Incorporation Plus First-Year Bookkeeping, Handled by a CPA Firm

Incorporate for $35.00 including HST and put year one of the books in the hands of the CPA firm that filed the incorporation. A CPA confirms the jurisdiction, the share structure, the fiscal year end and the HST position before you pay anything beyond the $35.00. Open Corporation for $35 is a department of Gondaliya CPA.

Schedule Free Consultation Call Incorporation Form

Year One Decides Your First T2

The first T2 is only as good as the records behind it. Books kept from the first transaction, in a chart of accounts built for a corporation, turn the first return into a review rather than a rebuild. Open Corporation for $35 is a department of Gondaliya CPA.

The bundle suits a new owner who does not want to learn bookkeeping in year one. If you already have a bookkeeper you trust, take the incorporation on its own.

Start on the Intake Form See Pricing

Clean Records for the T2

A trial balance a CPA can sign off from.

HST Filed on Time

Every reporting period, with the amount confirmed first.

Shareholder Loan Reconciled

Monthly, against the bank, while you still remember.

Actively Accepting New Corporations

Federal and Ontario incorporations with year-one bookkeeping.

Open Evenings and Weekends

9:00 AM to 8:30 PM, Monday to Sunday, from 13 Ontario offices and online.

Always Within Reach

Call 647-212-9559. We do not bill for calls during the engagement.

What the Bundle Includes

Articles of incorporation, federal or Ontario, reviewed by a CPA before filing.
The by-law, consents, first resolutions, share subscription and share certificates.
The business number, and the HST and payroll accounts where your intake form shows you need them.
The Ontario Initial Return within 60 days, where you incorporate in Ontario.
A chart of accounts built for a corporation, with share capital, shareholder loan, dividends and retained earnings from day one.
Opening balances entered, including assets brought in from a sole proprietorship.
12 months of bookkeeping: bank and credit card reconciliation, sales and purchases posted, HST tracked on every transaction.
HST returns prepared and filed for every reporting period, with the amount confirmed in writing first.
A shareholder loan account reconciled every month.
Payroll and source deduction remittances where you run payroll, and T4 slips at year end.
A quarterly CPA review of the shareholder loan, the HST position and the profit trend.
A year-end file for the first T2: trial balance, general ledger, reconciliations and the shareholder loan schedule.
A written note on the six-year record retention rule.

Start on the Intake Form Book Free Consultation

The incorporation half of the bundle

Federal or Ontario

Federal under the Canada Business Corporations Act for $200 online, or Ontario under the Business Corporations Act for $300 online. See incorporating in Ontario: fees, deadlines and rules.

Named or numbered

A numbered company needs no name search. A named Ontario company needs a NUANS report, $25 through us.

Accounts before the first transaction

The business number, HST and payroll accounts are opened before you invoice. See registering your business number, HST and payroll accounts.

The bookkeeping half of the bundle

Opening balances and the chart of accounts

Built for a corporation, so share capital, the shareholder loan and dividends are separate from the first entry.

The monthly cycle

Bank, credit card, sales and purchases, closed within 10 business days of each month end.

Quarter-end and year-end review

A CPA reviews the shareholder loan, HST and profit each quarter, so year-end decisions are made before the year ends.

HST from registration to filing

The $30,000 threshold

Registration is required once taxable sales pass $30,000 in a calendar quarter or over four consecutive quarters, or $50,000 for a public service body. Registering earlier lets you claim tax on start-up costs.

Your reporting period

$1,500,000 or less is annual, over $1,500,000 up to $6,000,000 is quarterly, and over $6,000,000 is monthly.

Deadlines

Monthly and quarterly filers file and pay one month after the period. A corporation filing annually files and pays three months after its year end. Annual filers with $3,000 or more of net tax may need quarterly instalments.

The shareholder loan account

What it is

A record of every amount the corporation pays for you and every amount you put in. It is the first thing a CRA auditor looks at.

The one-year repayment rule

Under subsection 15(2) of the Income Tax Act, an unpaid balance you owe the corporation can be added to your income, unless it is repaid within one year after the end of the corporation’s tax year in which it arose, and not as part of a series of loans and repayments.

Deemed interest

A low-interest or interest-free loan creates a taxable benefit at the CRA’s prescribed rate under subsection 80.4(2), less interest you actually pay within 30 days after year end.

Payroll or dividends in the first year

If you run payroll

Source deductions are remitted by the 15th of the next month for a regular remitter, and T4 slips are due by the last day of February.

