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PricingService areasAll services →Accounting and Tax for Ontario Insurance Brokers and Agents
Commission income, HST-exempt services, premium trust accounts and buying or selling a book of business, handled by a CPA-led accounting firm.
24/7 receptionist, a real person answers.
- Every return is reviewed by a CPA
- No surprise bills
- Reply within one business day
- 24/7 receptionist: a real person answers
- QuickBooks Online, Xero and Dext
- Rated 5.0 stars from 29 Google reviews (read our reviews)
T-Ledgers is a CPA-led accounting firm working with Ontario insurance brokers, brokerages and life and health insurance agents. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We handle bookkeeping, HST, payroll and corporate and personal tax, and every return is reviewed by a CPA.
Insurance is a commission business with its own tax rules. Most of your services are exempt from HST, which limits the HST you can recover. Commissions may be earned over time, premiums can pass through trust accounts, and your book of business is often your most valuable asset.
Insurance tax and bookkeeping issues we handle
Rules, rates and thresholds change. We confirm the current figure for your situation on the call before relying on it.
Commission income and timing
Commissions are business income. Where commissions relate to periods after year-end, insurance agents and brokers can claim a reserve for unearned commissions. We track commission statements so your income is reported in the right year.
Law: Income Tax Act s.9(1) (business income); Income Tax Act s.32(1) (insurance agents’ and brokers’ unearned commissions reserve).
HST: exempt financial services
Arranging insurance is generally a financial service, which is exempt from GST/HST. That means you usually don’t charge HST on commissions and can’t claim input tax credits on related costs. If you also make taxable supplies, such as some consulting, you may need to register for those. We review your revenue mix.
Law: Excise Tax Act s.123(1) (definition of “financial service”); Excise Tax Act Schedule V, Part VII (exempt financial services); Excise Tax Act s.148(1) (small supplier, $30,000).
Premium trust accounts
Brokers often collect premiums on behalf of insurers. Your regulator’s rules require client and insurer money to be kept separate from your own. We reconcile your trust or premium accounts monthly so your records match.
Buying or selling a book of business
A purchased book of business is usually goodwill or customer lists, written off through capital cost allowance. On a sale, the tax result depends on whether you sell the assets or the shares of your corporation; a share sale may qualify for the lifetime capital gains exemption. We plan this before the deal is signed.
Law: Income Tax Regulations s.1100(1) and Schedule II (CCA classes); Income Tax Act s.110.6(1) (qualified small business corporation share).
Incorporating your practice
Many brokers and agents can practise through a corporation, subject to licensing rules. We look at the small business deduction, owner pay and whether incorporation makes sense for you.
Law: Income Tax Act s.125(1) and 125(7) (small business deduction; “personal services business”); Income Tax Act s.85(1) (rollover to a corporation).
Payroll for producers and staff
We run payroll for customer service representatives and producers, including commission-based pay, with the right source deductions.
Key rules at a glance
← Swipe to compare →
| Rule | What it means for you | Law |
|---|---|---|
| Unearned commissions reserve | Reserve for commissions relating to future periods | Income Tax Act s.32(1) (insurance agents’ and brokers’ unearned commissions reserve) |
| Exempt financial services | Arranging insurance is generally HST-exempt | Excise Tax Act Schedule V, Part VII (exempt financial services) |
| Registered insurance brokers | Ontario rules for brokers | Registered Insurance Brokers Act (Ontario) |
| Insurance agents | Ontario licensing for agents | Insurance Act (Ontario) |
| Book of business | Purchased goodwill written off by CCA | Income Tax Regulations s.1100(1) and Schedule II (CCA classes) |
| Qualified small business corporation shares | LCGE may apply on a share sale | Income Tax Act s.110.6(1) (qualified small business corporation share) |
Who we work with
- Property and casualty insurance brokers
- Small and mid-size brokerages
- Life and health insurance agents
- Independent producers paid on commission
- Brokers buying or selling a book of business
- New brokers setting up their practice
T-Ledgers services for insurance businesses
- Trust and premium account reconciliations. Monthly reconciliation to insurer statements.
- Monthly bookkeeping. From $500/month (Scale), with books closed by the 10th; quarterly bookkeeping from $350/month (Growth). Your fixed fee is confirmed after a free call (see bookkeeping).
- Catch-up bookkeeping, from $1,800 per year. We rebuild past years and file what’s overdue (see catch-up bookkeeping).
- Bookkeeping Review, $195/month or $295/quarter. For owners who keep their own books.
- GST/HST returns, $150 per return. (see GST/HST services).
- Payroll. Quoted after a free call (see payroll services).
- Corporate (T2) and personal (T1) tax. Corporate returns quoted after a free call; personal tax returns from $110 + HST/GST, with your final price confirmed after a free call. Owner T1s can be prepared alongside the T2 (see corporate tax and personal tax).
- Virtual CFO, from $2,500/month. Cash flow, margins and growth decisions (see Virtual CFO).
Prices are + HST/GST. Anything without a listed price is quoted after a free call, and you get the price in writing before any work starts.
How we work with insurance businesses
- Free call. We ask about your licence type, revenue mix, carriers and how premiums are handled.
- Written price. Scope and price in writing before any work starts.
