How to do bookkeeping in Canada?

Bookkeeping in Canada requires careful preparation, as the person charged with overseeing the financial health of a particular company must be thoroughly versed in all the nuances of current legislation. Especially thorough control should be carried out in relation to compliance with tax legislation, since the government authorities of Canada punish for crimes in the fiscal sphere especially thoroughly. That is why a tax accountant in Toronto is one of the most in-demand professions, which firms search for most often.

Who is a tax accountant?

From the mere name of this specialty, it is clear that this is an employee of the accounting department, which is engaged in a strictly defined activity:

  • control over the correctness of the accrual of all taxes that a company must pay to the state or local budget;
  • control over the actual payment of accrued tax payments to different levels of the budget;
  • monitoring the correctness of submitted declarations, if the company has assumed the obligation to report on its employees and the income they receive through centralized filing of declarations.

taxation services

Why is it about Toronto?

Since this city is the largest in Canada and acts as the embodiment of all the kinds of business that take place in the country, most of the companies that provide assistance in supporting business processes are also located in this city. And it is Toronto that is the city in which the largest accounting companies in the country are concentrated. Therefore, the expression «bookkeeping in Toronto» (conducted or located, it doesn’t matter) is absolutely true. This is explained by the fact that a company located in Vancouver, for example, has a financial director or chief accountant (accountant level specialist) who can live and work permanently in Toronto because of the location of the accounting firm where he works permanently and with which the businessman in question has a special contract for the outsourcing of financial support services. Moreover, the services of such a specialist can be very expensive, including due to the need for lengthy training to obtain a specialized certificate.