Year Round Tax, Accounting & Consulting Services

Accounting & Bookkeeping Services

Accurate and complete financial records are essential for understanding the financial health of your business. This includes tracking income and expenses, managing short-term receivables and payables, monitoring fixed assets and long-term liabilities, maintaining cash flow records, and managing inventories.

Maintaining organized and compliant records is not only a best practice but also a legal requirement under various legislations, including the Income Tax Act, Excise Act, Employment Insurance Act, and Canada Pension Plan.

In the event of an audit by the Canada Revenue Agency or other government authorities, businesses that fail to produce proper accounting records may face penalties, interest, or additional scrutiny. Proper bookkeeping ensures that all filings and payments are accurate, up-to-date, and fully supported by verifiable records.

At GTA Tax and Accounting Services Inc., we help businesses maintain accurate, organized, and compliant financial records, giving you peace of mind and a clear picture of your business’s financial position.

Bookkeeping

We provide a wide range of Accounting and Bookkeeping services, including but not limited to:

General Ledger maintenance
Accounts Payable maintenance
Accounts Receivable maintenance
All accounting Reconciliations
HST Reconciliation and HST Filing
Journal Entries
Monthly, quarterly and year-end financial statements
Assets accounting and calculation of depreciation/CCA

GST/HST

Payroll function is a complex function where mandatory tax deductions at source must be done accurately. CRA conducts Payroll Audits to ensure the payroll remittance are accurate and timely. Any error detected by CRA can result in penalties and retro interest.

We provide complete payroll services for your business and these payroll related services include:

Preparing Payroll Budget
Streamline the processes for reporting attendance/hours
Setting up of Payroll for the business
Addition/removal of employees to the payroll
Calculation of salaries and wages and source deductions i.e. CPP, EI, Taxes, and other payroll deductions
Reconciliation and remittance of payroll taxes
Prepare and filing Records of Employment (ROE) when required
Preparing, issuing T- slips and filing T- Slip summaries with CRA
Assist with CRA Audits

Payroll

A good understanding of GST (Goods and Services Tax) and HST (Harmonized Sales Tax) is very important to collect and remit the tax to Canada Revenue Agency. While underpayment or late payment of GST/HST can lead to unnecessary interest and penalties, overpayment of GST/HST in error can directly affect profitability and cash flow of your business.

We can help you with GST/HST matters that include the following:

Advise of applicability of GST/HST
Reconciliation of GST/HST
Periodic filing of GST/HST Returns and
Assistance with GST/HST Audits