corporation at elected amounts, deferring the capital gain a straight sale of those assets would trigger.
- We open the corporation’s CRA Business Number, HST and payroll accounts within the first 30 days and register for HST from the first taxable management fee rather than waiting for the $30,000 threshold to be crossed.
- We set the opening Class 50, Class 8, Class 12, Class 13 and Class 14.1 schedules from the rollover, so the corporation starts with an asset base that is correct rather than rebuilt from memory years later.
- We confirm with your compliance function that the registration on the National Registration Database, the custodian agreement and every investment management agreement move to the new entity, because a corporate change the regulator has not seen is a problem.
- We rebuild months or years of neglected books from custodian statements, the billing run in Croesus or Black Diamond, and bank records, so a firm that outgrew its bookkeeping finally has a ledger it can file from.
- We recover the input tax credits buried in unentered rent, Bloomberg and FactSet subscriptions, custodian platform charges and legal invoices, which on a taxable management firm routinely runs to five figures across a couple of years.
- We restate revenue onto an earned basis across the backlog, posting the accrued management fee receivable at each period end, so the caught-up statements show what the mandates actually produced rather than when invoices happened to go out.
- We rebuild the fixed asset schedule item by item from purchase invoices and split it across Class 50, Class 8, Class 12 and Class 13, which is almost always wrong when we inherit a registrant’s file.
- We reconcile payroll and contractor payments to the PD7A remittances and the T4 and T4A filings across the caught-up months, so an accurate T2 can be filed without guessing at what the team was actually paid.
- Where a mandate is managed for a client resident outside Canada, we review the place of supply and export rules against what is actually supplied rather than treating a foreign address as automatic zero-rating on the fee.
- Where a non-resident holds shares in your firm, we handle the Part XIII withholding on dividends paid out of Canada and the NR4 reporting that follows, so nothing is missed at 25% or the treaty rate.
- We file Form T1135 where the firm’s or the principals’ specified foreign property passes the $100,000 cost threshold, avoiding a penalty regime CRA applies whether or not any tax was actually owing on the holding.
- Where a US citizen is a shareholder or an advising representative of the firm, we coordinate the Canadian and US returns, because their reporting obligations reach into a Canadian corporation in ways most families discover far too late.
- We reconcile the Canadian and US returns so foreign tax credits actually land, ensuring tax paid on the same management fee income in one country offsets tax in the other rather than being written off as a cost.
- We bring your firm forward on HST never charged or never remitted on taxable management fees, because a registrant that assumed the exempt treatment applied has been accumulating the same error in every filing period.
- We disclose input tax credits claimed in full by a mixed firm with no ETA section 141.01 allocation behind them, because correcting an over-claim voluntarily removes the penalty a reviewer would otherwise assess on the pattern.
- We file your submission on Form RC199 with a full reconstruction from the custodian statements, the billing run and bank records, so a firm that let its filings slip is not left facing an arbitrary assessment.
- We disclose shareholder advances that were never cleared inside the ITA subsection 15(2) window and T4A slips never filed on outsourced compliance and research contractors, both of which carry penalties a disclosure removes in full.
- 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.
Portfolio Manager Fee & Tax Check
Six quick questions on your HST position, your input tax credits, your allocation method, your accrued fee receivable, your own portfolio and whether it is time to incorporate. No fee shown.
1. Has your management fee been tested as a taxable supply rather than assumed exempt?
2. Are you claiming input tax credits on rent, market data and custody costs?
3. If you earn exempt revenue too, is the ETA section 141.01 allocation written down?
4. Is the accrued management fee receivable posted at every period end?
5. Is the firm’s own investment income monitored against the $50,000 threshold?
6. Is your portfolio management practice incorporated?
Free CPA Consultation for Portfolio Managers
Case Studies: Portfolio Manager Accounting & Tax
Toronto Discretionary Manager — Four Years of Credits Nobody Claimed
The problem: A Toronto firm registered in the portfolio manager category had been told years earlier, by an accountant who had spent a career on commission files, that financial services revenue is exempt and that HST on costs is simply a cost. Nobody had gone back to what the firm actually supplied. Its revenue was a management fee charged on assets under management for running discretionary mandates, and the HST paid on office rent, Bloomberg and FactSet subscriptions, custodian platform charges, portfolio reporting software and the annual audit had been written off for four straight years.
What we did: We tested the fee against what was actually being supplied rather than against the label on the invoice, confirmed the taxable management service position, registered the firm, and went back through the open periods to claim the input tax credits on rent, market data, custody, software and professional fees.
