Past Account Cleanup Mississauga
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 Mississauga businesses back to full CRA compliance. From $499.
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Every Month You Wait CRA Adds Another $2,500 in Penalties and Interest to What You Already Owe
CRA does not stop the clock. A Mississauga business with 2 unfiled T2 corporate returns accumulates a 5% late-filing penalty on the balance owing PLUS 1% per month for up to 12 months on each return. If there is a prior late-filing offence, the penalty doubles to 10% plus 2% per month. Add compound daily interest on unpaid HST, unfiled payroll remittances and any assessed amounts from compliance letters. A $15,000 tax balance becomes $22,000 in 18 months without a single additional transaction. The longer you wait, the more expensive the cleanup becomes.
We handle past account cleanup for Mississauga businesses from $499. Unfiled T2 corporate returns filed. Overdue HST periods caught up. Bank reconciliation backlogs cleared. Financial statements prepared for every outstanding year. CRA compliance letters responded to. Voluntary disclosures submitted where applicable. Penalty relief requests filed. From Port Credit to Meadowvale, Streetsville to Erin Mills, Square One to Clarkson, we bring Mississauga businesses back to full CRA compliance.
Book Free Consultation
Past Account Cleanup Services in Mississauga
Unfiled T2 Returns
Corporate tax returns for every outstanding year prepared and filed. Financial statements, GIFI schedules and CRA-required disclosures completed.
Catch-Up Bookkeeping
Months or years of unreconciled transactions categorized, bank statements matched and books brought current in QuickBooks, Xero or your existing software.
HST Cleanup and Filing
Overdue HST/GST periods calculated, filed and remittances planned. ITCs recovered from prior periods. Instalment arrears addressed.
CRA Compliance Letters
Demands to file, arbitrary assessments, requirements to pay and collection actions responded to with documentation and filed returns.
Penalty Relief Requests
Taxpayer Relief Provisions (RC4288) filed where eligible. Extraordinary circumstances, CRA errors and first-time offences documented for penalty cancellation.
Payroll Arrears
Unfiled T4s, missed CRA remittances, outstanding ROEs and employer penalty assessments corrected and brought current.
How We Clean Up Past Accounts for Mississauga Businesses
A structured 6-step process that brings your books from behind to fully compliant. AFFORDABLE flat-fee pricing. No hourly billing.
Assessment: What Is Outstanding
Before we touch a single transaction, we identify every gap between where you are and where CRA expects you to be.
- Review CRA My Business Account to identify all unfiled T2 corporate returns, HST periods and T4/T5018 obligations.
- Check for CRA compliance letters, arbitrary assessments, requirements to pay and any active collection actions.
- Identify outstanding payroll remittances, unfiled ROEs and employer penalty assessments.
- Determine the last date your books were reconciled and the number of months/years of catch-up required.
- Provide a fixed-fee quote for the entire cleanup before any work begins. No surprises.
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 against the chart of accounts in QuickBooks, Xero or your existing software.
- Reconcile bank accounts month by month to ensure zero discrepancy between the books and bank balances.
- Identify and record missing invoices, deposits, loan payments, intercompany transfers and shareholder transactions.
- Prepare clean trial balances for each fiscal year-end required for T2 filing.
Financial Statement Preparation
CRA requires financial statements with every T2 corporate return. No financial statements = no filing.
- Prepare Notice to Reader (NTR) financial statements for each outstanding fiscal year from the clean trial balance.
- Include Balance Sheet, Income Statement and Notes to Financial Statements per CPA standards.
- Reconcile retained earnings across multiple years to ensure continuity from one year to the next.
- Prepare GIFI (General Index of Financial Information) schedules that map directly to the T2 return.
- NTR financial statements from $250 per year. Included in the cleanup fee for most engagements.
T2 Corporate Return Filing
Every outstanding T2 filed. Every schedule completed. Every disclosure included.
- Prepare T2 corporate tax returns for each unfiled fiscal year using the financial statements and GIFI data.
- Calculate federal and Ontario corporate tax owing, small business deduction, capital cost allowance and loss carryforwards.
- File all outstanding T2 returns electronically through CRA. Confirmation numbers retained for every filing.
- Calculate total tax, penalties and interest owing across all years. Determine if a payment plan is needed.
- File T2 returns for all outstanding years in the correct sequence (earliest year first) to ensure loss carryforwards apply correctly.
HST, Payroll and Other Filings
T2 is not the only obligation. HST, payroll and information returns must also be current.