- Setup. Commission statement imports, trust account ledger and HST review.
- Monthly rhythm. Books and trust accounts reconciled monthly.
- Year-end. Commission reserves, T2 and T1, reviewed by a CPA.
Why insurance businesses choose T-Ledgers
- We understand commission businesses. Commission timing, exempt HST and books of business are part of our normal conversation.
- CPA-led, start to finish. T-Ledgers was founded by Wajahat Ajmal, CPA, FCCA. Every return is reviewed by a CPA before it's filed.
- No surprise bills. You get the scope and the price in writing before we start. If the work changes, we agree the new price with you first.
- Price matching, agreed up front. Have a comparable written quote? Bring it to us before you sign your proposal. We can only match a price when it's agreed before the proposal is signed.
- Fast, human answers. We reply within one business day, and our 24/7 receptionist means a real person answers when you call 866-254-5368.
- In person or online. Meet us in person, by appointment only, at our Etobicoke office (102-89 Skyway Ave, Etobicoke, ON M9W 6R4) or our Mississauga office (100 Matheson Blvd E #204, Mississauga, ON L4Z 3P8), or work with us entirely online.
- Your software, set up properly. We work in QuickBooks Online and Xero, and use Dext so receipts go in with a photo.
Meet your CPA
Wajahat Ajmal, CPA, FCCA, Founder, T-Ledgers Accounting. Verify my CPA Ontario membership.
I started my career as an audit associate at KPMG. Since then I’ve worked as an independent contractor for a tax filing company, preparing returns and handling client questions. I hold a BSc in Applied Accounting from Oxford Brookes University and an MSc in Professional Accountancy from University College London. I’m a Chartered Professional Accountant in Ontario and a Fellow of the ACCA. I started taking on my own clients in 2020 and founded T-Ledgers in 2023.
Every return the firm files is reviewed by a CPA. You can read more about the firm on our About page.
What our clients say
Read more on our client reviews page.
DIY vs a generalist firm vs T-Ledgers
← Swipe to compare →
| DIY | Generalist firm | T-Ledgers BEST VALUE | |
|---|---|---|---|
| HST on commissions | Charged by mistake | Varies | ✓Exempt and taxable revenue reviewed |
| Premium trust accounts | Mixed with operating funds | Bank reconciliation only | ✓Reconciled to insurer statements monthly |
| Book of business | Sale structured late | Year-end only | ✓Asset vs share sale planned before signing |
| Who checks the return before it's filed | You do | Depends on the firm and who's assigned | ✓Every return is reviewed by a CPA |
| How you're billed | Software fees plus your own time | Often hourly; the final bill can vary | ✓Scope and price in writing up front. No surprise bills |
| Getting an answer | Search online or wait on CRA phone lines | Varies by firm | ✓Reply within one business day; 24/7 receptionist, a real person answers |
| Software | Whatever you set up yourself | May ask you to switch to their system | ✓QuickBooks Online, Xero and Dext |
| Meeting face to face | Not applicable | Varies | ✓In person by appointment in Etobicoke or Mississauga, or fully online |
| Price matching | Not applicable | Rare | ✓Available if agreed before you sign your proposal |
Frequently asked questions: Insurance
Generally no. Arranging insurance is usually an exempt financial service.
Usually not on costs related to exempt supplies. If you also make taxable supplies, some HST may be recoverable.
A reserve for unearned commissions may be available for amounts relating to future periods.
Ontario rules require client and insurer money to be kept separate from your own. We reconcile it monthly.
Yes, monthly.
We use your management system’s reports and connect them to QuickBooks Online or Xero.
Usually as goodwill or customer lists through capital cost allowance.
It depends on whether you sell assets or shares. A share sale may qualify for the lifetime capital gains exemption. We plan it before signing.
We help you understand the numbers behind it; formal valuations are done by specialists.
Many can, subject to licensing rules. We look at whether it makes sense.
Yes, including commission-based pay.
Yes. We rebuild the records and file what’s overdue.
GST/HST returns are $150 per return, catch-up bookkeeping starts from $1,800 per year, the Bookkeeping Review is $195/month or $295/quarter (from $450 per review for complex books). Payroll and corporate (T2) returns are quoted after a free call. Personal tax returns from $110 + HST/GST, with your final price confirmed after a free call. Prices are + HST/GST. You get the price in writing before any work starts.
Yes, if you have a comparable written quote and bring it to us before you sign your proposal. We can only match a price when it’s agreed before the proposal is signed.
Yes. Snap receipts with Dext, share documents through our client portal and talk by phone or video. You can also meet us in Etobicoke or Mississauga by appointment.
Book a free call through our contact page or call 866-254-5368. We reply within one business day.
Make your commission income easier to manage
Book a free call to talk about HST, trust accounts and your book of business. We reply within one business day, and a real person answers 24/7 at 866-254-5368.
Reviewed by Wajahat Ajmal, CPA, FCCA. Updated October 15, 2026.
Related services: Bookkeeping · Catch-up bookkeeping · Corporate taxes · Personal tax · Payroll · Virtual CFO · Contact us
Related industries: Consultants · Real estate · All industries
Rates and thresholds change, so we link to the official sources for current figures.