Tax Accountant for Second-Generation Family Businesses in Ontario and Across Canada
The handover is finished. What you hold now is a corporation whose records one person carried in their head for twenty years, and the live item inside it is nearly always the shareholder loan account. Subsection 15(2) of the Income Tax Act puts the amount of a loan or indebtedness owing to the company into the borrower’s income, and the relief in subsection 15(2.6) is measured off the lender’s year-end rather than yours. Where a balance escapes that inclusion, section 80.4 still charges a benefit at the prescribed rate on what was outstanding. We open the account, date every movement in it, and tell you which years are still live. Flat AFFORDABLE fees, never hourly.
AFFORDABLE Second-Generation Family Business Tax Accountant
Most writing about family companies is addressed to the person letting go. This page is addressed to the person who already caught it. You are running an operating company your mother or father built, the shares or the control have moved, and the problems arriving on your desk are not the ones anybody sat down and planned for. They are the residue of two decades of informal practice. A corporate account was used to pay a personal credit card in March and topped back up in August. A sibling has drawn money against a running balance nobody struck off at any year-end. Equipment was bought, replaced and never written off the ledger. As a CPA Ontario member for inherited family corporations, and as a clean-up accountant for an inherited corporation rather than an adviser on the handover itself, we treat all of that as one piece of work instead of a list of small annoyances, because every item in it feeds the same handful of provisions. A chartered professional accountant second-generation family business engagement with us starts in the general ledger and the bank record, not in a planning memo, and that is what an accountant for children who took over the family business is actually for.
The second thing we look at is the shape you were handed. A Holdco sitting over an Opco is the most common arrangement the first generation leaves behind, and the new owners almost always want the cash that accumulated in the operating company moved upstairs. Whether that can be done without consequence is a question with a real answer, and the answer is not simply yes. There is usually a payroll question as well, because somebody is still being paid at a figure fixed years ago for reasons that no longer match the hours. We act for sole second-generation owners, for pairs and trios of adult siblings holding shares of the same corporation, and for families where the parent has stepped back from operations but still appears in the minute book. Adult children who take over the family company tend to arrive with the same three questions, and this page answers those rather than the ones their parents were asked. Whether you want a CPA for second-generation family businesses to carry the whole file, or only bookkeeping for second-generation family businesses while the tax work stays where it is, the starting point does not change. We act as accountant for sibling-owned family corporations as often as for sole owners.
We are a flat fee accountant for second-generation family businesses, never an hourly one. Hand us the account and the open years. You run the company.
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Accounting That Understands How a Second-Generation Family Business Actually Works
Nothing here is about moving a business down to the people who will run it; that work is already behind you. We are the accountant for a family company after the transfer, not before it, and an accountant for adult children running a family company rather than for the parent who built it. What is left is a corporation carrying twenty years of one person’s unwritten judgement, and the first file we open is the account between the company and the family. Money left for a renovation and a vehicle. Money came back in when payroll was short. Nobody recorded a date against any of it. At Gondaliya CPA we reconstruct that account movement by movement, fix which taxation year each advance belongs to, and tell you plainly which balances still sit inside a repayment window and which closed while nobody was counting.
Stay Compliant and Minimize Your Second-Generation Family Business Tax
On an inherited set of books the compliance work and the planning work turn out to be one job, because both rest on the same two questions. What is actually in the account between the company and the family, and on what date did each piece of it move? Settle those and your open years, your returns and your deductions stop being arguments.
Accounting & Tax Experts for Second-Generation Family Businesses
- AFFORDABLE + Registered CPA Firm
- Inherited Corporation & Shareholder Loan Expert
- Holdco and Opco Intercompany Specialist
- Accounting, bookkeeping, and tax filing
- CPA (Chartered Professional Accountant)
- 1300+ 5-star Google reviews
- 30-Day Money-Back Guarantee
- 60-Day Fees Matching Policy
Why Choose Our Accounting Services for Second-Generation Family Businesses?
Tax Planning — The Loan Account First
We date every advance and repayment, work out which balances are still inside a repayment window, and plan how you take money out from here so the account stops generating inclusions.
Consulting — Money Between Holdco and Opco
We read the share register and the intercompany balances, and set out what is required before a dividend moves cash up out of the operating company rather than after it already has.
CRA Representation — The Inherited Years
When CRA questions a draw, a family wage or an opening balance you did not create, we answer it from reconstructed records instead of from the previous bookkeeper’s recollection.
Bookkeeping — Opening Balances Verified
We rebuild the opening balance sheet rather than import it, so the first statements issued under your ownership describe the company you actually have.
