204-1885 Wilson Ave,
North York, ON M9M 1A2
416 731 0993

Accounting Services

Our accounting services can help you manage your business more effectively, secure funding, and minimize financial losses. In addition to our comprehensive bookkeeping services, we can prepare financial statements for use by banks (and other third parties), streamline your payroll system, and help you file regular GST/HST returns.

Bookkeeping

Keeping accurate financial records is an essential part of operating a business, but it’s a task that few business owners look forward to. As a result, bookkeeping duties are often neglected, which ultimately undermines profits and can create complications at tax time. Hiring a professional bookkeeper to collect and manage financial data on your behalf can prevent these issues while giving you more time to focus on running your business. Other benefits of using our Toronto bookkeeping services include:

Always having immediate access to the financial data you need to manage your business effectively.

Lowering your overhead costs by identifying inefficiencies, like high bank fees.

Having a clear picture of your revenue and expenses.

No longer losing track of unpaid bills and invoices.

Being fully prepared to file your taxes accurately, ensuring you receive the maximum possible refund and avoid audits.

Having extensive documentation to prove the financial viability of your business to lenders, creditors, and investors, thereby making it easier to secure funding.

Because up to 82% of small businesses ultimately fail due to poor cash flow management, it’s hard to overstate the value of bookkeeping services. Hiring a bookkeeper as soon as you establish a new business is one of the best ways to ensure continued growth and profits.
Why Choose AHD Tax CPA Professional Corporation for Bookkeeping Services?

When you work with AHD Tax CPA Professional Corporation, you’ll have peace of mind knowing your records are being managed by a Chartered Professional Accountant. In addition to having extensive bookkeeping experience, CPAs are trained financial strategists who can generate valuable insights from analyzing your business’s records and data. They can guide your business decisions, help you identify and predict business trends, utilize intelligent tax planning, and streamline your daily operations to improve cash flow. They also have the training and technical expertise required to ensure that your data is kept secure and private at all times.

At AHD Tax CPA Professional Corporation, we’ve worked with hundreds of businesses from a wide variety of different industries. As a result of our extensive experience, we can tailor our bookkeeping services to reflect the needs of your specific business, whether your goal is to improve your tax strategy, secure funding, or undergo a complete review to evaluate your business’s financial health.

GST/HST Filing

In Canada, all businesses providing taxable goods or services must file HST if they’re earning over $30,000 in revenue and operate in a province where HST is collected. HST, which stands for “Harmonized Sales Tax,” is a combined tax that includes both the provincial sales tax and the GST. It’s collected from customers at the time of sale, then remitted to the CRA within a specified time frame. Failing to register for HST (if you meet the requirements) and file HST returns on time can result in significant financial and legal penalties for your business, so it’s crucial to understand and meet your HST obligations.
What Goods Are Taxable in Canada?
Most goods and services are considered taxable in Canada. However, there are some exceptions, which are known as zero-rated and exempt items or services. In Ontario, these include certain essential grocery items, most health, medical, and dental services, educational services, child care services, prescription medications, and charitable services, among other things. Consult a Chartered Professional Accountant to determine if your business sells HST-exempt items so you can adjust your records accordingly.
How Often Do You Need to File HST?
Most businesses are required to file an HST return once every quarter. However, large corporations earning over $6 million in annual revenues must file once per month, while certain small businesses may only need to file once per year.
Why Should You Hire a CPA to File Your HST Returns?
Filing HST as a business is a complicated process, and it must be done accurately and on time to ensure you don’t experience penalties. Likewise, filing HST requires meticulous record-keeping, as you must track all of your sales, the amount of HST collected, and your HST expenses. Hiring a Chartered Professional Accountant from AHD Tax CPA Professional Corporation to file HST returns for you removes the stress and difficulty of managing your tax obligations while ensuring your HST returns are always correct and submitted on time.

Payroll Services

Managing payroll duties is a complex, challenging job for employers. It involves meeting deadlines and pay periods, filling out numerous forms, calculating employee benefits and pensions, withholding tax at the correct rate, etc. For businesses with many employees (or high rates of employee turnover), completing these processes accurately and efficiently is virtually impossible without the assistance of an accountant.
How Can Our Payroll Services Improve Payroll Management?

We use our extensive bookkeeping experience and the latest technology to keep track of your records, including employee benefits, pensions, taxes, and government remittances.

We can help you understand the many variables that go into calculating employee payrolls, including the payment cycle, parental leave and sick leave, vacation pay, etc.

Our payroll services can be customized to reflect the unique needs of your business. They can also be updated to accommodate changes such as hiring new employees and providing employee bonuses.

We will ensure your business operates in full compliance with Ontario regulations, preventing needless fines and penalties.

We’ll keep your payroll updated to reflect changing rates of contribution to CPP and EI.

Whether you prefer to implement a bi-weekly, semi-monthly, or monthly payroll schedule, our experts will guide you throughout the process and help you save money while meeting your legal and tax obligations. Contact AHD Tax CPA Professional Corporation today to learn more about how we can streamline your payroll system.

