Accountant in Toronto, Ontario | Tax, Bookkeeping & Payroll Services

Toronto — Canada's largest economy

The City of Toronto is Canada's largest municipality and the centre of the Greater Toronto Area, Canada's largest metropolitan economy. Toronto hosts the Toronto Stock Exchange and Bay Street financial district (Canada's biggest concentration of banking, insurance, and investment management), the headquarters of TD Bank, RBC, Bank of Montreal, Scotiabank, CIBC, Manulife, Sun Life, Brookfield, BCE/Bell, Rogers, and dozens of other major Canadian and global corporations. The technology sector spans the King Street West "innovation corridor" through the Waterfront/Distillery District clusters and continues out to the Greater Toronto suburbs (Mississauga, Markham, Vaughan). Health and life sciences cluster at the University Health Network, Hospital for Sick Children, and Mount Sinai. Film and television production fills sound stages from Pinewood Toronto Studios to the Port Lands. Toronto's economic depth produces a higher-than-average mix of incorporated professionals, executive compensation T1 returns with stock options/RSUs/ESPPs, real estate investors, and complex small business situations.

Industries we serve heavily in Toronto

• Financial services professionals. Bay Street executives, portfolio managers, wealth advisors, mortgage brokers, insurance brokers — many incorporated as professional corporations, with executive compensation T1 complexity (RSUs, performance share units, deferred compensation), and TOSI-aware family dividend planning.
• Technology employees and founders. Stock option taxation under the post-2021 $200,000 vesting limit rules, employee stock purchase plans, RSUs, and founder-share planning at incorporation.
• Real estate investors. Toronto is one of Canada's most active investment real estate markets. The 2023 federal anti-flipping rule, the Toronto Vacant Home Tax, the Ontario Non-Resident Speculation Tax, the federal Underused Housing Tax, and HST on new construction and assignments all apply. Pre-construction assignment sellers have become a major audit target since 2022.
• Real estate agents and PRECs. Ontario permits Personal Real Estate Corporations (PRECs) under RECO and the Trust in Real Estate Services Act. PREC incorporation, regulator coordination, and PREC-specific share structure compliance are core to our Toronto realtor practice.
• Medical and dental professionals. Toronto-area MPCs and DPCs require regulator-compliant share structure under College of Physicians and Surgeons of Ontario (CPSO) rules, plus TOSI-aware annual compensation.
• Law firms. Toronto law firms operate under Law Society of Ontario rules with strict trust account compliance. T5013 partnership returns, PCLaw/Clio integration, and partner remuneration planning are common.
• Restaurants and hospitality. From Yonge-Eglinton to King West to Queen Street, Toronto restaurants face Ontario's tip-reporting rules, AGCO liquor licensing interactions, ROE compliance, and HST on prepared foods.
• Independent consultants. Toronto's consulting market is one of North America's largest. PSB risk analysis is essential before incorporation.
• Construction and trades. Toronto's residential and commercial construction is among Canada's most active. T5018, WSIB Ontario, the Ontario Construction Act framework (holdbacks, lien rights), and HST on new construction all apply.
• E-commerce DTC brands. Toronto is a major hub for direct-to-consumer e-commerce. Multi-province sales tax, US economic nexus, and platform reconciliation are central.

Ontario HST and Toronto-specific tax overlays

Ontario uses HST at 13% (5% federal GST + 8% provincial portion), administered entirely by CRA. Toronto businesses register once with CRA for combined GST/HST collection. Beyond HST, Toronto residential property owners face:

• Toronto Vacant Home Tax (VHT). Annual declaration required for every Toronto residential property owner. 1% of the property's current value assessment is charged on properties declared vacant for more than six months in the year.
• Ontario Non-Resident Speculation Tax (NRST). 25% on certain residential purchases by non-residents anywhere in Ontario (expanded province-wide in 2022).
• Ontario Land Transfer Tax plus Toronto Municipal Land Transfer Tax on Toronto property purchases.
• Federal Underused Housing Tax. Annual UHT-2900 filing for many corporations, partnerships, and trusts holding Toronto residential property.

Ontario Employer Health Tax (EHT)

Toronto employers with annual Ontario payroll above the exemption threshold (currently $1 million for most private-sector employers) pay EHT at rates from 0.98% to 1.95% depending on payroll size. We register, calculate, and remit EHT for Toronto employer clients.