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Second-Generation Owners
Second-Generation Family Business Tax and Accounting Services in Ontario
Corporate Tax Filing (T2) for Second-Generation Family Businesses
The corporate tax return for second-generation family businesses, prepared on verified opening balances, with the loan account reconciled, intercompany positions agreed and capital cost allowance rebuilt on Schedule 8.
Bookkeeping & Accounting for Second-Generation Family Businesses
Post-transfer family business bookkeeping and a monthly close for a family-run corporation, with every draw and every repayment dated and supported instead of landing in one undifferentiated running balance.
Payroll Services for Second-Generation Family Businesses
Payroll setup for family members who actually work in the company, WSIB registered from the first hire, remittances agreed to the PD7A and February slips filed without a scramble.
GST/HST Filing for Second-Generation Family Businesses
AFFORDABLE HST filing at 13% on Ontario supplies, registration status checked against the $30,000 threshold, and the registration itself confirmed to have survived the transfer.
Tax Planning for Second-Generation Family Businesses
How you take money out from here, what has to be settled before cash moves up to the Holdco, and what the family is paid measured against the work actually performed.
Corporate Catch-Up Filing for Second-Generation Family Businesses
Overdue T2 and HST years rebuilt from bank records and cheque images, with the loan account restated year by year so each open period reports the right balance.
CRA Audit Resolution for Second-Generation Family Businesses
Support where CRA proposes an income inclusion on a draw, disallows a family wage or rejects an inherited opening figure, handled from the first letter to the final answer.
CPA Financial Statements (Notice to Reader) for Second-Generation Family Businesses
Compiled statements a lender will read without an explanation, showing the loan account and the intercompany position rather than hiding them inside other balances.
Incorporation Services for Second-Generation Family Businesses
A second corporation set up properly where the family needs one, with its own accounts from day one so the intercompany balances start documented instead of being reconstructed later.
Catch-Up Bookkeeping Services for Second-Generation Family Businesses
Years of mixed personal and company spending taken apart transaction by transaction, so the balance owing in either direction is finally a figure you can stand behind.
US Corporation & LLC Tax Filing for Second-Generation Family Businesses
Cross-border work where a sibling shareholder lives in the United States or the company has American customers, including withholding duties and the owners’ foreign property reporting.
Voluntary Disclosure Program for Second-Generation Family Businesses
Come forward on draws never reported, a benefit never computed or HST never charged on an inherited arrangement, and have penalties cancelled rather than assessed.
Accounting & Tax Services Tailored for Second-Generation Family Businesses
Practitioner depth for sole second-generation owners, for adult siblings holding shares of the same corporation, and for families where the parent has stepped back from operations but is still named in the minute book. Everything here starts from the same place: what is in the account, and when did it move.
- The T2 is filed on GIFI that agrees to a verified opening balance sheet, because a first return under new ownership which simply imports the closing figures left by the previous generation inherits every error inside them.
- The loan account is reported as a reconciled balance with a date against each movement, not as a single net figure, since the dates decide whether subsection 15(2) of the Income Tax Act reaches any part of it.
- Each intercompany loan between the Holdco and the Opco is agreed in both directions before filing, so neither of the related corporations reports an amount the other has never recorded in the matching period.
- Capital cost allowance is rebuilt from an actual walk through the premises, and the result is carried onto the T2 Schedule 100 balance sheet, because an inherited ledger routinely lists equipment that was scrapped years ago.
- Section 125 sets the business limit against active business income and not against whatever the company invoiced, a distinction worth stating out loud to an owner whose only familiar number has always been the sales total.
- Family money and company money are separated at the point of entry, so personal expenses paid by the company become dated entries in the founder’s loan account instead of disappearing into office supplies.
- Every advance out and every amount back in is recorded against a date and its supporting documentation, because years of informal drawings with no chronology behind them cannot answer the only question the loan rules ask.
- Drawings are reviewed each month against what is being taken as salary, as dividend and as repayment, so the three stop being used interchangeably by whoever happens to be writing the cheque.
- We run the close in QuickBooks Online, Xero or Sage 50 with Dext and Hubdoc capturing paperwork, and we post from source documents rather than from a bank feed that cannot tell you why money moved.
- Due to shareholder and due from shareholder are kept as separate accounts for each family member, which is the only way two siblings can see what each of them owes or is owed.
- Payroll runs through us end to end on Wagepoint or Payment Evolution for the family members genuinely working in the company, with tax, CPP and EI withheld and remittances matched to the PD7A every period.
