Small Business Bookkeeping and Legal Bookkeepers Toronto

Reliable and Regular Bookkeeping Services Toronto for Lawyers, Healthcare Professionals, Small Businesses, and eCommerce Businesses

In Toronto’s high-velocity market, precision in your books isn’t a nice-to-have—it’s mission-critical. Whether you manage a boutique law firm on Bay Street, run a Midtown health clinic, operate a Shopify brand in Liberty Village, or build a startup along the tech corridor, clean, timely bookkeeping keeps you compliant, profitable, and investor-ready. At MAQ CPA, our small business bookkeepers deliver bookkeeping services Toronto engineered for the city’s diverse sectors. With licensed CPAs, cloud-first workflows, and deep industry specialization, our Toronto bookkeepers help professionals and owners build control, confidence, and CRA peace of mind.

Industry-Specific Toronto Bookkeeping Services

Toronto’s Small Businesses & Entrepreneurs

From a creative agency in Queen West to a retail boutique in The Annex—or remote consulting from home—accurate books are the foundation of cash-flow control and a stress-free tax season.

We deliver monthly bookkeeping and reconciliations, HST filings, payroll processing, and bank-ready financial statements—plus proactive advice so you capture every eligible deduction and stay ahead of CRA requirements.

FAQs – Bookkeeping Services Toronto for Small Businesses

1. What bookkeeping software do you use for Toronto clients?

We primarily support QuickBooks Online and Xero, and can work in Wave—all CRA-compatible and securely accessible anywhere.

2. Can I do my own bookkeeping with software?

You can, but owners often miss deductions or misclassify expenses. We structure and clean your file to ensure accuracy.

3. What write-offs do Toronto businesses commonly miss?

Startup costs, home-office allocations, business use of personal phones/vehicles, TTC fares used for business, local networking/sponsorships, website development, and co-working fees.

4. How frequently do I need to file HST?

It depends on your revenue—monthly, quarterly, or annually. We’ll recommend and set the right cadence.

5. Do you manage WSIB, EHT, and other Ontario filings?

Yes. We prepare and file WSIB/EHT, track remittances, and manage other provincial obligations.

Lawyers, Paralegals, and Legal Practices in Toronto

Legal practices must maintain strict LSO trust compliance. A single reconciliation or client-ledger error can create serious risk.

We manage trust and general bookkeeping, monthly reconciliations, Law Society audit readiness, and payroll for solos and small firms. We’re an accounting partner with CosmoLex and can also support Clio and PCLaw.

FAQs – Legal Bookkeeping for Lawyers and Law Firms

1. Can you prepare monthly trust reconciliations for LSO compliance?

Yes. We complete trust reconciliations monthly by the 25th, aligned with LSO by-laws.

2. Which legal bookkeeping/accounting systems do you support?

CosmoLex (we’re a partner), plus PCLaw and Clio.

3. What happens if I miss a trust reporting deadline?

You risk flags or an LSO audit. We prevent misses with proactive scheduling and controls.

4. Can I track disbursements and retainers separately?

Absolutely—our workflows separate and tie each item back to the correct client file.

Medical Professionals and Clinics in Toronto

Toronto’s medical ecosystem spans incorporated physicians, dentists, optometrists, and multi-site clinics. Whether you’re in private practice or split time across locations, your corporation and taxes must be organized and audit-ready.

We support Medical Professional Corporation (MPC) bookkeeping, OHIP deposit tracking, payroll, non-insured income reconciliation, and equipment depreciation schedules.

FAQs – Bookkeeping Services Toronto for Doctors and Medical Clinics

1. Are OHIP deposits taxable?

Yes. OHIP income is recorded as business revenue (it’s HST-exempt but still taxable as income).

2. How do I handle HST on cosmetic or wellness services?

We separate taxable vs. exempt services and file accurately for both.

3. Should I pay myself salary or dividends?

It depends on your broader plan. We coordinate corporate and personal filings to minimize overall tax.

4. Can I expense supplies and uniforms?

Generally yes—scrubs, gloves, and most practice-use items are deductible.

5. I work in multiple clinics—can you track this cleanly?

Yes. We track revenue by site and allocate expenses properly to each location.

Dentists, Chiropractors, Optometrists, Pharmacies, and Regulated Clinics

Regulated practices need extra rigor. We handle complex asset depreciation (e.g., x-ray units, dental chairs) and insurance receivables tracking.