BOMCAS Canada serves Toronto virtually

BOMCAS Canada is headquartered in Edmonton and serves Toronto clients through the virtual model. Toronto clients save the time and cost of commuting to downtown firms, get a Canadian-licensed accounting team experienced with Ontario-specific rules (HST, EHT, Toronto VHT, NRST, Construction Act), and communicate through video meetings, encrypted document portal, and e-signature. CRA representation is delivered under written authorization regardless of physical location.

How Ontario's tax structure affects Toronto businesses and residents

Ontario uses the Harmonized Sales Tax (HST) at 13%, combining the 5% federal GST with an 8% provincial portion in a single tax administered entirely by the Canada Revenue Agency. This means Toronto businesses register once with CRA for combined GST/HST collection. The administrative simplicity (compared to BC, Saskatchewan, Manitoba, or Quebec, where separate provincial sales tax registrations are required) is one of Ontario's key advantages for multi-province businesses based in Toronto.

For incorporated Toronto businesses, Ontario's general corporate income tax rate is 11.5% and the small business rate is 3.2% on the first $500,000 of active business income. Combined with the federal rates, Toronto CCPCs pay 12.2% combined on small business income and 26.5% on general business income. Ontario uses the federal Tax Collection Agreement, so Toronto corporations file a single federal T2 covering both federal and provincial corporate tax.

Ontario Employer Health Tax for Toronto employers

Ontario Employer Health Tax (EHT) applies to Toronto employers with annual Ontario payroll above the exemption threshold (currently $1,000,000 for most private-sector employers; the exemption is phased out for the largest employers). Above the exemption, EHT rates range from 0.98% to 1.95% of Ontario payroll depending on payroll size. EHT is administered by the Ontario Ministry of Finance and remitted annually or in monthly/quarterly installments depending on size. We handle EHT registration, calculation, and remittance for Toronto employer clients.

WSIB Ontario for Toronto employers

The Workplace Safety and Insurance Board (WSIB) administers Ontario's workers' compensation system. Most Toronto employers must register with WSIB and pay premiums based on industry classification. Construction, manufacturing, trucking, and certain other industries carry significantly higher rates. We handle WSIB registration and remittance for Toronto employer clients.

Ontario-specific tax provisions for Toronto clients

• Ontario Innovation Tax Credit. Refundable provincial credit on top of federal SR&ED for eligible R&D corporations.
• Ontario Film and Television Tax Credit (OFTTC) and Ontario Production Services Tax Credit (OPSTC). Substantial labour-based credits for film and TV production.
• Ontario Interactive Digital Media Tax Credit (OIDMTC). For interactive digital media products.
• Ontario Computer Animation and Special Effects Tax Credit (OCASE).
• Ontario Non-Resident Speculation Tax. 25% on certain residential real estate purchases by non-residents.
• Ontario Co-operative Education Tax Credit. For qualifying co-op work placements.
• Personal Real Estate Corporation (PREC) rules. Permitted under RECO and the Trust in Real Estate Services Act.

Year-end tax planning specific to Toronto

Year-end planning for Ontario businesses includes the standard Canadian elements plus Ontario-specific considerations: Ontario EHT exposure management; review of any OITC, OFTTC, OPSTC, OIDMTC, or OCASE credits accumulated during the year; Ontario property tax interactions with rental property; PREC compliance for realtor clients; multi-province sales tax review for Toronto businesses selling into BC, Saskatchewan, Manitoba, or Quebec; and Toronto Vacant Home Tax declaration for any Toronto residential property holdings (annual declaration required regardless of whether tax is owing).

Canadian tax compliance calendar that applies to Toronto clients

The Canadian tax compliance calendar is the same regardless of where you live in Canada, but several deadlines are commonly missed or misunderstood by Toronto businesses and individuals:

• January 31. T4, T4A, and T5018 information returns due for the prior calendar year. Late filing penalties start at $100 and escalate quickly for larger employers.
• February 28. T5 investment income slips due for the prior calendar year.
• March 1 or March 2. RRSP, FHSA, and similar registered plan contribution deadline for the prior tax year (60 days into the new calendar year).
• March 31. T3 trust return deadline (90 days after the trust's calendar year end).
• April 30. T1 personal tax return deadline for most Canadians. Balance owing is due by this date regardless of whether the filing deadline is extended.
• June 15. T1 deadline for self-employed individuals and their spouses (although any balance owing is still due April 30).
• Six months after corporate year-end. T2 corporate income tax return filing deadline.
• Two or three months after corporate year-end. T2 balance owing payment deadline (three months for CCPCs claiming the small business deduction throughout the year and meeting the taxable income threshold; two months otherwise).
• Quarterly: March 15, June 15, September 15, December 15. Personal tax instalment due dates for taxpayers required to pay instalments.
• Monthly or quarterly. CRA source deduction remittances and GST/HST remittances based on the assigned filing frequency.