If you take dividends

No payroll account, but T5 slips, and no RRSP room or CPP from the dividend. See our salary against dividends guide.

The decision before year end

A CPA settles the mix with you at the quarterly review, not after the year has closed.

Records and retention

Six years

Books and records must be kept for six years from the end of the last tax year they relate to, under subsection 230(4) of the Income Tax Act.

Where

At your place of business or residence in Canada. Your year-end file is delivered in a form you can keep for the whole period.

Your software, your file

We work in Xero and QuickBooks Online, with the subscription in your name, so the records stay yours.

Free Bookkeeping Consultation

Case Studies: Incorporation and Year-One Bookkeeping

Toronto Agency – A Shareholder Loan Caught Early

The problem: A new owner paid personal bills from the corporate account in the first months.

What we did: Monthly reconciliation flagged the growing balance, and we set up repayments well inside the one-year window.

The result:

No income inclusion
Balance cleared before the deadline
Clean schedule for the T2

Mississauga Contractor – HST From the Right Date

The problem: A contractor crossed $30,000 in the second quarter without noticing.

What we did: The bookkeeping flagged the crossing the month it happened, so HST was charged from the correct invoice and the first return was filed on time.

The result:

No back tax on missed sales
First return filed on time
Credits on tools claimed

Ottawa Consultant – A Five-Day Year-End

The problem: A consultant wanted the first T2 filed without a rush at year end.

What we did: The books were closed monthly, so the year-end file was handed over within weeks and the T2 was a review, not a rebuild.

The result:

Year-end file delivered early
No catch-up bookkeeping
Dividend decision made in Q4

Start on the Intake Form

Simple Process

The First 90 Days, in Order

Start for $35 See Pricing

Structure first, then the ledger that records it.

Step 1

Incorporate

Articles filed and accounts opened.

Step 2

Set Up the Books

Chart of accounts, opening balances and bank feeds within 5 business days.

Step 3

Monthly Close

Each month reconciled within 10 business days.

Step 4

Quarter Review

A CPA reviews the loan, HST and profit.

Why Choose Open Corporation for $35 for Your First-Year Books?

Accurate and Compliant Filing

Articles prepared under the Business Corporations Act (Ontario) and checked against the registry rules before they are submitted.

Affordable, Fixed Pricing

$35.00 with HST included, and government fees at cost on their own line. A 60-day fee-matching policy backs it.

Planned Around Your Tax

A ledger built around your share structure and year end from the first entry.

Support After Filing

The parent firm keeps the books, files HST and payroll, and prepares the T2 and annual return when you need it.

Our Official Partners

Transparent Pricing – No Hidden Fees

Incorporation is $35.00 with HST included. First-year bookkeeping is quoted to you in writing, on an annual basis, before any work begins. Government fees are passed on exactly as each registry charges them. See every fee, ours and the government’s, on one page.

Item	Amount	HST	Total	Who charges it
Incorporation, our fee	$35.00	Included	$35.00	Open Corporation for $35
First-year bookkeeping, quoted annually	Quoted on request	Included in the quote	Quoted on request	Open Corporation for $35
Ontario Articles of Incorporation, filed online	$300.00	Not applicable	$300.00	Ontario Business Registry
Federal Articles of Incorporation, filed online	$200.00	Not applicable	$200.00	Corporations Canada
Ontario NUANS name search report, named Ontario company	$25.00	Included	$25.00	Ordered through us
Ontario Initial Return and Annual Return	$0.00	Not applicable	$0.00	Ontario Business Registry
Federal annual return	$12.00	Not applicable	$12.00	Corporations Canada
Business number, HST and payroll accounts	$0.00	Not applicable	$0.00	Canada Revenue Agency

What Is Not Included

The first T2 return, quoted separately before year end.
A compilation, review or audit engagement report.
Shareholders’ personal T1 returns and T5 slips, unless added in writing.
Government fees, payable at cost.
Catch-up bookkeeping for periods before incorporation.
CRA objections, audits or voluntary disclosures.
Accounting software subscriptions, billed to you by the software company.
Legal advice and shareholder agreements. We are a CPA firm, not a law firm.
Any promise of registry acceptance or a particular HST reporting period.

