Small Business Accountant in Canada
A small business accountant handles the financial work a Canadian small business needs: monthly bookkeeping, GST/HST returns, payroll remittances, year-end tax filings and CRA correspondence. Accountants Online delivers all of it online for incorporated and unincorporated small businesses across Canada — flat monthly pricing, a secure client portal and no in-person meetings required.
Written by the Accountants Online Tax Team · Last reviewed: September 11, 2026 · Tax year: 2026
What a small business accountant does
- Monthly bookkeeping: recording and reconciling every transaction, producing financial statements.
- GST/HST: registration when the $30,000 threshold is reached, returns and e-filing.
- Payroll: pay calculations, CPP, EI and income tax remittances, and T4s.
- Year-end: T2 corporate returns or T1 returns with business schedules.
- CRA correspondence: notices of assessment, reviews and queries handled for you.
Who a small business accountant is for
- Self-employed professionals who want their T1 and expenses handled properly.
- Incorporated businesses that need bookkeeping plus a T2 return each year.
- Businesses approaching the GST/HST registration threshold or hiring their first employee.
- Owners who want financial statements they can actually read and plan from.
Records and requirements
The CRA requires Canadian businesses to keep complete records — invoices, receipts, ledgers and supporting documents — for six years from the end of the tax year they relate to, in a readable format. An accountant's monthly bookkeeping is what makes that requirement easy to meet.
Deadlines a small business tracks
- GST/HST returns: monthly, quarterly or annually depending on your assigned filing period.
- Payroll remittances: by the 15th of the following month for regular remitters.
- T1 with business income: file by June 15, pay by April 30.
- T2 corporate return: within six months of fiscal year end.
Pricing
Monthly bookkeeping plans start at $199 per month; personal tax returns from $299; corporate (T2) returns from $500. Every engagement is quoted as a flat rate before work begins, so fees scale with your business rather than with a clock.
Common mistakes to avoid
- Mixing personal and business spending in one account.
- Missing the GST/HST registration threshold, which can leave the business owing uncollected tax.
- Remitting payroll late — penalties generally start at 3% and rise with the delay; higher penalties can apply to knowing or grossly negligent repeat failures.
- Arriving at year end with incomplete records, which raises preparation cost and risk.
Frequently asked questions
How much does a small business accountant cost in Canada?
Monthly bookkeeping plans start at $199 per month, personal tax returns from $299 and corporate T2 returns from $500. All work is quoted as a flat rate before it begins, so you know the cost in advance.
Does my small business actually need an accountant?
If your business reports income to the CRA, claims expenses, registers for GST/HST or has employees, professional accounting pays for itself in avoided penalties, accurate filings and time saved. There is no legal requirement, but the CRA's deadlines and record-keeping rules apply to you either way.
Can small business accounting be done completely online?
Yes. Bank transactions are imported into the cloud, documents go through a secure portal, and every filing — GST/HST, payroll, T1 or T2 — is e-filed with the CRA. No office visits are needed, from any province or territory.
What records must a Canadian small business keep?
The CRA requires you to keep invoices, receipts, ledgers and supporting documents for six years from the end of the tax year they relate to, in a format the CRA can read if it reviews your filings.
Should I incorporate my small business?
It depends on income, liability, administrative costs and how profits will be used. Incorporation adds corporate tax and record-keeping obligations and may allow tax deferral in some circumstances. Payments to family members are subject to rules such as tax on split income, so income splitting is not an automatic benefit.
Sources & references
Related pages
- Online Bookkeeping Services
- GST/HST Accounting & Filing
- Payroll Services Canada
- T2 Corporate Tax Return Canada