What happens when CRA contacts Toronto clients

Canadian taxpayers commonly receive several types of CRA contact each year. Knowing what each one means helps Toronto businesses and individuals respond appropriately:

• Notice of Assessment (NOA). Issued after CRA processes a return. The NOA states the assessed tax, refund or balance owing, and any adjustments CRA made. Review your NOA carefully against your filed return.
• Notice of Reassessment. Issued when CRA changes a previously assessed return. You have 90 days from the date of a Notice of Reassessment to file a Notice of Objection if you disagree.
• Pre-assessment review letter. A request for documentation about specific items on a return before CRA finalizes the assessment. Strict response deadlines.
• Post-assessment review letter. Same documentation request, but after the NOA has been issued. Strict response deadlines.
• Demand to file. A formal demand that you file a return that CRA believes is overdue. Failure to comply can lead to a Notional Assessment (CRA estimates your tax, almost always at a higher amount than actual).
• Audit notice. The most serious form of CRA contact. Audits can be desk audits (by mail) or field audits (CRA officer reviews books in person or virtually).
• Collections letter. Issued when there is an unpaid balance. CRA collections has significant powers including garnishment and asset seizure.

If you receive any form of CRA contact, contact us immediately. Do not call CRA back yourself and do not send documents without professional review.

How BOMCAS Canada handles CRA representation for Toronto clients

With your signed authorization on file (RC59 for businesses or AUT-01 for individuals), BOMCAS Canada can communicate with CRA on your behalf. This means: CRA calls about your file route to us; we can access your CRA My Account or My Business Account information; we respond to review letters, audit requests, and collections matters; we file Notices of Objection within the 90-day deadline if needed; we represent you in CRA audits virtually; and we coordinate with tax counsel for Tax Court of Canada appeals where required.

Common Canadian tax questions Toronto clients ask

Why working with BOMCAS Canada makes sense for Toronto

Toronto businesses and residents work with BOMCAS Canada for several reasons that may matter to you:

• Fixed-fee transparency. Most engagements are quoted as a fixed monthly fee or fixed per-project fee, signed in writing before any work begins. No surprise hourly invoices for routine work.
• One-business-day response standard. We staff to a one-business-day response standard for client emails and calls during normal business hours. No multi-day voicemail backlogs.
• Year-round support. Most clients have unlimited email and phone support included in the engagement, not just during tax season.
• Same accountant year over year. You are not transferred to a new junior every year. The same person who knows your file this year will still know it next year.
• Secure virtual delivery. Encrypted client portal, e-signature, multi-factor authentication, and direct CRA representation under your written authorization. PIPEDA-compliant. No driving to a CPA office.
• Canadian-only tax expertise. We do not do US-only tax, UK tax, or other foreign jurisdictions in isolation. Our cross-border work is always anchored by deep Canadian compliance. Every member of the team works exclusively on Canadian files.
• Industry depth. We have specialized experience across trucking, real estate, medical professionals, contractors, restaurants, e-commerce, farms, nonprofits, and other Canadian industries.

Getting started — what Toronto clients can expect

A typical engagement with BOMCAS Canada begins with a phone call or contact form submission. We respond within one business day to schedule a 15–30 minute discovery conversation by phone or video. The discovery call covers your current tax situation, accounting history, prior accountant relationship (if any), pain points, and goals. There is no sales pitch and no obligation. If we are a fit, we provide a written engagement letter with a fixed fee and clear scope. If we are not a fit, we are happy to suggest other Canadian professionals who might be.

Once the engagement letter is signed, you e-sign the CRA authorization (RC59 for businesses or AUT-01 for individuals), and we onboard you to the encrypted client portal. From that point forward, the relationship is structured around predictable monthly deliverables: bookkeeping, sales tax filings, payroll, and year-end financial statements plus T2 corporate tax (for incorporated businesses) — with proactive tax planning conversations throughout the year.

Services available to Toronto clients

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Talk to a Canadian accountant serving Toronto

Call 780-667-5250 or submit the contact form. We respond within one business day.

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