Question 1

What does a bookkeeper do?

Accepted Answer

A bookkeeper records and organizes your financial transactions — income, expenses, bank reconciliations, accounts payable, and accounts receivable. Bookkeeping is the foundation of accurate financial reporting and tax compliance.

Question 2

How often should I have my books done?

Accepted Answer

Most businesses benefit from monthly bookkeeping. This gives you up-to-date financial information for decision-making and ensures you are never scrambling at tax time. Some businesses with lower transaction volumes do quarterly bookkeeping.

Question 3

What's the difference between bookkeeping and accounting?

Accepted Answer

Bookkeeping is the recording of transactions. Accounting goes further — interpreting financial data, preparing statements, ensuring compliance, and providing strategic advice. N2 Accounting provides both.

Question 4

Do you offer catch-up bookkeeping?

Accepted Answer

Yes. If your books are behind by months or years, we offer catch-up bookkeeping to get everything current and CRA-compliant.

Question 5

When is the personal tax filing deadline in Canada?

Accepted Answer

For most individuals, April 30. Self-employed individuals have until June 15, but any balance owing is still due April 30.

Question 6

When is the corporate tax return (T2) due?

Accepted Answer

The T2 is due 6 months after your corporation’s fiscal year end. Any balance owing is due 2 months after year end (3 months for eligible CCPCs).

Question 7

What deductions can self-employed individuals claim?

Accepted Answer

Self-employed individuals can deduct business expenses including home office costs, vehicle expenses, professional fees, advertising, and more. We identify all eligible deductions to minimize your tax bill.

Question 8

Can you help with prior-year unfiled tax returns?

Accepted Answer

Yes. We handle prior-year T1 and T2 filings and can help you get current with CRA, often reducing penalties through the Voluntary Disclosures Program.

Question 9

What payroll deductions are required in Canada?

Accepted Answer

Employers must deduct and remit Canada Pension Plan (CPP) contributions, Employment Insurance (EI) premiums, and federal/provincial income tax from employee wages.

Question 10

When are payroll remittances due to CRA?

Accepted Answer

Most small businesses remit monthly, by the 15th of the following month. Larger employers remit more frequently. Late remittances result in CRA penalties and interest.

Question 11

What is a T4 slip?

Accepted Answer

A T4 (Statement of Remuneration Paid) is issued to each employee by February 28 each year, summarizing their employment income and deductions for the prior tax year.

Question 12

What is a Record of Employment (ROE)?

Accepted Answer

An ROE is issued when an employee’s employment ends or their hours are significantly reduced. It is required for EI claims and must be filed with Service Canada within 5 days.

Question 13

When do I need to register for GST/HST?

Accepted Answer

You must register when your business revenue exceeds $30,000 in a single calendar quarter or over four consecutive quarters. You can also register voluntarily before reaching this threshold.

Question 14

What is the HST rate in Ontario?

Accepted Answer

The Harmonized Sales Tax (HST) rate in Ontario is 13% (5% federal GST + 8% provincial component).

Question 15

What are input tax credits (ITCs)?

Accepted Answer

ITCs allow you to recover the GST/HST you paid on business expenses. Properly claiming all eligible ITCs reduces the net amount you remit to CRA.

Question 16

What happens if I file my HST return late?

Accepted Answer

CRA charges a late-filing penalty plus interest on any amount owing. Repeated non-compliance can trigger a CRA audit. We help you stay on track.

Question 17

What financial documents do lenders typically require?

Accepted Answer

Most lenders require 2-3 years of financial statements, recent tax returns, a business plan or executive summary, cash flow projections, and details on the purpose of the loan.

Question 18

What is the Canada Small Business Financing Program (CSBFP)?

Accepted Answer

The CSBFP is a government-backed loan program that helps small businesses access financing for equipment, leasehold improvements, and real property. Loans are available up to $1.15M.

Question 19

How can N2 Accounting help me get a business loan?

Accepted Answer

We prepare lender-ready financial statements, cash flow projections, and loan packages — and help you identify the right lenders and programs for your situation.

Question 20

What is a business line of credit?

Accepted Answer

A revolving credit facility that lets you borrow up to a set limit, repay, and borrow again. It is ideal for managing working capital, covering cash flow gaps, and handling unexpected expenses.

Question 21

Where is N2 Accounting located?

Accepted Answer

Our office is at 7565 Danbro Crescent, Mississauga, ON L5N 6P9. We serve clients across Mississauga, Toronto, Brampton, Oakville, and the GTA — in person and remotely.

Question 22

How do I get started with N2 Accounting?

Accepted Answer

Book a free, no-obligation consultation. We will review your needs and recommend the right services for your business. Call 416-400-7395 or use our online contact form.

Question 23

Do you work with businesses outside of Mississauga?

Accepted Answer

Yes. We serve clients across the GTA and Ontario, including Toronto, Brampton, Oakville, Burlington, Milton, and beyond. Many of our clients work with us entirely remotely.

Question 24

What accounting software do you use?

Accepted Answer

We specialize in QuickBooks Online and Xero — Canada’s two leading cloud accounting platforms. We can set up a new account or migrate your existing data.

Frequently Asked Questions

Bookkeeping

Tax

Payroll

GST/HST

Business Financing

Working with N2

Still Have Questions?