How Long Each Stage Takes

Stage	Who	Time
CPA review of the intake form	Us	1 business day
Articles and documents prepared	Us	1 business day
Ontario incorporation, filed online	Ontario Business Registry	Immediate (registry stated)
Federal incorporation, filed online	Corporations Canada	1 business day, or 4 hours with express (registry stated)
Chart of accounts, opening balances and bank feeds	Us	5 business days from your statements
Monthly close	Us	10 business days after month end
HST return sent for approval	Us	10 business days before the deadline
Quarterly CPA review	Us	5 business days after quarter end
Year-end file for the first T2	Us	20 business days after year end

Before Anything Is Filed

What a CPA Checks Before You Incorporate

Start Your Intake Form

The ledger has to carry the structure, so the structure comes first.

Check 1

Share structure

Separate dividend accounts for each class from the first entry.

Check 2

Family shareholders

Tested under section 120.4 before a dividend is posted, not after.

Check 3

Year end

It fixes how many months the first books cover and when the T2 falls.

Check 4

HST

Credits start from your effective date, so waiting costs money.

Check 5

Salary or dividends

Whether payroll opens in month one. A holding company waits until cash justifies it.

Check 6

Sole proprietorship moving in

The section 85 election sets the opening balances for the whole year.

Start Your Corporation With Clean Books

Pay $35.00 including HST, and a CPA sets up the books for a corporation from the first transaction.

Start on the Intake Form Book Your Consultation

Incorporation and Bookkeeping Across Canada

Everything is done online, so you never need to visit. When you want to meet, our offices are open 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.

Toronto (ON)

55 Queen St E Ste 1205, Toronto, ON M5C 1R6

Mississauga (ON)

2100 Camilla Rd #716, Mississauga, ON L5A 2J8

Brampton (ON)

4 Starhill Crescent, Brampton, ON L6R 2P9

Scarborough (ON)

24 Clementine Square, Scarborough, ON M1G 2V7

Vaughan (ON)

19 Cabinet Crescent, Woodbridge, ON L4L 6H9

Oshawa (ON)

210 Durham St, Oshawa, ON L1J 5R3

Ottawa (ON)

2090 Neepawa Ave a314, Ottawa, ON K2A 3L6

Etobicoke (ON)

60 Stevenson Rd #1601, Etobicoke, ON M9V 2B4

Hamilton (ON)

70 Starling Dr, Hamilton, ON L9A 0C5

Guelph (ON)

1155 Gordon St, Guelph, ON N1L 1S8

Windsor (ON)

4387 Guppy Ct, Windsor, ON N9G 2N8

North York (ON)

150 Graydon Hall Dr #912, North York, ON M3A 3B2

Cities we serve remotely

Remote incorporation inCalgary Remote incorporation inVancouver Remote incorporation inEdmonton Remote incorporation inMontreal Remote incorporation inWinnipeg Remote incorporation inLondon Remote incorporation inKitchener-Waterloo Remote incorporation inBarrie Remote incorporation inKingston Remote incorporation inHalifax Remote incorporation inRegina Remote incorporation inSaskatoon Remote incorporation inSurrey

See All Service Areas

Industries We Work With

Physicians

Dentists

Real Estate Agents (PREC)

IT Consultants

Restaurants and Food Trucks

Franchise Owners

E-commerce and Amazon Sellers

Manufacturing

Grocery and Convenience Stores

Import and Export

View All Industries

Incorporation and Bookkeeping FAQs

What does the incorporation plus bookkeeping bundle include?

Incorporation for $35.00 including HST, plus 12 months of bookkeeping by the CPA firm that filed it: monthly reconciliations, HST returns, the shareholder loan account and a year-end file ready for the first T2. The T2 itself is separate.

How much does the bundle cost?

Incorporation is $35.00 including HST. Bookkeeping is quoted in writing on an annual basis before any work begins. Government fees are separate: $300.00 in Ontario or $200.00 federally.

How far ahead of the T2 deadline must the books be finished?

Within the six months after year end that the CRA allows for the T2. Every resident corporation files, even with no tax payable, and filing late costs 5% of the unpaid tax plus 1% a month, up to 12 months.

When do I have to pay the corporate tax?

Two months after year end, or three months for a Canadian-controlled private corporation claiming the small business deduction within its business limit. Current books let us tell you the number before it is due.

When do the books start showing HST on sales?

From the day taxable sales pass $30,000 in a calendar quarter or over four consecutive quarters. Registering earlier lets a new corporation claim tax on start-up costs.

How often will my corporation file HST returns?

