Past Account Cleanup Etobicoke
Unfiled T2 corporate returns, overdue HST, catch-up bookkeeping, CRA compliance letters, payroll arrears, bank reconciliation backlogs and financial statement preparation for prior years. We bring Etobicoke businesses back to full CRA compliance. From $499.
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Filing Late Costs Your Etobicoke Business More Than the Tax Itself Once CRA Adds Penalties and Interest
A Etobicoke corporation that owes $10,000 in tax but files 18 months late does not owe $10,000. It owes $10,000 plus a 5% late-filing penalty ($500) plus 1% per month for 12 months ($1,200) plus compound daily interest at 10% for 18 months ($1,500). That is $13,200 on a $10,000 bill. If there is a prior late-filing penalty in the last 3 years, the penalty doubles: 10% plus 2% per month. The same $10,000 becomes $16,900. And that is before CRA issues an arbitrary assessment that inflates the original $10,000 to $25,000 or $30,000 based on estimated income you never earned. The penalties and interest on the inflated assessment keep compounding until you file the actual return.
We handle past account cleanup for Etobicoke businesses from $499. Unfiled T2 returns filed. Overdue HST caught up with ITCs recovered. Bank reconciliation backlogs cleared. NTR financial statements for every outstanding year. CRA compliance letters answered. Penalty relief submitted. From Islington to Mimico, The Kingsway to Rexdale, Humber Bay to Long Branch, we bring Etobicoke businesses back to full CRA compliance.
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Past Account Cleanup Services in Etobicoke
Unfiled T2 Returns
Corporate tax returns for every outstanding year. Financial statements, GIFI schedules and disclosures completed.
Catch-Up Bookkeeping
Months or years of transactions categorized, bank statements matched and books brought current.
HST Cleanup and Filing
Overdue HST/GST periods calculated, filed. ITCs recovered. Instalment arrears addressed.
CRA Compliance Letters
Demands to file, arbitrary assessments, requirements to pay responded to with filed returns.
Penalty Relief Requests
RC4288 filed where eligible. Extraordinary circumstances documented for penalty cancellation.
Payroll Arrears
Unfiled T4s, missed remittances, outstanding ROEs and employer penalties corrected.
How We Clean Up Past Accounts for Etobicoke Businesses
A structured 6-step process. AFFORDABLE flat-fee pricing. No hourly billing.
Assessment: What Is Outstanding
We identify every gap between where you are and where CRA expects you to be.
- Review CRA My Business Account for all unfiled T2 returns, HST periods and T4/T5018 obligations.
- Check for compliance letters, arbitrary assessments, requirements to pay and active collection actions.
- Identify outstanding payroll remittances, unfiled ROEs and employer penalty assessments.
- Determine the last reconciled date and months or years of catch-up required.
- Provide a fixed-fee quote for the entire cleanup before any work begins.
Bank Reconciliation and Catch-Up Bookkeeping
The foundation. Every other filing depends on accurate books.
- Collect bank statements, credit card statements and payment records for all outstanding periods.
- Categorize every transaction in QuickBooks, Xero or your existing software.
- Reconcile bank accounts month by month to zero discrepancy.
- Identify missing invoices, deposits, loan payments, intercompany transfers and shareholder transactions.
- Prepare clean trial balances for each fiscal year-end.
Financial Statement Preparation
CRA requires financial statements with every T2.
- Prepare NTR financial statements for each outstanding fiscal year.
- Include Balance Sheet, Income Statement and Notes per CPA standards.
- Reconcile retained earnings across multiple years for continuity.
- Prepare GIFI schedules mapping directly to the T2 return.
- NTR from $250 per year. Included in the cleanup fee for most engagements.
T2 Corporate Return Filing
Every outstanding T2 filed. Every schedule completed.
- Prepare T2 returns for each unfiled year using financial statements and GIFI data.
- Calculate federal and Ontario tax, small business deduction, CCA and loss carryforwards.
- File all T2 returns electronically. Confirmation numbers retained.
- Calculate total tax, penalties and interest across all years.
- File in correct sequence (earliest first) for proper loss carryforward application.
HST, Payroll and Other Filings
T2 is not the only obligation.
- Calculate and file overdue HST/GST returns. Recover ITCs where eligible.
- File overdue T4, T4A and T5018 slips for unreported payroll or contractor payments.
- Submit outstanding CRA payroll remittances. Calculate employer penalties.
- File outstanding ROEs with Service Canada.
- Address any other CRA information return obligations identified in assessment.
Penalty Relief and Payment Arrangements
Reduce what you owe. Arrange how you pay.
- File Taxpayer Relief requests (RC4288) where extraordinary circumstances exist.
- Document illness, family emergency, CRA error, advisor failure or first-time lapse.
- Negotiate CRA payment arrangements. Typical: 12 to 24 months.
- Set up pre-authorized debit so no deadlines are missed.
- Transition to ongoing monthly bookkeeping so the backlog never recurs.
