Accounting & Taxation
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Abcounter Accounting is one of Canada’s leading professional services firms proudly serving individuals, businesses, and organizations since 2020. Through the development of strong relationships, we provide client-focused accounting, consulting, tax, and digital services. Our clients benefit from personalized strategies with a local perspective to fuel success at every stage
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Personal Services
T1 Personal Tax Return
The T1 personal tax return is Canada’s main form for reporting individual income to the Canada Revenue Agency. It is used to calculate how much tax you owe or whether you should receive a refund, and it includes income such as employment, self-employment, interest, dividends, rental income, and capital gains
HST/GST
HST/GST are sales taxes applied to most goods and services in Canada. The GST is the federal tax at 5%, while HST is a combined tax used in some provinces where the federal GST and provincial sales tax are merged into one rate.
Taxation
Taxation is the system governments use to raise money for public services such as healthcare, education, infrastructure, defense, and social programs. In Canada, taxation exists at the federal, provincial or territorial, and local levels, and it includes income tax, sales tax, payroll tax, property tax, and taxes on capital gains, dividends, and imports
Smart Business Services
Payroll
In Canada, employers generally need to register a payroll account, calculate deductions such as income tax, CPP, and EI, and send those amounts to the Canada Revenue Agency. Employers must also follow federal and provincial payroll rules, and Quebec has some separate payroll requirements.
Bookkeeping
Bookkeeping is the process of recording, organizing, and maintaining a business’s financial transactions so the records stay accurate and up to date. It helps a business track income, expenses, payments, receipts, invoices, and payroll, making it easier to understand cash flow and prepare financial reports.
T4 (Annual Report)
A T4 annual payroll refers to the year-end summary Canadian employers prepare for each employee to report total earnings and payroll deductions for the calendar year. It shows employment income, CPP/QPP contributions, EI premiums, and income tax withheld, and employees use it to file their personal tax return.
Corporate Services
Business licenses
Business licenses are official permissions from a government authority that allow a person or company to operate legally in a specific location or industry. Depending on the business type, a license may be required at the federal, state, or local level, and some businesses also need permits in addition to a license.
Corporation Registration
Corporation registration is the legal process of creating a corporation with the government so the business becomes a separate legal entity. It usually involves choosing a business name, filing incorporation documents, appointing a registered agent, and completing tax and licensing steps after approval.
T2 (Corporate Tax)
T2 corporate tax is Canada’s corporate income tax return used by incorporated businesses to report income, expenses, and taxes owed for the fiscal year. All resident corporations generally must file a T2 return every tax year, even if no tax is payable, and the return serves as the federal, provincial, and territorial corporate income tax filing in most of Canada.
T5 (Dividend Shareholder Income)
The T5 slip (Statement of Investment Income) reports dividend and other investment income that a payer gives to an individual during the calendar year; it’s the standard information return Canadian payers use to notify recipients and the Canada Revenue Agency of investment payments such as dividends, interest, royalties and certain other types of investment income.