We also record associate billings, prepare T4A slips, manage HST compliance, and amortize leasehold improvements appropriately.

FAQs – Bookkeeping Services Toronto for Health and Wellness Clinics

1. Can I deduct new equipment in full the year I buy it?

Usually not. Most large assets are claimed over time using CCA rules.

2. Can you help me prepare for a CRA audit?

Yes. We keep your file audit-ready with documentation, reconciliations, and clear workpapers.

3. Do you set up proper segregation of revenue streams?

Yes. We design your chart and workflows to separate services, insurance, and retail where relevant.

4. What are common audit triggers for clinics?

Unreported cash, inconsistent payroll remittances, and unusual expense patterns.

5. Can I combine personal health coverage with business deductions?

Potentially through an HSA. We’ll advise what’s permitted and efficient.

Other Growing Business Sectors in Toronto

Startups: bookkeeping built for KPI/board reporting and cash-runway visibility
eCommerce: Shopify/Amazon/eBay/Walmart/Etsy reporting, U.S. sales, provincial HST rules
Auto Repair & Dealerships: cloud bookkeeping with accurate cost categorization
Fitness Studios: class/package revenue tracking, instructor payroll, POS integrations
Construction & Trades: job-costing, tool depreciation, subcontractor payments (T5018)
Franchisees: cloud bookkeeping structured for royalties, ad funds, and franchisor fees
Landscaping & Outdoor Services: remote bookkeeping, equipment amortization, HST returns

Full-Cycle Bookkeeping Services Toronto by MAQ CPA Firm

Monthly/Quarterly/Annual Bookkeeping
GST/HST Filing & Remittance
Payroll Processing & T4s
Source Deduction Filings & WSIB
Financial Statements (Bank and CRA-ready)
Chart of Accounts Setup (Industry-Specific)
Software Integration (QBO, Xero, CosmoLex, Shopify, Wagepoint)
Year-End Adjustments and T2 Corporate Tax Preparation
Expense Categorization & Receipt Matching
Bank, Credit Card & Loan Reconciliations
Audit Preparation & CRA Response Support

CRA Compliance – Built into Every File

Great bookkeeping is your compliance safety net under the Income Tax Act and GST/HST legislation.

CRA Rules To Follow

Retain books and records for 6 years (CRA source)
File accurate HST returns on amounts actually collected/paid
Report T4s, T5s, and T5018s where required
Separate capital vs. current expenses
Maintain a clean audit trail for every transaction

Risks of Poor Bookkeeping in Toronto

CRA audits or reassessments
Late-filing penalties and interest
Denied input tax credits
Damage to professional reputation

What We Do to Keep You Covered

Audit-ready recordkeeping
Timely reconciliations
Filing-deadline tracking and reminders

Why Toronto Small Businesses Choose MAQ CPA

✔ Licensed CPAs with 10+ years’ experience
✔ Deep understanding of Toronto industries and tax nuances
✔ Cloud-based, paperless, mobile-ready systems
✔ Real-time collaboration and responsive support
✔ Transparent pricing—no surprise invoices
✔ CRA-compliant, audit-proof documentation
✔ Flexible packages for freelancers through to corporations

FAQs – Bookkeeping Services Toronto

1. How much does bookkeeping cost in Toronto?

Typical starts from $300 per month and increases depending on transaction volume, service level and complexity. We quote to fit your file.

2. Are bookkeeping fees deductible?

Yes—professional accounting fees are fully deductible business expenses.

3. Can you provide weekly bookkeeping for Toronto small businesses?

Yes. We can manage weekly or bi-weekly cloud bookkeeping as well as monthly/quarterly cycles.

4. Can you coordinate both my business and personal tax filings?

Yes. We integrate planning across corporate and personal returns to optimize your overall position.

In Toronto’s Highly Competitive Landscape, Financial Accuracy Matters More Than Ever

Toronto is competitive, complex, and opportunity-rich. Whether you’re running a solo practice, scaling a franchise, or bootstrapping a startup, your books will either accelerate you—or slow you down.

Let MAQ CPA be the accounting engine behind your growth. We bring the experience, tooling, and white-glove support Toronto professionals and small businesses rely on. Our Toronto small business bookkeepers and legal bookkeepers will handle your bookkeeping and accounting on a recurring schedule.

Let’s Connect – Consultation with a Toronto CPA

📞 Call: 416-901-4126
📧 Email: info@maqcpa.ca