WSIB Filing

The Workplace Safety and Insurance Board (WSIB) provides compensation for work-related injuries and illnesses at provincially-regulated workplaces in Ontario. The WSIB ensures workers have financial security while protecting businesses from liability in cases of accident or injury.
How A Chartered Professional Accountant Can Help You File WSIB?
Many different factors affect the amount of compensation an employee receives from the WSIB, including his (or her) salary and the rate set by the local WSIB office. The experts at AHD Tax CPA Professional Corporation can quickly and accurately prepare and file WSIB claims for your business, ensuring you comply with Ontario regulations and avoid liability issues.

Financial Statements

Financial statements are crucially important to successful business management. Not only do quarterly financial statements give you an accurate picture of your business activities and finances, but they also show you which aspects of your business are generating the best ROI and which could use improvement. This information can help you make smarter business decisions and remain competitive. If you’re planning to apply for a bank loan, sell company stock, or sell your business, financial statements are required to allow these transactions to proceed.

There are four main types of financial statements:

1. Balance sheets. Balance sheets provide an overview of your company’s assets, liabilities, and equity, showing you how your debts compare to your revenues.

2. Income statements. Income statements contain information about what your company has earned and spent over a period of quarters or years.

3. Cash flow statements. Cash flow statements chart how your company created revenue and used funding over specific periods. They also contrast your budget projections against your actual expenditures. By using cash flow statements, you can get a realistic idea of what your company is spending money on (and how much) and budget accordingly.

4. Shareholders’ equity statements. Shareholders’ equity statements outline the capital stock owned by your company’s shareholders, including paid-in capital (e.g., common stock, preferred stock, and paid-in retained earnings) and retained earnings.

Why Hire a Chartered Professional Accountant to Prepare Financial Statements?
When creating financial statements, accuracy is key. Providing incorrect information can make lenders and investors question your integrity, ultimately reducing your chances of securing funding. For this reason alone, it’s critically important to have your financial statements prepared by an experienced Chartered Professional Accountant. Hiring a CPA will also ensure that the information contained in your statements is presented clearly and professionally by an objective third party.

Regardless of which type of financial statements you need, AHD Tax CPA Professional Corporation can give you the precise, detailed reports required to reassure lenders, comply with regulations, and track your business’s growth.

Learn More About Our Business Services

As one of the reliable business accounting firms in Toronto, AHD Tax CPA Professional Corporation has worked with hundreds of businesses, including sole proprietorships, partnerships, and large corporations, from virtually every industry. Our business-oriented background allows us to effectively consult, plan, and prepare statements for businesses of all types and sizes, along with providing a range of tax planning, filing, and registration services. Contact us today to learn more about how we can help your business grow and experience increased profits.

CRA Audit Services

In most cases, adhering to accounting best practices and filing your taxes accurately can prevent your business from being audited by the CRA. Sometimes, however, factors beyond your control – such as large fluctuations in your income or random selection on the part of the CRA – can trigger a tax audit. If this happens to you, don’t panic; with help from a Chartered Professional Accountant, you can win your tax case and negotiate a fair settlement with the CRA.

Why You Should Hire a Chartered Professional Accountant for CRA Audit Services

As a general rule, taxpayers should avoid representing themselves during a CRA audit. The audit process is stressful, work-intensive, and time-consuming, so it can significantly interfere with running your business. Likewise, because most business owners don’t have an insider’s knowledge of Canadian tax law, they may make errors that prolong the audit process or damage their case. When you hire a CPA, on the other hand, you’ll have the advantage of an experienced tax expert advocating on your behalf. Here’s how AHD Tax CPA Professional Corporation can help you manage an audit from the CRA:

We can negotiate with the CRA on your behalf, ensuring fair representation and saving you time.

We can use our in-depth knowledge of Canadian tax law to resolve the audit and minimize any penalties you’re facing.

We can apply our bookkeeping experience to get your financial records in order and prepare financial statements to support your case. Having proper documentation is essential to securing a favourable outcome in audit cases.

If you made a mistake filing your taxes, we can quickly locate and correct the error, bringing the audit to a quick end.

When you hire a CPA, you can step back from the audit process and focus on what you do best – running your business. You’ll also have peace of mind knowing that your case is being managed by an experienced professional who has your best interests at heart.

If you’ve received a request for more information from the CRA, or you’re currently undergoing an audit, contact our tax experts for immediate assistance. Having worked with numerous sole proprietorships, partnerships, and corporations from various industries, we have the skills and knowledge needed to organize your financial records and represent your business favourably with the CRA.

Learn More About Our Business Services

As one of the reliable business accounting firms in Toronto, AHD Tax CPA Professional Corporation has worked with hundreds of businesses, including sole proprietorships, partnerships, and large corporations, from virtually every industry. Our business-oriented background allows us to effectively consult, plan, and prepare statements for businesses of all types and sizes, along with providing a range of tax planning, filing, and registration services. Contact us today to learn more about how we can help your business grow and experience increased profits.