Corporate Tax Accountant in Toronto

Toronto seasons, and how they change the accounting work

Toronto has a warm summer humid continental climate. Average temperatures are about 21.8 degrees Celsius in July and minus 5.4 degrees in January, with about 860 millimetres of precipitation a year, including about one and a half metres of snow, moderated in winter and summer by Lake Ontario. June is the wettest month and February the driest. That pattern shows up directly in the accounting calendar for Toronto businesses.

Winter, November to March. This is year end and payroll season. It is the right time to close the books, reconcile payroll and CPP and EI, prepare T4 and T5 slips, and clean up bookkeeping before tax season. Snow and cold do not change filing dates, so winter bookkeeping discipline matters for Toronto finance, technology, and professional services firms.

Spring, April to May. Personal tax season peaks here. The personal filing deadline in Canada is April 30, with self employed filers due June 15 for filing, while tax owed is still due April 30. Spring is also when corporate year ends and GST and Ontario HST quarters need to be closed cleanly, before summer work peaks.

Summer, June to August. Summer is peak season for Toronto tourism, hospitality, film, festivals, and construction, with longer days and more seasonal staff. June is also the wettest month, so project delays and extra payroll runs need to be tracked carefully. That means more payroll, more HST on materials and subcontractors, and more expense tracking.

Autumn, September to October. Autumn is planning season. It is the time to review year to date profit, set aside tax money, consider incorporation, and plan purchases and payroll before year end, rather than discovering the tax result in April. For Toronto businesses with a December year end, autumn planning is especially important.