Managing business finances can be stressful. Tax rules keep changing. Bookkeeping takes time. And reporting mistakes can lead to penalties. That’s where Bestax comes in.

We offer reliable accounting services in Canada for businesses of all sizes. Whether you’re a startup in Mississauga or an established company in Toronto, we’re here to make your numbers work for you.

Why Bestax is the Top Choice for Accounting Services in Canada

At Bestax, we believe accounting should make your life easier, not more complicated. That’s why businesses across Canada rely on us to keep their finances clear, organized, and fully compliant.

Whether you’re launching a startup or scaling an established company, we bring real experience and local insight to your numbers. Our team of qualified professionals supports you with the right tools and guidance every step of the way.

We specialize in building long-term partnerships. As your needs grow, our services grow with you, from day-to-day bookkeeping services to year-end financial statement preparation.

Need help with taxes? We handle that too. Our experts take the guesswork out of tax preparation, giving you peace of mind during filing season.

Here’s why clients trust us:

1. Industry Expertise: Our team of Certified Professional Accountants (CPAs) offers unmatched knowledge across a variety of sectors.
2. Customized Solutions: We don’t believe in one-size-fits-all. We tailor every solution to fit your business’s unique requirements.
3. State-of-the-Art Tools: Using advanced accounting software ensures accuracy, efficiency, and compliance.
4. Affordable Rates: Get high-quality service without breaking your budget.
5. Timely Reporting: We ensure timely delivery of financial statements to keep you informed and compliant.

Canadian Bookkeeping Laws: What You Need to Know

Every business operating in Canada must follow specific bookkeeping rules set by the Canada Revenue Agency (CRA). These laws are designed to ensure transparency, accuracy, and timely tax reporting. Whether you’re running a side hustle or a corporation, keeping proper records is not optional, it’s the law.

Recordkeeping Requirements

The CRA requires you to keep all documents that support your business transactions. This includes:

• Sales invoices
• Purchase receipts
• Bank statements
• Contracts and agreements
• Payroll records
• Tax filings (GST/HST, income tax)

You must store these records for at least six years after the end of the tax year to which they relate. They must be available for review in case of an audit.

Format of Records

Records can be kept on paper, digitally, or both. However, they must be:

• Complete and reliable
• Easy to read and retrieve
• Stored securely within Canada (or accessible from within Canada)

Cloud-based accounting software is acceptable if it allows access and retrieval of all records by CRA officials upon request.

Separation of Business and Personal Transactions

It’s critical to separate business and personal finances. If you’re audited, unclear or mixed records can lead to delays, penalties, or lost deductions. A professional bookkeeping service helps keep this line clear.

Filing Deadlines and Penalties

Late filing or poor recordkeeping can lead to penalties and interest. The CRA expects:

• GST/HST returns filed based on your assigned schedule (monthly, quarterly, or annually)
• Payroll remittances submitted accurately and on time
• Year-end financial reporting and tax returns to reflect correct income and deductions

Bestax ensures your business meets all CRA recordkeeping laws and deadlines. From account reconciliation to tax compliance, we keep your books audit-ready and accurate.

Comprehensive Accounting Services in Canada

Our accounting services are designed to help businesses of all sizes. Whether you’re an individual, a start-up, or a well-established company, our team ensures financial clarity and compliance.

1. Bookkeeping Services

Bookkeeping is the foundation of strong financial management. With Bestax, you can expect:

• Accurate recording of financial transactions.
• Regular updates to your Chart of Accounts, General Ledger, and journals.
• Insights into cash flow management to keep your finances healthy.
• Detailed profit and loss statements, balance sheets, and cash flow statements.

2. Tax and Accounting Services

Navigating taxes doesn’t have to be stressful. Our tax and accounting services include:

• Tax filing and preparation to comply with CRA regulations.
• Maximizing tax deductions to minimize liabilities.
• Strategic tax planning for both businesses and individuals.

3. Payroll Processing

Ensure your employees are paid accurately and on time. We handle:

• Payroll setup and processing.
• Compliance with labor laws and tax regulations.

4. Financial Accounting Advisory Services

If you’re looking to scale your business, we provide advisory services that include:

• Comprehensive financial analysis.
• Customized strategies for sustainable growth.

5. Specialized Services

We also offer accounting assurance services, including:

• Internal controls assessment.
• Fixed asset verification.
• Accounts payable and receivable management.

How Our Bookkeeping Services Support Better Cash Flow

Cash flow keeps your business moving. Without it, growth slows, and stress grows. At Bestax, our bookkeeping services are designed to give you full control over your cash in, cash out, and everything in between.

Here’s how we help your business stay financially healthy:

• Clean, Accurate Records: Every transaction is tracked and recorded in real time, so nothing slips through the cracks.
• Smarter Systems: We use trusted tools that Canadian businesses rely on, saving time and reducing manual errors.
• Clarity for Decision-Making: With up-to-date reports and clear financial statements, you’ll always know where you stand.
• Tax Savings: We identify smart deductions and manage tax preparation, helping you hold onto more of your money.

Better cash flow starts with better bookkeeping, and we’re here to make that happen.

Our Workflow: Simple, Streamlined, and Built Around You

No two businesses are the same. That’s why our approach is flexible, efficient, and tailored to your needs. Here’s how we make accounting easy:

Step 1: We Get to Know Your Business

We start with a conversation. We learn how you operate, where the pain points are, and what you want from your numbers. Based on that, we recommend tools and bookkeeping services that match your goals and budget.

Step 2: Planning with Purpose

Next, we map out a clear plan. Our team prepares a custom proposal focused on long-term value, whether you need monthly financial reporting, payroll setup, or a full-service business accountant.

Step 3: Setup and Ongoing Support

We implement your accounting software and start managing the books. From chart of accounts setup to account reconciliation and cash flow management, we keep everything running smoothly.

You get clear reports. We handle the paperwork. It’s that simple.

Let Bestax Take the Lead

Need reliable support from a trusted accountant Toronto small business owners recommend? Looking for help with payroll, compliance, or strategic budgeting and forecasting?

Bestax is ready.

Our team helps you stay focused on what matters, your growth. We take care of the numbers, so you can take care of your business.

Ready to get started? Contact Bestax Now or Schedule a Free Consultation!

Frequently Asked Questions (FAQs)