- Calculate and file overdue HST/GST returns for all outstanding periods. Recover ITCs from prior periods where eligible.
- File overdue T4, T4A and T5018 slips for any years with payroll or contractor payments not yet reported.
- Submit outstanding CRA payroll remittances and calculate employer penalties and interest owing.
- File outstanding ROEs with Service Canada for any past employee separations not yet reported.
- Address any other CRA information return obligations (T5, NR4, T3) identified in the assessment.
Penalty Relief and Payment Arrangements
Once everything is filed, we work to reduce what you owe and arrange how you pay it.
- File Taxpayer Relief requests (RC4288) for penalty cancellation where extraordinary circumstances exist (illness, disaster, CRA error, first-time offence).
- Document the circumstances that led to the filing gap and present the case for penalty and interest relief.
- Negotiate CRA payment arrangements for any remaining balance. Typical terms: 12 to 24 months interest-free.
- Set up pre-authorized debit with CRA for the agreed payment plan so no deadlines are missed going forward.
- Transition the Mississauga business to ongoing monthly bookkeeping and annual filing so the backlog never recurs.
Free Past Account Cleanup Consultation
Free Past Account Cleanup Consultation
Case Studies: Past Account Cleanup in Mississauga
IT Consulting Corp, Erin Mills (3 Years Unfiled T2s)
An IT consulting corporation in Erin Mills had not filed T2 returns for 3 fiscal years. CRA issued a demand to file and an arbitrary assessment of $42,000. We caught up all bookkeeping, prepared NTR financial statements for each year, filed all 3 T2 returns and reduced the actual tax owing to $11,200. Penalty relief request approved for Year 1. Total savings vs. arbitrary assessment: $30,800. Get Started →
Restaurant Holdco, Square One Area (HST Arrears + Unfiled Returns)
A restaurant holding company near Square One had 2 unfiled T2 returns and 8 overdue HST periods. Total CRA balance with penalties and interest: $67,000. We reconciled all bank accounts, prepared financial statements, filed both T2s and all 8 HST returns. Recovered $14,300 in missed ITCs. Filed taxpayer relief. Final balance negotiated to $38,000 on a 24-month payment plan.
Real Estate Agent PC, Port Credit (Payroll + T2 Backlog)
A real estate agent's professional corporation in Port Credit had 2 unfiled T2s, 2 years of unfiled T4s (for an admin employee) and missed payroll remittances. CRA employer penalty assessment: $8,400. We filed all T2s and T4s, submitted overdue payroll remittances and filed a penalty relief request. Penalty reduced to $1,200. Ongoing monthly bookkeeping set up. Bookkeeping Services →
E-Commerce Corp, Meadowvale (4 Years Behind + CRA Collection)
An e-commerce corporation in Meadowvale had not filed for 4 years. CRA had escalated to collections and was about to garnish the business bank account. We filed an emergency request to CRA to hold collection, caught up all bookkeeping, prepared 4 years of financial statements and T2 returns, and filed everything within 6 weeks. Garnishment averted. Payment plan established.
What Triggers CRA Action Against Mississauga Businesses
| CRA Action | What It Means | How We Resolve It |
|---|---|---|
| Demand to File (T2, HST) | CRA has identified your corporation has a filing obligation that has not been met. You have 90 days to file or CRA issues an arbitrary assessment. | We prepare and file the outstanding returns within the 90-day window. Arbitrary assessment averted. |
| Arbitrary Assessment | CRA estimates your tax owing based on industry averages and third-party data. The assessment is almost always higher than actual tax. You owe the assessed amount until you file the actual return. | We file the actual return with proper financial statements. CRA reassesses to the actual amount. Overpayment refunded or applied against other debts. |
| Requirement to Pay (RT, RP) | CRA sends the requirement to your bank, clients or accounts receivable. Your bank freezes funds. Clients redirect payments to CRA. | We file all outstanding returns, negotiate a payment arrangement and request CRA to withdraw the requirement to pay. |
| Collections and Garnishment | CRA can garnish bank accounts, seize assets and register liens against property without a court order. | Emergency filing of all outstanding returns. Request to hold collection while returns are processed. Payment plan negotiated. |
| Director Liability Assessment | If the corporation owes unremitted HST, payroll deductions or source deductions, CRA can assess the directors personally for the full amount. | File all outstanding corporate returns and remittances first. Then address director liability with proper documentation of due diligence. |
CRA Can Act Without Notice: For HST and payroll source deductions, CRA can garnish your bank account without prior warning. If your Mississauga business has unfiled HST returns or missed payroll remittances, the garnishment risk is immediate. We file emergency returns and contact CRA collections directly to prevent asset seizure.