The result:
- Four years of input tax credits identified and claimed
- HST position documented fee by fee, not by analogy
- Every recoverable cost now captured each filing period
Oakville Investment Counsel — The Quarter That Landed Twice
The problem: An Oakville investment counsel firm billed its management fees quarterly in arrears on the period-end valuation. Its bookkeeper recognized revenue when the invoice was raised, so the December quarter, fully earned, was never accrued and dropped into the following fiscal year alongside the March quarter. One year showed three quarters of revenue and the next showed five. The T2 did not tie to the GST34 returns, and the working capital figure the firm gave its compliance function was wrong at the same time.
What we did: We restated revenue onto an earned basis, posted the accrued management fee receivable at every period end, reconciled the billing run to the ledger quarterly, and rebuilt the reconciliation between the T2, the GST34 returns and the billing system so all three agree.
The result:
- Revenue restated onto an earned basis
- Accrued fee receivable posted at every period end
- T2, GST34 and billing run now reconcile
Ottawa Portfolio Manager — The Portfolio That Cost the Small Business Rate
The problem: An Ottawa manager had left a decade of retained earnings inside the operating company and invested it. The firm was, in effect, running its own portfolio alongside the client mandates. Nobody was watching adjusted aggregate investment income, and by the time we saw the file it had passed $50,000 and was climbing, grinding the $500,000 business limit down year after year. Active management fee income that should have been taxed near 12.2% was being taxed at the general corporate rate instead.
What we did: We measured adjusted aggregate investment income against the ITA subsection 125(5.1) thresholds, moved the accumulated surplus into a holding company, timed taxable dividends to recover refundable tax out of the RDTOH pools under ITA section 129, and set a quarterly review so the number never drifts unwatched again.
The result:
- Business limit grind identified and stopped
- Surplus moved out of the operating registrant
- RDTOH recovery timed at $38.33 per $100 of dividends
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect prior T2 and GST34 returns, the fee schedule and investment management agreements, the quarterly billing run, custodian statements, referral arrangement agreements, market data and software invoices, the office lease, payroll records and bank statements.
First 30 Days (Cleanup & Setup)
Set up QuickBooks Online or Xero against Croesus, Envestnet Tamarac, Addepar or Black Diamond, test the fee position against what is supplied, write down the ETA section 141.01 allocation, and rebuild the Class 50, 8, 12, 13 and 14.1 schedules.
Monthly Close
Billing run reconciled to the ledger, accrued management fee receivable posted, referral fees shown gross both ways, market data in its own cost centre, GST34 with every input tax credit claimed, and payroll and PD7A reconciliation.
Quarterly Planning Review
Salary and dividend mix, adjusted aggregate investment income against the $50,000 and $150,000 ITA subsection 125(5.1) thresholds, RDTOH and capital dividend account position, and cash flow against fees billed a quarter behind.
Year-End Close & T2 Filing
Trial balance, financial statements with the accrued receivable and the firm’s own portfolio stated separately, Class 14.1 on acquired client relationships settled, T2 with GIFI tied to the GST34 returns, and CRA preparation.
Get Your Portfolio Management Firm Taxes Done Right Today
Affordable Pricing for Portfolio Managers
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 Portfolio Manager Accountant
Meet your lead portfolio manager accountant. As your registrant and corporate tax adviser, you deal with the same two people every year.
What Our Clients Say
1300+ five-star reviews from investment, advisory and finance business owners across Ontario and Canada.
Serving Portfolio Managers Across Ontario
Our CPA team provides specialized accounting and tax solutions for registered portfolio managers and investment counsel firms throughout Ontario. We understand why a management fee is generally taxable when a commission is not, how input tax credits are apportioned when a firm earns both, when a quarterly fee billed in arrears is actually earned, and what CRA looks at first when it opens a registrant file.
Toronto (ON)
55 Queen St E Ste 1205, Toronto, ON M5C 1R6, Canada
+1 (647) 212-9559
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Mississauga (ON)
2100 Camilla Rd #716, Mississauga, ON L5A 2J8
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Brampton (ON)
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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
+1 (647) 212-9559
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Portfolio Manager Accounting & Tax FAQs
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Portfolio Manager Accounting & Tax Done Right.
T2 filing with the accrued management fee receivable recorded on fees billed quarterly in arrears, acquired client relationships capitalized to Class 14.1 at 5%, the taxable management fee position tested fee by fee against ETA subsection 123(1) rather than assumed, every input tax credit on rent, Bloomberg and FactSet subscriptions, custodian platform costs and software recovered, a written ETA section 141.01 allocation where the firm earns exempt revenue too, and the ITA subsection 125(5.1) grind watched every quarter. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.