Accountants in Toronto
Updated on Monday 23rd August 2021
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An accountant in Toronto is a person who is qualified to provide accounting services to local and foreign companies. The accountant is entitled to develop multiple accounting procedures, that can also be extended to natural persons, who must also file various accounting documents, such as personal tax returns.
An accountant in Toronto is also qualified to provide advisory services for various legal matters, such as the tax and accounting implications of purchasing a property here. However, most of the services are designed for corporate entities, as they have to maintain a set of accounting documents and submit specific tax returns, following the legal requirements.
Thus, if you plan to open a company in Canada in the city of Toronto, our team of consultants can put in contact with our team of accountants, who will offer all the accounting services that are customarily needed for companies. In this article, you can discover the main services that you can request from local accountants.
What are the main corporate accounting services available in Toronto?
All company types that can be incorporated in Canada have to comply with specific accounting procedures, which will vary based on the company type selected by the investors. The simpler the characteristics of the company, the simpler the accounting procedures will be. In the following section we will present the basic accounting services which are applicable to most of companies operating here (and which are generally incorporated small and medium-sized companies, registered as limited liability companies):
- submitting tax returns – all companies, with very few exemptions, are required to file tax returns on their yearly income at the end of the financial year, even in the situation in which the company did not have any taxable income;
- bookkeeping – our Toronto bookkeepers will maintain all the current accounting documents of the company;
- non-for-profit bookkeeping – the Toronto bookkeepers can also provide accounting services that are created for the accounting procedures applicable to corporations that are set up as non-profit organizations;
- payroll – our team can easily help companies in any matter related to the wages of the employees – making the payment, calculating the employment taxes, providing various financial incentives in accordance with the law, and others;
- preparing the financial statements of the company – these accounting documents present the real and up-to-date financial situation of a company and they must be submitted with the local institutions at the end of each financial year.
What is the data on accountants in Canada?
Being an accountant in Toronto or anywhere else in Canada represents a type of job that is regulated under the local law. All accountants must have suitable studies and they need to be certified by the regulators of the sector that have jurisdiction in the province where the respective accountant is located. Below, we present few key aspects of this job:
- the accountant profession is defined by the National Occupational Classification NOC 1111 (which refers to financial auditors and accountants), as presented by the Job Bank of the Government of Canada;
- the hourly wage of a person qualified under the NOC 1111 ranges from $20.67 per hour to $58.17/hour (at a national level);
- in the region of Ontario, where an accountant in Toronto works, the salary ranges from $22.50 per hour to $60.51 per hour;
- in 2018, the industry was represented by 194,000 persons;
- in 2014, the median age of accountants was of 44 years old and the average age at which such professionals retired was of 63 years old.
What are the main services of Toronto bookkeepers?
After completing the process for company formation in Canada and after you receive the right to start your business operations, one of the main things that you must complete is to find an accountant to handle your bookkeeping needs. This can be done with the help of our Toronto bookkeepers, who are qualified to handle numerous accounting and tax matters.
For instance, Toronto bookkeepers are qualified to intermediate all the documents between the company and the bank with which it collaborates (where it has its corporate bank account set up or the bank which offered a credit, etc.). They can also set up the charts of accounts and can prepare monthly financial reporting. For more details, we invite you to contact our team of consultants in company registration in Canada.