CRA Penalties and Interest for Late Filing
| Filing Type | Late-Filing Penalty | Interest |
|---|---|---|
| T2 Corporate Return (first offence) | 5% of balance owing + 1% per month for up to 12 months | Compound daily interest on unpaid balance at CRA prescribed rate (currently 10%) |
| T2 Corporate Return (repeated offence) | 10% of balance owing + 2% per month for up to 20 months | Same compound daily interest. Repeat offence applies if any of the prior 3 years also had a late-filing penalty. |
| HST/GST Return | 1% of balance owing + 0.25% per month for up to 12 months | Compound daily interest. Plus instalment interest if quarterly instalments were missed. |
| Payroll Remittances (late) | 3% (1-3 days), 5% (4-5 days), 7% (6-7 days), 10% (7+ days or repeated) | Compound daily interest. Penalty applies per remittance period, not per year. |
| T4/T4A (late filing) | $10/day per slip up to $1,000 (1-5 slips). Higher for more slips. | No interest on information return penalties but triggers payroll audit. |
| Failure to File Any Return | Demand to file issued. If ignored: arbitrary assessment at CRA's estimated amount. | Arbitrary assessments are almost always higher than actual. Filing the actual return is always better than ignoring the demand. |
What Our Past Account Cleanup Includes
| Service | What We Do |
|---|---|
| CRA account review | Access My Business Account. Identify every unfiled return, outstanding balance, compliance letter and collection action. |
| Catch-up bookkeeping | Bank reconciliation, transaction categorization and trial balance preparation for all outstanding periods. |
| NTR financial statements | Notice to Reader statements for each outstanding fiscal year. Balance Sheet, Income Statement, Notes. From $250/year. |
| T2 corporate return filing | All outstanding T2s prepared and filed electronically. GIFI schedules, loss carryforwards, CCA and small business deduction calculated. |
| HST/GST cleanup | All overdue periods calculated, ITCs recovered, returns filed. Instalment arrears addressed. |
| Payroll corrections | Unfiled T4s, missed remittances, outstanding ROEs filed. Employer penalties negotiated. |
| CRA correspondence | Compliance letters, demands to file, arbitrary assessments responded to with documentation and filed returns. |
| Penalty relief (RC4288) | Taxpayer Relief Provisions filed where eligible. Extraordinary circumstances documented. |
| Payment arrangements | CRA payment plans negotiated. Typical: 12-24 months. Pre-authorized debit set up. |
| Transition to ongoing service | Monthly bookkeeping and annual filing set up so the backlog never recurs. From $150/month. |
Do You Need Past Account Cleanup?
- You have 1 or more unfiled T2 corporate tax returns
- You have received a CRA demand to file or compliance letter
- You have overdue HST/GST periods that have not been filed
- Your bookkeeping has not been done for 6+ months
- Your bank accounts have not been reconciled in the accounting software
- You have received an arbitrary assessment from CRA
- CRA has sent a requirement to pay to your bank or clients
- You have unfiled T4s or missed payroll remittances
- You need financial statements for a bank loan, mortgage or lease but your books are not current
- You want to dissolve or wind down a corporation but there are unfiled returns
- You have a director liability assessment for unremitted HST or payroll
- You need to apply for government programs but CRA compliance is required first
Past Account Cleanup from $499. Fixed Fee. No Surprises.
We quote the entire cleanup before any work begins. 30-Day Money-Back Guarantee.
Why Mississauga Businesses Choose Gondaliya CPA
CRA Compliance Experts
Unfiled returns, arbitrary assessments, compliance letters, garnishments and director liability handled every week.
Fast Turnaround
Most cleanups completed in 2 to 6 weeks depending on the number of years outstanding. Emergency filings available.
Fixed-Fee Quotes
Total cost quoted before work begins. No hourly billing. No scope creep. 30-Day Money-Back Guarantee.
1300+ Reviews
The highest-rated CPA firm in Mississauga. AFFORDABLE pricing. 60-Day Fees-Matching Policy.
