Frequently Asked Questions

Accountants Mississauga by BOMCAS Canada offers a comprehensive range of services including: personal income tax (T1), corporate income tax (T2), bookkeeping, payroll processing, GST/HST filing, CRA audit representation, late and back tax filing, tax planning, financial statement preparation, small business accounting, cloud accounting setup, and business advisory services. We serve individuals, self-employed professionals, small businesses and corporations across Mississauga, the GTA and all of Ontario.

Booking a free consultation is easy. Call us at 780-667-5250, email info@bomcas.ca, or complete the contact form on our website. We offer consultations by phone, video call, or in person. Most new clients are contacted within 1 business day of reaching out.

Yes. While we are based in the Mississauga area, we serve clients throughout the Greater Toronto Area and all of Ontario through secure virtual accounting services. Using cloud accounting software (QuickBooks Online, Xero, Sage), secure document sharing, and video consultations, we provide the same high-quality service remotely as we do in person.

Our fees vary based on the complexity and volume of services required. A simple personal tax return may start from a few hundred dollars, while a full-service corporate accounting package (bookkeeping + payroll + T2 + GST/HST) for a small business ranges from $3,000–$8,000+ annually. We offer free consultations and provide transparent, fixed-fee proposals before any work begins — so you always know exactly what to budget.

The personal income tax (T1) filing deadline in Ontario (and all of Canada) is April 30. If you or your spouse/common-law partner are self-employed, your filing deadline is June 15 — however, any taxes owing are still due by April 30 to avoid interest charges. Our Mississauga accountants track all your deadlines.

The T2 corporate income tax return must be filed within 6 months of the corporation's fiscal year-end. For example, a corporation with a December 31 year-end must file by June 30. Corporate taxes owing are generally due within 2 months (or 3 months for eligible small business corporations) of the fiscal year-end.

You must register for HST in Ontario when your worldwide taxable revenues exceed $30,000 in any single calendar quarter or in four consecutive quarters. Voluntary registration is also possible for businesses under the threshold, which can be beneficial to claim Input Tax Credits on business expenses. Ontario's HST rate is 13% (5% federal GST + 8% Ontario provincial component).

Ontario corporations eligible for the Small Business Deduction (SBD) pay a combined federal and Ontario corporate tax rate of approximately 12.2% on the first $500,000 of active business income. Income above the SBD threshold is taxed at approximately 26.5% combined rate. Our Mississauga corporate tax accountants ensure you maximize the SBD and all other available credits.

Incorporation can provide significant tax savings for Mississauga businesses earning more than approximately $50,000–$75,000 in annual net profit. Benefits include the 12.2% small business corporate tax rate, liability protection, income splitting opportunities, and access to the Lifetime Capital Gains Exemption. Our Mississauga accountants provide a personalized incorporation analysis to determine if and when incorporating is right for your business.

Mississauga employers must calculate and remit CPP contributions (employer + employee share), EI premiums (employer + employee), and federal/Ontario income tax withholdings to CRA on a scheduled basis (monthly, bi-weekly, or accelerated depending on your average monthly withholding amount). Year-end T4 slips must be issued to employees and filed with CRA by February 28. We handle all aspects of payroll compliance for Mississauga businesses.

Yes. We specialize in multi-year late tax filing for individuals and businesses. Our Mississauga accountants prepare and file all outstanding returns, apply for CRA penalty relief through the Taxpayer Relief program, and — if CRA has not yet contacted you — submit a Voluntary Disclosure Program (VDP) application to significantly reduce or eliminate penalties. Acting sooner always results in less total cost.

If CRA selects your Mississauga business for audit, do not respond directly without professional guidance. As your authorized CRA representative, we handle all CRA communications, gather and organize required documentation, attend audit meetings, respond to CRA proposals, and file Notices of Objection if we disagree with a reassessment. Our goal is to minimize or eliminate any proposed tax adjustments.

The CRA Voluntary Disclosure Program (VDP) allows taxpayers to proactively correct prior tax errors or omissions — including unfiled returns, unreported income, or undisclosed foreign assets — before CRA contacts them. Successful VDP applications can eliminate failure-to-file penalties and provide partial interest relief. Conditions include: the disclosure must be voluntary (CRA has not yet contacted you), complete (all relevant years), and involve a potential penalty. Our Mississauga VDP specialists manage the entire application process.

We work with all major cloud accounting platforms including QuickBooks Online, Xero, and Sage. We can set up a new cloud accounting system for your Mississauga business, migrate you from desktop software, or continue managing your books in the platform you already use. Cloud accounting gives you real-time visibility into your finances from any device.

Absolutely. We specialize in first-year Canadian tax returns for newcomers settling in Mississauga and the GTA. This includes determining your residency status and tax obligations for the arrival year, filing departure returns for countries with tax treaties, registering for Canada Child Benefit and other government benefits, and setting up RRSPs and TFSAs correctly. We understand the complexity of arriving in Canada and help newcomers start their Canadian tax life on the right foot.