Frequently Asked Questions About Accounting, Tax & CRA Services in Canada

ABS provides comprehensive accounting solutions across Canada, including personal tax preparation (T1), corporate tax filing (T2), bookkeeping, GST/HST filing, payroll services, CRA audit representation, business plan writing, financial statement compilation, and business incorporation. We serve individuals, self-employed professionals, small businesses, and corporations nationwide. View all our services →

Getting started is simple. Call us at 587-200-6402, fill out our online form, or email info@absprof.com to book a free consultation. We'll discuss your needs, explain our process, and provide a personalized quote — no obligation.

Unlike large impersonal firms, ABS offers personalized service, customized pricing based on your needs, a CRA-compliance guarantee, and nationwide virtual accounting. Our certified team combines extensive experience with modern cloud technology to deliver faster, smarter accounting solutions — whether you're in Edmonton, Toronto, Vancouver, or anywhere in Canada.

Yes. Our team includes CPA-certified accountants and professionally trained bookkeepers experienced in Canadian tax law, CRA compliance, and industry-specific accounting standards. Every member of our team undergoes continuous professional development to stay current with changing regulations.

We use bank-level 256-bit encryption, secure client portals, signed NDAs, and PIPEDA-compliant data handling procedures. Your financial data is never shared with third parties. We follow strict data security protocols to protect every client's sensitive information.

Absolutely. We serve clients in every province and territory in Canada through secure video calls, cloud accounting software (QuickBooks Online, Xero, Sage), and encrypted document sharing. You don't need to visit our office — everything can be handled remotely.

Our fees are customized based on the service type and complexity of your specific needs. Every client receives a personalized quote after we understand their requirements. Contact us for a free custom quote — we'll provide exact pricing before any work begins, with no hidden charges.

No. While our head office is in Edmonton, Alberta, most of our clients work with us 100% remotely from anywhere in Canada. We use secure cloud platforms, video conferencing, and encrypted file sharing to serve you efficiently — no office visit required.

The personal tax filing deadline in Canada is April 30 each year. Self-employed individuals have until June 15 to file, but any taxes owed must still be paid by April 30 to avoid interest charges.

You'll need T4 (employment income), T5 (investments), T3 (trust income), RRSP contribution slips, medical receipts, charitable donations, tuition receipts (T2202), rent or property tax receipts, and last year's Notice of Assessment. ABS provides a complete checklist when you book with us.

The cost varies based on the complexity of your tax situation. Simple returns are more affordable, while complex returns involving self-employment, rental income, or investments require more work. ABS provides personalized quotes tailored to your specific tax needs. Get your custom quote →

Yes, you can file late, but it comes with consequences. Late filing results in a 5% penalty on the amount owing plus 1% per month (up to 12 months). If you're owed a refund, there's no penalty — but you should file within 3 years to claim it. Contact ABS to catch up on late filings.

The CRA can charge penalties, interest, garnish wages, freeze bank accounts, and even pursue criminal charges for tax evasion. You'll also lose access to benefits like the GST/HST credit and Canada Child Benefit. ABS can help you catch up through the Voluntary Disclosures Program (VDP).

Claim all eligible deductions: RRSP contributions, medical expenses, childcare, home office (if self-employed), tuition, moving expenses, and tax credits like the Canada Workers Benefit and Disability Tax Credit. A professional accountant like ABS can identify credits and deductions you may miss — often saving you hundreds or thousands of dollars.

Yes, filing is still strongly recommended even with zero income. It allows you to claim valuable benefits like the GST/HST credit, Canada Child Benefit, Climate Action Incentive, and carry forward tuition credits or capital losses for future years.

Yes. We specialize in back-tax filing and can help you file up to 10 years of unfiled returns. We also help minimize penalties through CRA's Voluntary Disclosures Program (VDP). Don't wait — the sooner you file, the less you'll owe in penalties and interest.