- An outlay is deductible only so far as it is reasonable in the circumstances, which is what section 67 of the Income Tax Act requires, so a family wage has to reflect services actually rendered.
- A sibling who went on the payroll under your parent and has stayed on it since is the commonest version of that problem, and the repair is evidence of hours and duties against an arm’s length amount.
- The slips for each family member on the payroll, and the summary that supports them, are filed by the final day of February and agreed to every remittance the year produced, so the two records cannot contradict each other.
- A salary to a family member runs through payroll like any other, and a bonus accrual declared at a year-end is tracked until it is actually paid, because an unpaid accrual behaves nothing like a wage.
- Taxable supplies made in Ontario carry 13% under the Excise Tax Act, and we reconcile every return to the books before filing so the revenue reported for tax purposes matches the revenue reported for income.
- Registration is required once taxable supplies exceed $30,000 measured across four consecutive calendar quarters, and a company that grew quietly under the previous owner is sometimes past that line already.
- We confirm what actually happened to the registration on the transfer, because an owner who assumes a new number was issued, or that an old one lapsed, files on the wrong account for a year.
- Input tax credits sitting unclaimed in software subscriptions, professional fees, office rent and equipment purchases are recovered across every period still open to adjustment, rather than being written off as somebody else’s oversight.
- Where a management fee passes between the Holdco and the Opco, the tax on it is accounted for properly in both corporations rather than being quietly netted off inside an intercompany balance.
- Planning starts with how you take money out from here, because an owner who keeps drawing against the loan account instead of declaring salary or dividend is manufacturing a new inclusion every year.
- Subsection 55(2) of the Income Tax Act can recharacterise part of an inter-corporate dividend as a deemed capital gain, and the safe income on hand it is tested against must be computed and documented rather than assumed.
- Where the purchase of a share was funded by borrowing, we establish whose hands the debt is actually in before anybody claims the interest, because the deduction belongs to the taxpayer who incurred it.
- Profit left inside the company meets the 12.2% Ontario combined small business rate while it stays within the $500,000 business limit, where the same money drawn out personally can run into the 53.53% top personal rate.
- Salary against dividend is modelled each year for each owner rather than repeated from whatever the previous preparer did, and the model is set beside the loan account so the two decisions are made together.
- Unfiled years are rebuilt from the bank record, the cheque images and the deposit detail, then prepared in TaxCycle, because those three sources are usually the only surviving account of what actually happened.
- The loan account is restated year by year across the backlog rather than carried as one closing figure, since the year in which each advance arose is what determines the treatment of it.
- Capital cost allowance has to be worked out separately for every year in the gap, with the pools carried forward from the oldest open year and each item of equipment placed where it actually belongs.
- Where a balance was repaid just before the year-end of the lender and re-borrowed shortly afterwards, we document that pattern honestly, because a repayment forming part of a series of loans and repayments buys nothing.
- Cancellation of penalties and interest is requested on Form RC4288 where a prior illness, a bereavement or a previous preparer’s failure explains the backlog, and we build the chronology the request has to rest on.
- Where CRA proposes to add a draw to a family member’s income, we produce the reconstructed account, the repayment dates and the documents behind them, and argue the position from the record.
- Where a wage paid to a sibling or a parent is challenged as unreasonable, we document the hours, the duties and a comparable market rate so the deduction is defended on evidence rather than on assertion.
- Where an opening figure you inherited is disputed, we show how it was verified and what it was verified against, which is a far better answer than explaining that the previous bookkeeper supplied it.
- Subsection 152(7) of the Income Tax Act permits an assessment made without reference to the information filed, which is precisely why the reconstruction behind each figure matters more than the figure.
- A notice of objection is filed where the matter cannot be settled in correspondence, and we keep the file in a state where the next person reading it can follow every number to its source.
- We prepare compilation engagement statements under the applicable CPA Canada standard, covering the comparative years a lender normally reaches back over when ownership of the borrower has recently changed.
- The loan account and the intercompany balances appear on the face of the statements instead of being folded into other balances, because a bank that finds them later treats the whole file as unreliable.
- Accrued amounts owing to family members are disclosed as what they are, since a bonus declared years ago and never paid behaves very differently from a trade payable in a lender’s analysis.
- Comparative figures are restated where the opening balance sheet was wrong, with the restatement explained in the notes rather than presented as though the earlier year had always read that way.
- Complete records in, statements out inside 30 days, which on a newly transferred company is often the difference between an operating facility being renewed and being quietly left to expire.