Annually up to $1,500,000 of sales, quarterly up to $6,000,000, and monthly above that. A corporation filing annually files and pays three months after its year end.

What is a shareholder loan account and why does it matter?

It records what the corporation pays for you and what you put in. An unpaid balance can be added to your income under subsection 15(2) unless repaid within one year after the corporation’s year end.

Is there tax on a shareholder loan even if I repay it?

Yes. A low-interest or interest-free loan creates a taxable benefit at the CRA’s prescribed rate under subsection 80.4(2), less interest you pay within 30 days after year end.

How long do I have to keep the records?

Six years from the end of the last tax year they relate to, under subsection 230(4) of the Income Tax Act, at your place of business or residence in Canada.

Does bookkeeping cover my Ontario annual return?

No. The Ontario Annual Return is a corporate filing under the Corporations Information Act, due within six months of year end, with no fee. A federal corporation files its annual return with Corporations Canada for $12.00.

What if I run payroll in the first year?

Source deductions are remitted by the 15th of the next month for a regular remitter, and T4 slips are due by the last day of February. Payroll is inside the engagement if you tell us on the intake form.

Can I use my own accounting software?

Yes. We work in Xero and QuickBooks Online, with the subscription in your name so the records stay yours. Gondaliya CPA is a Xero Partner Award Winner 2026.

Meet Your Bookkeeping Experts

A Chartered Professional Accountant reviews your books every quarter of your first year.

Sharad Gondaliya, CPA

Principal

Bio

647-212-9559

Vandana Goel, CPA

Accounting Specialist

Bio

647-250-0242

What Our Clients Say

These Google reviews belong to Gondaliya CPA Professional Corporation and cover every service the firm provides. See all reviews.

Insights for New Corporations

GST/HST registration

Thresholds and timing.

Salary against dividends

How to pay yourself in year one.

Incorporation plus first T2

The return the books feed into.

Accounting and bookkeeping

From Gondaliya CPA.

See More Guides

10 Smart Bookkeeping Tips That Save You Money

Open a corporate bank account first

Never mix personal and corporate money.

Build the chart for a corporation

Not a sole proprietorship.

Reconcile monthly

Not once a year.

Watch the shareholder loan

The one-year clock runs from year end.

Track the $30,000 threshold

The window rolls every quarter.

Keep receipts digitally

Six years is a long time.

Decide salary or dividends by Q3

Not after year end.

Record assets moved in

They earn capital cost allowance.

Keep software in your name

The records stay yours.

Hand over a year-end file

The T2 becomes a review, not a rebuild.

Browse Our Affordable Incorporation Services

Incorporation

Name and Address

After Incorporation

Verified Bookkeeping CPA Firm

Gondaliya CPA Professional Corporation is registered with CPA Ontario under firm registration number 61330051. Our clients have left us 1,300+ five-star Google reviews, and we work from 13 Ontario offices, open 9:00 AM to 8:30 PM, Monday to Sunday. We back every filing with a 30-day money-back guarantee and a 60-day fee-matching policy, and we are a Xero Partner Award Winner 2026. Open Corporation for $35 is a department of Gondaliya CPA. See incorporation services at Gondaliya CPA.

CPA Ontario Membership Number

61040184

Verify Member

CPA Firm Registration Number

61330051

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Your First T2 Is Only as Good as Your Books

Open Corporation for $35 is a department of Gondaliya CPA. Your first T2 is due within six months of your first year end. Complete the intake form, and we incorporate you for $35.00 including HST, set up the books for a corporation from the first transaction, and quote the bookkeeping year in writing before any work begins. Send payment by Interac e-Transfer to info@gondaliyacpa.ca with the security question set to “Not Applicable”, as auto-deposit is enabled. Card is also accepted. We answer 9:00 AM to 8:30 PM, Monday to Sunday, on 647-212-9559.

Complete the Intake Form Book Free Consultation

All incorporation and corporate filing services

No legal advice

Gondaliya CPA Professional Corporation is a firm of Chartered Professional Accountants licensed by CPA Ontario, firm registration number 61330051. It is not a law firm. We prepare and file corporate documents and we provide accounting and tax advice. Nothing on this page is legal advice, and reading it creates no solicitor and client relationship. For legal advice, including advice on a shareholder agreement before you sign it, consult a lawyer licensed in the province where your corporation carries on business.

Open Corporation for $35 is a department of Gondaliya CPA.