Bookkeeping, tax, and CRA compliance for incorporated contractors
From first registration to wind-down, every compliance requirement handled correctly and on time. Fixed-scope packages for setup, ongoing administration, and wind-down. Pricing confirmed after a brief consultation.
- Business structure review: sole proprietorship vs. corporation, and which province to operate from
- Federal and provincial tax registrations: CRA business number, GST/HST, payroll, corporate accounts, and Revenu Québec QST where applicable
- QuickBooks Online setup with chart of accounts for your business type
- Invoicing setup: template, payment terms, and GST/HST line configuration
- Mileage log setup for business vehicle use
- Receipt and expense tracking workflow
- Prior-year bookkeeping cleanup where needed
- Opening balance sheet
Choosing between a sole proprietorship and a corporation depends on income level, liability exposure, and plans for the business. The province you operate from affects ongoing compliance obligations and tax registrations required. Quebec has its own tax authority (Revenu Québec) with QST obligations separate from federal GST. We review the options before any filings are made.
IT contractors and consultancies just starting out, recently incorporated, or operating informally without proper CRA registrations or bookkeeping in place. Also for contractors switching from sole proprietorship to corporation who need the new entity set up correctly from day one.
- Bookkeeping in QuickBooks Online
- Sales tax filings (GST/HST and QST) and input tax credit tracking
- Payroll remittances where applicable
- Corporate tax return (T2 federal, CO-17 Quebec where applicable)
- Personal tax return (T1) for business owners
- T4 and T5 slips where applicable
- Year-end financial statements and working papers
- CRA correspondence handling
- Ongoing advisory
- Salary vs. dividend split: optimizing compensation before year-end
- Shareholder loan: keeping the balance clean and avoiding deemed income
- PSB risk: Personal Services Business exposure for contractors with a dominant client
- Tax instalments: planning remittances to avoid arrears interest when income fluctuates
- GST/HST on foreign billing: treatment when invoicing U.S. or international clients
- Home office deduction: eligibility, method, and documentation
- RRSP vs. retained earnings: when to contribute personally vs. hold inside the corporation
- Transactions categorized and reconciled across all accounts
- GST/HST tracked and filed on your filing frequency
- Updated income statement and balance sheet available in QuickBooks Online
- Payroll remittances processed where a salary is paid
- Any CRA notices or correspondence flagged and handled
- Salary vs. dividend review before December 31 while options are still open
- Shareholder loan reconciled and documented
- Tax instalment review to avoid arrears interest
- T4 and T5 slips prepared and filed
- Corporate tax return (T2 federal, CO-17 Quebec where applicable) and financial statements prepared
- Personal tax return (T1) filed for the owner
Incorporated IT contractors and consultancies billing consistently who want compliance handled without gaps. Best fit for contractors who are past the setup stage and need a CPA managing the full compliance and advisory cycle year-round, not just at tax season.
- Final T2 and CO-17 (Quebec) corporate returns
- Final GST/HST filing and federal account closure
- Provincial account closure, including Revenu Québec QST where applicable
- Payroll account deregistration and final T4 filing where applicable
- Final financial statements
- Personal tax return for the wind-down year
- CRA clearance certificate coordination
- Dormant corporation maintenance: nil T2 filings and CRA account preservation for inactive corporations
- All CRA accounts must be cleared before dissolution can proceed
- Outstanding returns or balances are resolved as part of this engagement
- Asset distributions to shareholders involve capital gains and deemed dividend considerations reviewed before the final return is filed
- CRA dissolution clearance can take several months; early engagement avoids delays
IT contractors and consultancies that have stopped operating and need to either dissolve their corporation or keep it dormant with minimal compliance obligations. Also for contractors whose corporation has been inactive for one or more years and needs outstanding filings cleared before a next step can be taken.
Send a brief description of your business and where you are in the lifecycle
We respond within one business day.
Contact Teplov CPA