- Where the family genuinely needs a second corporation, we set it up with its own tax, HST and payroll accounts from the first day, so nothing has to be unpicked and reallocated two years later.
- The chart of accounts is built with separate shareholder accounts for each family member already in place, because the single combined account is what created the problem you are currently paying us to unwind.
- Registration details are kept current on the Ontario Business Registry, including the directors who actually hold office now rather than the ones who held it when your parent last looked at the record.
- Where part of the family activity was never incorporated and is now being brought inside, Form T2057 carries the section 85 election, which fixes the transfer values by agreement rather than leaving them at market.
- A qualifying share disposition can draw on the lifetime capital gains exemption, worth as much as $1.25M under section 110.6, and the structure that makes a share qualify has to exist years ahead of any sale.
- Years of mixed personal and company spending are taken apart transaction by transaction, which is slow work and the only work that produces a balance anybody can actually defend afterwards.
- Undocumented withdrawals are identified and dated, and where a supporting document genuinely no longer exists we record that fact rather than inventing a description that cannot be stood behind.
- Equipment bought over many years usually sits in one account, and we separate computers, furniture and software into their own classes before any claim for the open years is calculated.
- Accrued bonuses, unrecorded deposits and prior-year adjustments are posted to the periods they belong to, so the caught-up ledger stops presenting one year’s problem as the next year’s result.
- The output of that opening-balance verification is a balance sheet with a note behind each material line, which is what every later filing, statement and CRA answer on this company will rest on.
- Families scatter, and a sibling shareholder who has settled in the United States changes what the corporation owes on a distribution, which we establish before any payment is authorised.
- Once an owner has become a non-resident, a dividend sent to them carries Part XIII withholding at 25% before any treaty rate is claimed, and the NR4 slip and summary ride along with it.
- Once a shareholder’s specified foreign property costs more than $100,000 in total, that individual owes Form T1135 every year, and the late-filing penalty attaches whether or not a cent of tax was ever owing.
- An American citizen or green-card holder among the siblings carries United States filing duties that reach through to the Canadian corporation, and both sets of returns are prepared here as a single engagement.
- Relief for tax paid abroad only lands correctly where the Canadian and American computations are reconciled against one another, which is why we never let the two filings be done by two unconnected offices.
- Where draws were never reported, a benefit was never computed or HST was never charged on an inherited arrangement, a disclosure is a better route than waiting for the reassessment.
- The taxpayer agreement is made on Form RC199, and behind it sits the reconstruction we built from statements and cheque images, so each corrected year is supported by a document instead of a best guess.
- A disclosure holds only where the taxpayer moves first, and once an enquiry has landed the door is shut, so the whole difference between the two outcomes turns on who made contact earliest.
- An inherited loan account with years of unreported movement is the item we bring forward most often on this file, and it is correctable in the same submission as the returns themselves.
- A second-generation owner who found the problem while reading the books for the first time is in a strong position, and we would rather help you use it than explain later why you did not.
Second-Generation Shareholder Loan & Dividend Check
Six quick checks on the account you inherited: whether a balance is outstanding, whether the dates are known, whether a repayment was re-borrowed, whether a benefit was ever reported, whether a dividend upstairs was tested, and whether your opening figures were verified. No fee shown.
1. Is there a balance owing by any family member to the company right now?
2. Do you know the exact date each advance in that account was made?
3. Was any balance repaid and then re-borrowed within a few months?
4. Has a prescribed-rate interest benefit ever been reported on a family loan?
5. Has a dividend ever moved up from the Opco to the Holdco without an analysis first?
6. Was the opening balance sheet verified when you took the company over?
Free CPA Consultation for Second-Generation Family Businesses
Case Studies: Second-Generation Family Business Accounting & Tax
Fergus Family Corporation — An Account Nobody Had Struck Off
The problem: A Fergus manufacturer had been run by its founder for twenty-six years, and the account between him and the company had never been reconciled to a date. His daughter took over operations and the shares, found a substantial balance owing to the corporation, and was told by the previous bookkeeper that it had always been there and had never mattered. Several of the advances inside it were old enough that the one-year repayment window measured from the company’s year-end had closed, and one repayment had been followed by a fresh advance eleven weeks later.
What we did: We rebuilt the account from the bank record and the cheque images, fixed a date and a taxation year against every movement, separated the advances still inside a repayment window from those that were not, and set out plainly which of them the series test would defeat. The position on the closed years was brought forward rather than left to be discovered.