Transparent Flat-Fee Pricing
| Service | Fee | Includes |
|---|---|---|
| Past account cleanup (1 year) | From $499 | Catch-up bookkeeping, NTR financial statements, T2 corporate return filing, CRA correspondence |
| Past account cleanup (2 years) | From $899 | 2 years bookkeeping, 2 NTR statements, 2 T2 returns, HST cleanup if applicable |
| Past account cleanup (3+ years) | From $1,199 | Full multi-year cleanup. Quoted per engagement based on complexity. |
| HST cleanup (per period) | From $75 | HST return calculation, ITC recovery, filing. Included in multi-year packages. |
| Penalty relief request (RC4288) | From $299 | Taxpayer Relief application, supporting documentation, CRA submission and follow-up. |
| Ongoing monthly bookkeeping | From $150/month | Monthly bookkeeping after cleanup so the backlog never recurs. HST filing, T2 FREE. |
Know Your Exact Fee Before We Start
Flat fee, fixed in advance. 30-Day Money-Back Guarantee. 60-Day Fees-Matching Policy.
Past Account Cleanup Across Mississauga
We serve businesses in every Mississauga neighbourhood. Virtual delivery across the entire city and surrounding GTA.
2100 Camilla Rd #716, Mississauga, ON L5A 2J8
Phone: 647-212-9559
Industries We Serve in Mississauga
Specialized startup tax & accounting Healthcare In Mississauga
Specialized healthcare tax & accounting Consultants In Mississauga
Specialized consulting tax & accounting Small Businesses In Mississauga
Specialized small business tax & accounting Restaurants In Mississauga
Specialized restaurant tax & accounting Franchises In Mississauga
Specialized franchise tax & accounting Self-Employed In Mississauga
Specialized self-employed tax & accounting Manufacturing In Mississauga
Specialized manufacturing tax & accounting Grocery Stores In Mississauga
Specialized grocery tax & accounting Import & Export In Mississauga
Specialized import/export tax & accounting
Frequently Asked Questions: Past Account Cleanup Mississauga
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 applications and director liability matters.
Vandana Goel, CPA
Senior Accountant
Gondaliya CPA Professional Corporation
Vandana handles catch-up bookkeeping, bank reconciliation, NTR financial statement preparation and T2 corporate return 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 income in later years. Filing out of order means you pay tax on a year that should have been reduced by a prior-year loss. |
| 2 | Recover unclaimed ITCs from every unfiled HST period | Many Mississauga businesses have thousands in Input Tax Credits sitting in unfiled HST returns. Filing recovers those credits and reduces the HST balance owing. |
| 3 | File before CRA issues an arbitrary assessment | An arbitrary assessment estimates income far higher than actual. Once assessed, you owe that amount until you file. Filing first avoids the inflated balance and the interest that accumulates on it. |
| 4 | Apply for penalty relief under Taxpayer Relief Provisions | CRA cancels penalties for extraordinary circumstances, first-time lapses and CRA-caused delays. A $5,000 penalty cancellation is $5,000 you keep. We file RC4288 with every eligible cleanup. |
| 5 | Maximize Capital Cost Allowance in every outstanding year | CCA reduces taxable income. Many catch-up filings miss CCA claims on vehicles, equipment, computers and leasehold improvements purchased in prior years. We claim every eligible asset. |
| 6 | Claim the small business deduction on the first $500,000 | The SBD reduces the federal corporate tax rate from 15% to 9% on the first $500,000 of active business income. Missing this deduction overpays tax by $30,000 per year at $500,000 income. |
| 7 | Reconcile shareholder loan accounts before filing | Unreconciled shareholder loans often result in CRA adding the balance to the shareholder's personal income under Section 15(2). Proper reconciliation prevents this taxable benefit. |
| 8 | Negotiate a payment plan before CRA escalates to collections | A voluntary payment arrangement keeps CRA from garnishing your bank account or redirecting client payments. The cost of garnishment recovery far exceeds the cost of a proactive arrangement. |
| 9 | Claim home office expenses for eligible past years | If the business operated from a home office, a portion of rent/mortgage interest, utilities and insurance is deductible. This reduces taxable income for every year the claim is eligible. |
| 10 | Transition to monthly bookkeeping after cleanup | The cheapest cleanup is one that never happens again. Monthly bookkeeping ($150/month) prevents the backlog, ensures every deadline is met and eliminates future penalties entirely. |
Browse Our AFFORDABLE CPA Services
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Behind on CRA Filing? We Bring Mississauga Businesses Back to Compliance.
Unfiled returns, catch-up bookkeeping, HST arrears, penalty relief, payment plans. From $499. Fixed fee.