Free Past Account Cleanup Consultation
Free Past Account Cleanup Consultation
Case Studies: Past Account Cleanup in Etobicoke
Import Corp, Rexdale (3 Years Unfiled + HST Arrears)
An import corporation in Rexdale had not filed T2 or HST returns for 3 years. CRA issued an arbitrary assessment of $51,000. We reconciled all accounts, prepared NTR financial statements, filed 3 T2 returns and 12 HST periods, recovered $16,800 in missed ITCs. Actual tax owing: $12,400. Penalty relief approved for Year 1. Savings vs. arbitrary: $38,600. Get Started →
Construction Holdco, Islington (CRA Garnishment)
A construction holding company in Islington had 2 unfiled T2s and $34,000 in assessed HST. CRA issued a requirement to pay to the bank. We filed emergency returns within 9 days, showed actual balance of $19,200 (not $34,000), negotiated withdrawal of garnishment and set up a 15-month payment plan. Operations continued without interruption.
Medical Practice PC, The Kingsway (Payroll + T2)
A medical practice in The Kingsway had 2 unfiled T2s, 2 years of unfiled T4s for 5 employees and $7,600 in missed payroll remittances. CRA employer penalty: $8,900. We filed all returns, submitted remittances and filed penalty relief. Penalty reduced to $1,100. Transitioned to monthly bookkeeping. Bookkeeping Services →
E-Commerce Corp, Mimico (4 Years Behind)
An e-commerce corporation in Mimico had not filed for 4 years. CRA was preparing to garnish the business bank account. We filed an emergency hold request, caught up 4 years of bookkeeping, prepared financial statements and T2 returns, and filed everything within 5 weeks. Garnishment prevented. 24-month payment plan established.
What Triggers CRA Action Against Etobicoke Businesses
| CRA Action | What It Means | How We Resolve It |
|---|---|---|
| Demand to File | CRA identified unfiled obligation. 90 days or arbitrary assessment. | File outstanding returns within the 90-day window. |
| Arbitrary Assessment | CRA estimates income. Almost always higher than actual. | File actual return with financial statements. CRA reassesses. |
| Requirement to Pay | Sent to bank or clients. Funds frozen. | File all returns. Payment arrangement. Request withdrawal. |
| Collections and Garnishment | Bank accounts garnished, assets seized without court order. | Emergency filing. Hold collection. Payment plan. |
| Director Liability | Directors assessed personally for unremitted HST and payroll. | File corporate returns. Due diligence defence. |
CRA Can Garnish Without Warning: For HST and payroll, CRA can freeze your Etobicoke business bank account without prior notice. Unfiled HST or missed payroll remittances means the risk is immediate.
CRA Penalties and Interest for Late Filing
| Filing Type | Penalty | Interest |
|---|---|---|
| T2 (first offence) | 5% + 1%/month up to 12 months | Compound daily at 10% |
| T2 (repeat) | 10% + 2%/month up to 20 months | Same. Repeat = prior 3 years had late penalty. |
| HST/GST | 1% + 0.25%/month up to 12 months | Compound daily + instalment interest. |
| Payroll Remittances | 3% to 10% depending on days late | Compound daily. Per remittance period. |
| T4/T4A | $10/day per slip up to $1,000 | Triggers payroll audit. |
| Failure to File | Demand, then arbitrary assessment | Filing actual return always better. |
What Our Past Account Cleanup Includes
| Service | What We Do |
|---|---|
| CRA account review | Identify every unfiled return, balance, compliance letter and collection action. |
| Catch-up bookkeeping | Bank reconciliation, categorization and trial balance for all outstanding periods. |
| NTR financial statements | Balance Sheet, Income Statement, Notes. From $250/year. |
| T2 filing | All outstanding T2s filed electronically. GIFI, losses, CCA calculated. |
| HST/GST cleanup | All overdue periods filed. ITCs recovered. |
| Payroll corrections | T4s, remittances, ROEs filed. Penalties negotiated. |
| CRA correspondence | Compliance letters, demands, assessments responded to. |
| Penalty relief | RC4288 filed. Extraordinary circumstances documented. |
| Payment arrangements | 12-24 month plans. Pre-authorized debit. |
| Transition to ongoing | Monthly bookkeeping from $150/month. HST and T2 FREE. |
Do You Need Past Account Cleanup?
- You have 1 or more unfiled T2 corporate tax returns
- You received a CRA demand to file or compliance letter
- You have overdue HST/GST periods not yet filed
- Your bookkeeping has not been done for 6+ months
- Your bank accounts are not reconciled in accounting software
- You received an arbitrary assessment from CRA
- CRA sent a requirement to pay to your bank or clients
- You have unfiled T4s or missed payroll remittances
- You need financial statements for a loan, mortgage or lease
- You want to dissolve a corporation but have unfiled returns
- You have a director liability assessment
- You need CRA compliance for government programs or licences
Past Account Cleanup from $499. Fixed Fee.
Entire cleanup quoted before work begins. 30-Day Money-Back Guarantee.
Why Etobicoke Businesses Choose Gondaliya CPA
CRA Compliance Experts
Unfiled returns, arbitrary assessments, garnishments and director liability handled every week.