The result:
- Every movement in the account dated and supported
- Open and closed repayment windows separated and documented
- Future draws routed through declared salary instead of the account
Listowel Holdco and Opco — A Dividend Treated as a Formality
The problem: Two siblings in Listowel inherited an operating company held under a Holdco and wanted the accumulated cash out of the Opco and upstairs, where it would be away from the operating creditors. Their understanding, which is the ordinary understanding, was that a dividend between the two connected corporations was simply tax-free and needed no analysis. Nothing had been computed for the shares at all, no documentation supported any figure, and the resolution had already been drafted.
What we did: We stopped the declaration before it was made, explained what subsection 55(2) of the Income Tax Act can do to the character of such a dividend, and set about computing and documenting the safe income on hand attributable to the shares in question. The analysis is fact-specific and it belonged in front of a CPA before the dividend was declared, which is where it finally went.
The result:
- Dividend held back until the computation existed
- The governing figure computed and documented, not assumed
- Intercompany balances agreed in both corporations first
Tillsonburg Company — Interest in the Wrong Hands, Payroll in the Wrong Decade
The problem: A Tillsonburg owner had borrowed personally to buy her father’s shares and had been setting the interest against the company’s income, on the view that the company was the thing the loan had bought. Her brother remained on the payroll at a figure fixed years earlier by their father, for reasons that no longer corresponded to any work being performed in the business. Both items had gone through three filed returns unquestioned.
What we did: We moved the interest to the taxpayer who actually incurred it and whose income-earning purpose supports it, and left the company’s return carrying only what belongs to the company. On the payroll we documented the hours and duties genuinely performed, and reset the amount to something reasonable in the circumstances and supportable as services actually rendered.
The result:
- Interest claimed by the person who borrowed the money
- Family wage supported by recorded hours and duties
- Three filed years corrected before CRA raised either item
How We Work With Second-Generation Family Businesses
No hidden steps anywhere in it. You can always tell which papers are sitting on our side, how far the reconstruction has got, and what is due to arrive next.
Kickoff (Document Request)
Prior T2 returns, the minute book and share register, the general ledger as the previous preparer left it, bank statements and cheque images for the open years, payroll records, and whatever exists on the loan account.
First 30 Days (Reconstruction & Setup)
Rebuild the loan account with a date against every movement, verify the opening balance sheet line by line, agree the Holdco and Opco intercompany positions, and rebuild the Class 50, Class 8 and Class 12 schedules.
Monthly Close
Family draws and repayments posted from source documents, personal items moved out of expense accounts and into the loan account, HST filed and tied to the ledger, payroll and PD7A agreed.
Quarterly Planning Review
Outstanding balances against their repayment windows, the prescribed-rate benefit where one arises, what is required before cash moves up to the Holdco, and family wages against work performed.
Year-End Close & T2 Filing
Trial balance, statements showing the loan account and intercompany positions on their face, capital cost allowance settled, and the T2 filed with GIFI that agrees to the statements.
Get Your Second-Generation Family Business Taxes Done Right Today
Affordable Pricing for Second-Generation Family 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 Second-Generation Family Business Accountant
Two people carry this file and they do not rotate off it. Whoever opens your parent’s loan account in the spring is the same person who signs the return at year-end.
What Our Clients Say
Over 1300 five-star reviews, many of them left by owners who were handed a family corporation and needed somebody to tell them what was actually inside it.
Serving Second-Generation Family Businesses Across Ontario
As an inherited family corporation accountant, our CPA team acts for second-generation owners and sibling groups throughout Ontario, from Kitchener and Cambridge out to London, Barrie and well beyond. We know what an unreconciled loan account looks like after twenty years, what has to be settled before cash leaves an operating company, and the sort of thing CRA wants produced once it takes an interest in a company that has recently changed hands.
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Guelph (ON)
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Windsor (ON)
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North York (ON)
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Second-Generation Family Business Accounting & Tax FAQs
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Second-Generation Family Business Accounting & Tax Done Right.
Reconstruction of the account between your family and the company, with a date against every movement, so subsection 15(2) of the Income Tax Act is applied to the year each advance actually arose. The repayment window under subsection 15(2.6) measured from the lender’s year-end rather than yours, with the series test addressed honestly. The benefit under section 80.4 computed at the prescribed rate where a balance escapes the inclusion, and not computed twice on the same amount. The figure an inter-corporate dividend is measured against computed and documented before anything leaves the Opco. Family wages supported by recorded hours and duties. Interest claimed by the taxpayer who actually borrowed. An opening balance sheet verified rather than inherited, with Class 50 at 55%, Class 8 at 20% and Class 12 at 100% rebuilt from what is genuinely in the building. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.