CRA typically issues refunds within 2 weeks for online (NETFILE) filers and 8 weeks for paper filers. Setting up direct deposit through CRA My Account is the fastest way to receive your refund. ABS files electronically for all clients to ensure the quickest processing.

Yes. We prepare T1 personal returns, T2 corporate returns, T3 trust returns, T4/T5 slips, and partnership T5013 returns for clients across Canada. Having one firm handle both personal and business taxes ensures better tax planning and coordination.

Corporate tax returns (T2) must be filed within 6 months of your fiscal year-end. However, any taxes owed are due within 2 months (or 3 months for certain Canadian-Controlled Private Corporations). Late filing results in penalties and interest.

While not legally required, hiring a professional accountant saves time, reduces taxes, ensures CRA compliance, and prevents costly errors. Most small business owners save more in tax deductions and credits than they spend on accounting fees. It's one of the smartest business investments you can make.

Incorporation offers significant advantages including limited liability, tax deferral, income splitting opportunities, and the Lifetime Capital Gains Exemption (LCGE). It's usually beneficial once your business earns over $75,000–$100,000 per year. ABS provides free incorporation consultations to help you decide.

Common deductible business expenses include office rent, utilities, office supplies, advertising and marketing, vehicle expenses (business portion), meals and entertainment (50%), professional fees, insurance premiums, home office costs, employee salaries, and equipment depreciation (CCA). ABS ensures you claim every legitimate deduction.

A sole proprietorship is simple and inexpensive to set up, but you're personally liable for all business debts. A corporation is a separate legal entity offering liability protection, tax advantages, and more credibility — but has higher setup costs and annual compliance requirements. ABS can help you choose the right structure.

Canadian-Controlled Private Corporations (CCPCs) pay a small business tax rate of approximately 9% to 13% on the first $500,000 of active business income, depending on the province. This is significantly lower than personal tax rates, which is one of the key benefits of incorporation.

You must register for GST/HST once your business earns over $30,000 in any 12-month period. This is called the "small supplier threshold." Voluntary registration is also available and can actually benefit businesses by claiming Input Tax Credits (ITCs) on purchases. ABS handles complete GST/HST registration and filing.

GST (5%) applies federally across Canada. HST combines GST plus provincial tax in Ontario (13%), New Brunswick, Nova Scotia, Newfoundland (15%), and PEI (15%). PST is charged separately in British Columbia (7%), Saskatchewan (6%), and Manitoba (7%). Quebec charges QST (9.975%). Alberta has only 5% GST with no provincial sales tax.

Bookkeeping is the systematic recording and organizing of all financial transactions in your business. It's essential for accurate tax filing, cash flow management, informed business decisions, and CRA compliance. Without proper bookkeeping, you risk missed deductions, CRA penalties, and poor financial visibility.

You'll need to provide bank statements, credit card statements, sales invoices, purchase receipts, payroll records, and any loan or asset documents. ABS uses cloud tools with automated bank feeds to minimize the manual work required from you.

Ideally, monthly. Regular monthly bookkeeping prevents year-end stress, catches errors early, provides real-time financial insights, and ensures you're always prepared for CRA inquiries. Some high-volume businesses benefit from weekly bookkeeping.

Yes. ABS is proficient in QuickBooks Online, QuickBooks Desktop, Xero, Sage 50, Wave, and FreshBooks. We help with initial setup, data migration from other platforms, staff training, and ongoing bookkeeping management using your preferred software.

Bookkeeping costs vary based on your transaction volume, business complexity, and industry. ABS offers customized monthly packages tailored to your specific business needs — whether you're a solopreneur or a growing corporation. Contact us for a personalized quote.

Absolutely. Our bookkeeping cleanup service reorganizes your financial records, reconciles missing transactions, categorizes expenses properly, and gets you completely audit-ready — even if you're months or years behind. We've helped hundreds of Canadian businesses get back on track.

Yes. We fully support paperless, cloud-based accounting with automated bank feeds, receipt scanning apps (like Dext and Hubdoc), and secure online client portals. This means you can access your books from anywhere, and your data is backed up safely in the cloud.

