Frequently Asked Questions
The key difference is that the Accounting Services packages include year-end corporate tax (T2) and a CPA-signed compilation engagement report in the monthly fee — so there is no separate year-end tax invoice. The monthly bookkeeping packages (Silver, Platinum, Gold) handle ongoing bookkeeping and HST filing but require a separate year-end package for the T2 return and financial statements. If you prefer one predictable monthly fee that covers everything, the Accounting Services packages are the right choice.
A Compilation Engagement Report is a CPA-signed report prepared under CSRS 4200, indicating that financial statements have been compiled by a licensed CPA. It is required by most Canadian business lenders for loan and line of credit applications, by many government grant programs, and by most franchise agreements. Because every Bronte Bay Accounting Services client receives this report annually, you are always ready to meet lender and third-party requirements without an additional engagement fee.
The Annual Tax Planning Call is a dedicated session with your Bronte Bay CPA — typically 60–90 minutes — scheduled before your fiscal year-end. It covers: salary vs. dividend optimization for the current year, review of any major capital purchases and CCA planning, estimated tax owing and payment timing, RRSP contribution planning for owner-managers, and any tax planning opportunities specific to your situation. This is distinct from the regular business review meetings — it is specifically focused on minimizing your tax liability before the year closes.
Personal T1 tax returns for business owners are not included in these packages — they are priced separately based on the complexity of your personal income (salary, dividends, investment income, rental properties, capital gains). However, because we handle your corporate accounting and the annual tax planning call, your personal return is coordinated with your corporate return as part of our overall tax planning — ensuring your salary/dividend mix is optimized before we file either return.
A Monthly Business Review is a structured meeting — typically 30–45 minutes — between you and your Bronte Bay CPA to review the prior month’s financial results. It covers: Profit & Loss highlights and any significant variances from the prior month or prior year, cash position and upcoming obligations, HST balance and filing status, payroll remittance status, accounts receivable aging (who owes you and for how long), and any financial decisions or questions on your agenda. At the Elite and Ultra tiers, these happen every month — giving you a regular financial check-in with your CPA rather than only hearing from us at tax time.
Yes. Packages are reviewed annually and can be adjusted as your transaction volume and reporting needs change. The typical upgrade path is Premium → Elite as a business scales past $1M in revenue and the owner needs monthly reporting rather than quarterly. Elite → Ultra typically happens when AP management and cash flow forecasting become necessary for managing growth. We proactively recommend a package review when we see your needs outgrowing your current tier.