Fast Turnaround
Most cleanups in 2 to 6 weeks. Emergency filings available.
Fixed-Fee Quotes
No hourly billing. No scope creep. 30-Day Money-Back Guarantee.
1300+ Reviews
AFFORDABLE pricing. 60-Day Fees-Matching Policy.
Transparent Flat-Fee Pricing
| Service | Fee | Includes |
|---|---|---|
| Past account cleanup (1 year) | From $499 | Bookkeeping, NTR statements, T2 return, CRA correspondence |
| Past account cleanup (2 years) | From $899 | 2 years bookkeeping, 2 NTR, 2 T2s, HST if applicable |
| Past account cleanup (3+ years) | From $1,199 | Full multi-year cleanup. Quoted per engagement. |
| HST cleanup (per period) | From $75 | HST calculation, ITC recovery, filing. |
| Penalty relief (RC4288) | From $299 | Taxpayer Relief application, documentation, follow-up. |
| Ongoing bookkeeping | From $150/month | Monthly bookkeeping. HST filing, T2 FREE. |
Know Your Exact Fee Before We Start
Flat fee, fixed in advance. 30-Day Money-Back. 60-Day Fees-Matching.
Past Account Cleanup Across Etobicoke
We serve businesses in every Etobicoke neighbourhood. Virtual delivery across the entire area and GTA.
1753 Albion Rd UNIT 6A, Etobicoke, ON M9V 1C3
Phone: 647-212-9559
Industries We Serve in Etobicoke
Specialized startup tax & accounting Healthcare In Etobicoke
Specialized healthcare tax & accounting Consultants In Etobicoke
Specialized consulting tax & accounting Small Businesses In Etobicoke
Specialized small business tax & accounting Restaurants In Etobicoke
Specialized restaurant tax & accounting Franchises In Etobicoke
Specialized franchise tax & accounting Self-Employed In Etobicoke
Specialized self-employed tax & accounting Manufacturing In Etobicoke
Specialized manufacturing tax & accounting Grocery Stores In Etobicoke
Specialized grocery tax & accounting Import & Export In Etobicoke
Specialized import/export tax & accounting
Frequently Asked Questions: Past Account Cleanup Etobicoke
Meet Your Past Account Cleanup Specialists
Sharad Gondaliya, CPA
Founder & Managing Director
Gondaliya CPA Professional Corporation
Sharad manages all past account cleanup engagements, CRA negotiations, penalty relief and director liability matters.
Vandana Goel, CPA
Senior Accountant
Gondaliya CPA Professional Corporation
Vandana handles catch-up bookkeeping, bank reconciliation, NTR financial statements and T2 filing.
What Our Clients Say
1300+ five-star reviews from business owners across Ontario and Canada.
10 Smart Past Account Cleanup Strategies That Save You Money
| # | Strategy | Why It Saves You Money |
|---|---|---|
| 1 | File the earliest year first | Loss carryforwards from earlier years offset later-year income. Wrong order = overpaid tax. |
| 2 | Recover unclaimed ITCs from unfiled HST | Thousands in credits sitting in unfiled returns. Filing recovers them against balances owing. |
| 3 | File before arbitrary assessment | Arbitrary assessments inflate income. Filing first avoids the inflated balance and compounding interest. |
| 4 | Apply for penalty relief (RC4288) | CRA cancels penalties for extraordinary circumstances. A $5,000 cancellation is $5,000 kept. |
| 5 | Maximize CCA in every outstanding year | Vehicles, equipment, computers, leasehold improvements. We claim every eligible asset. |
| 6 | Claim small business deduction on first $500,000 | SBD reduces federal rate from 15% to 9%. Missing it overpays tax by up to $30,000/year. |
| 7 | Reconcile shareholder loans before filing | Unreconciled loans trigger Section 15(2) taxable benefit. Reconciliation prevents this. |
| 8 | Negotiate payment plan before collections | Voluntary arrangement prevents garnishment. Much cheaper than forced collection. |
| 9 | Claim home office expenses | Portion of rent/mortgage, utilities, insurance deductible if business operated from home. |
| 10 | Transition to monthly bookkeeping | $150/month prevents the backlog and eliminates all future penalties. |
Browse Our AFFORDABLE CPA Services
- Accounting & Bookkeeping
- Bookkeeping Services
- Bookkeeping for Small Businesses
- Catch-Up Bookkeeping
- Management Accounting
- Past Account Clean-Up
- Accounting Advisory
- Medium-Sized Business Accounting
- Cloud Accounting Setup
- Cloud & Virtual Bookkeeping
- Virtual Accounting
- Accounts Receivable & Invoicing
- Accounts Payable
- QuickBooks Online Setup
- Xero Setup & Support
- Accounting Systems Design
- Workflow Automation
- Review Engagement
Behind on CRA Filing? We Bring Etobicoke Businesses Back to Compliance.
Unfiled returns, catch-up bookkeeping, HST arrears, penalty relief, payment plans. From $499. Fixed fee.