Don't panic. ABS provides full CRA audit representation. We communicate with CRA on your behalf, organize and prepare all required documentation, negotiate assessments, and protect your rights throughout the entire audit process. Having a professional represent you significantly improves audit outcomes.

Less than 1% of individuals and approximately 3% of businesses are audited by CRA annually. Your risk increases with self-employment income, cash-heavy businesses, unusually large deductions, or inconsistencies between reported income and lifestyle. Proper bookkeeping and professional tax filing significantly reduce audit risk.

CRA can generally reassess up to 3 years back for individuals and 4 years for corporations from the date of your Notice of Assessment. However, there is no time limit in cases of fraud, misrepresentation, or failure to file. This is why keeping accurate records is critical.

The Voluntary Disclosures Program allows taxpayers to come forward and correct past tax errors or report unreported income without facing full penalties or criminal prosecution. To qualify, the disclosure must be voluntary, complete, and involve a penalty. ABS has extensive experience helping clients navigate VDP applications successfully.

Yes. We negotiate CRA payment arrangements on your behalf to spread tax debt over manageable monthly installments. This prevents CRA from taking enforcement actions like wage garnishments, bank account freezes, or property liens. Contact ABS immediately if you owe taxes and cannot pay in full.

The Notice of Assessment is the official document CRA sends after processing your tax return. It confirms your refund amount or balance owing, RRSP deduction limit, TFSA contribution room, and any changes CRA made to your return. Always review it carefully and keep it for your records.

Respond within the stated deadline — usually 30 days — with all requested documents and explanations. Never ignore a CRA letter, as it leads to automatic reassessment and additional penalties. ABS can handle all CRA correspondence on your behalf, ensuring timely and accurate responses.

We serve a wide range of industries including real estate, medical and dental practices, construction and trades, e-commerce, restaurants and hospitality, IT consulting, trucking and transportation, non-profit organizations, and self-employed freelancers across all provinces in Canada.

Yes. We provide specialized services for registered charities and non-profit organizations, including T3010 charity information returns, non-profit bookkeeping, grant and donor reporting, financial statement preparation, and ensuring full CRA compliance for your charitable status.

Yes. Our advisory services include cash flow forecasting, annual budget planning, KPI tracking, break-even analysis, and business performance reporting. These tools help you make data-driven decisions, plan for growth, and avoid cash flow surprises.

Absolutely. We create professional business plans with comprehensive financial projections, market analysis, competitive positioning, and executive summaries. Our business plans are accepted by major Canadian banks, BDC, government loan programs, and immigration business programs.

Yes. We specialize in helping new immigrants, permanent residents, international students, temporary workers, and non-residents with first-time Canadian tax filing, foreign income reporting (T1135), treaty-based exemptions, and understanding your Canadian tax obligations. We also offer services in multiple languages.

Yes. We provide full-cycle payroll services including employee pay runs, CPP/EI/income tax remittances, T4 and T4A slip preparation, Records of Employment (ROE), WCB filings, direct deposit setup, and year-end payroll reconciliation for businesses of all sizes across Canada.

For bookkeeping clients, we provide monthly financial reports and reviews. Tax clients receive quarterly check-ins and proactive tax planning updates. You can also reach us anytime via phone, email, or our secure client portal — we pride ourselves on responsive, accessible communication.

Through our secure online client portal, available 24/7 from any device. You can view and download profit and loss statements, balance sheets, tax returns, receipts, and all past documents anytime from anywhere in Canada. We also email reports directly upon request.

Yes, switching is easy and seamless. We handle the entire transition process — including requesting your files from your previous accountant, reviewing your past returns, migrating your data, and ensuring nothing is lost. Most transitions are completed within 1–2 weeks.

Yes! We offer a FREE 15-minute consultation to understand your specific needs, answer your questions, and provide a personalized quote — with absolutely zero obligation. Call us at 587-200-6402, email info@absprof.com, or book online today.