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PricingService areasAll services →Accounting and Tax for Ontario Manufacturers
Inventory costing, machinery write-offs, SR&ED claims prepared end to end and Ontario manufacturing credits, handled by a CPA-led accounting firm that finds the credits your shop may be missing.
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 manufacturers and processors: machine shops, metal fabricators, food and beverage processors, plastics, packaging, woodworking, contract manufacturers and small-batch producers. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We handle bookkeeping with inventory and product costing, SR&ED claims from start to finish, payroll, HST and corporate tax, and every return is reviewed by a CPA.
Manufacturing 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.
CCA on manufacturing and processing (M&P) machinery
M&P machinery and equipment (Class 53) can again be fully written off in the first year if acquired after 2024 and available for use before 2030, phasing down after that (enacted March 2026; background in Budget 2025). We confirm what applies to your purchase and time purchases with the tax rules in mind. Buildings, vehicles and computers have their own classes.
Law: Income Tax Act s.20(1)(a) (capital cost allowance); Income Tax Regulations s.1100(1) and Schedule II (CCA classes); Income Tax Act s.13(1) (recapture).
SR&ED on process and product development
Improving a process, solving a technical problem on the shop floor or developing a new product may qualify for SR&ED. CCPCs can earn an enhanced 35% refundable credit on up to $6 million a year of qualifying SR&ED spending (enacted March 26, 2026; see CRA’s SR&ED ITC policy), plus Ontario’s 8% Innovation Tax Credit on up to $3 million. Claims are generally due within 18 months of year-end. T-Ledgers prepares SR&ED claims end to end: eligibility review, project write-ups, the T661, the credit schedules and your T2, plus support if the CRA reviews the claim. See SR&ED tax credit claims.
Law: Income Tax Act s.37(1) (SR&ED expenditures); Income Tax Act s.127(5) (investment tax credit); Income Tax Act s.127(10.1) (additional 20% SR&ED credit, 35% in total); Income Tax Act s.127(10.2) ($6 million expenditure limit); Taxation Act, 2007 (Ontario) s.96 (Ontario innovation tax credit).
Ontario manufacturing credits and the M&P rate
The Ontario Made Manufacturing Investment Tax Credit is a refundable 15% credit for CCPCs on eligible Ontario manufacturing buildings, machinery and equipment that become available for use from May 15, 2025 to December 31, 2029, on up to $20 million a year (10% for property that became available for use from March 23, 2023 to May 14, 2025, or after 2029 if the cost was incurred before 2030). Non-CCPCs get a 15% non-refundable version. See Ontario’s OMMITC page. Ontario’s lower rate on manufacturing and processing profits (10% vs the 11.5% general rate) can also reduce tax on income that doesn’t get the small business rate. There’s no separate federal M&P saving.
Law: Taxation Act, 2007 (Ontario) ss.97.2 and 53.3 (Ontario made manufacturing investment tax credit and expanded credit); Income Tax Act s.125.1(1) (manufacturing and processing profits deduction).
Inventory costing
Raw materials, work in process and finished goods need a consistent costing method. For tax, inventory is generally valued at the lower of cost and fair market value. We help you put labour and overhead into product cost so your margins are real.
Duties, tariffs and imports
Imported inputs carry customs duties and GST/HST at the border through the CBSA. Duty relief, drawback or tariff remission programs may apply in some cases; we check what’s available for your goods. We record duties and import GST so you claim every eligible input tax credit.
Exports
Goods you export are generally zero-rated for GST/HST, and US-dollar sales must be reported in Canadian dollars. We set up export documentation and multi-currency accounts.
Law: Excise Tax Act Schedule VI, Part V, s.1 (exported goods zero-rated); Income Tax Act s.261(2) (Canadian currency).
Payroll, WSIB and EHT
Many Ontario manufacturers must register with WSIB, and Employer Health Tax generally applies once Ontario payroll passes the Employer Health Tax exemption for eligible employers (currently $1 million; see Ontario’s EHT page). Apprentices may also qualify for credits.
Law: Income Tax Act s.153(1) (source deductions); Employer Health Tax Act s.2.1(2) ($1,000,000 exemption for 2020 to 2028); Income Tax Act s.127(9) (“apprenticeship expenditure”).
Grants and government assistance
Grants and other government assistance generally reduce the cost of the asset or expense they fund, or are included in income, and can reduce SR&ED credits. We track each grant so it’s reported once, correctly.
Law: Income Tax Act s.12(1)(x) (inducements and assistance); Income Tax Act s.127(11.1) (government assistance).
Corporate tax and owner pay
Manufacturing companies may get the small business rate on the first $500,000 of active business income, shared with associated companies. We plan salary and dividends and corporate instalments.
Law: Income Tax Act s.125(1) (small business deduction); Income Tax Act s.125(2) ($500,000 business limit); Income Tax Act s.157(1) (corporate instalments).
Who we work with
- Machine shops and metal fabricators
- Food and beverage processors
- Plastics, packaging and printing
- Woodworking and furniture makers
- Contract and private-label manufacturers
- Small-batch and craft producers
Services for manufacturers
- Monthly bookkeeping with inventory and product costing, from $500/month (Scale); quarterly bookkeeping from $350/month (Growth). Bookkeeping Reviews of complex books start from $450 (see bookkeeping).
- Catch-up bookkeeping, from $1,800 per year (see catch-up bookkeeping).
- Bookkeeping Review, $195/month or $295/quarter.
- GST/HST returns, $150 per return.
- Corporate tax (T2), from $800 (see corporate tax).
- Personal tax returns for owners and directors: simple returns from $110 + HST/GST, with your final price confirmed after a free call (see personal tax).
- SR&ED claims, end to end. Quoted after consultation (see SR&ED tax credit claims).
- Payroll. Quoted after a free call (see payroll services).
- Virtual CFO, from $2,500/month. Product margins, capital purchase planning and lender reporting (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 manufacturers
- Free call. We ask about your products, inventory, equipment plans, R&D work and how far behind you are.
- Written price. You get the scope and price in writing before any work starts. SR&ED claims are quoted after consultation.
- Setup. Inventory and product costing in QuickBooks Online or Xero, with Dext for supplier bills.
- Monthly rhythm. Books closed monthly, margins by product, HST and payroll on time, and SR&ED time and costs tracked as you go.
- Year-end. Inventory count, financial statements, T2 with CCA, SR&ED and Ontario credits, all reviewed by a CPA.
Why manufacturers choose T-Ledgers
- SR&ED and credits, end to end. We prepare SR&ED claims from start to finish and check Ontario manufacturing credits on every eligible purchase.
- 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 | |
|---|---|---|---|
| Inventory and product costing | Margins based on guesses | Often year-end only | ✓Labour and overhead in product cost monthly |
| SR&ED claims | Often not claimed | Often sent to a separate consultant | ✓Prepared end to end, with your T2 |
| Ontario manufacturing credits | Easy to miss | Varies | ✓Checked on every eligible purchase |
| 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: Manufacturing
Eligible M&P machinery (Class 53) acquired after 2024 and available for use before 2030 can generally be written off in full in the first year. We confirm before you buy.
It depends on cash flow, how long you’ll keep it and the tax treatment of each. We compare both with your numbers.
Proceeds reduce the CCA class, and any excess over the class balance is recapture.
Possibly. The Ontario Made Manufacturing Investment Tax Credit covers eligible Ontario manufacturing buildings, machinery and equipment.
It may, if you’re resolving technological uncertainty through systematic work, not routine engineering. We review it with you.
We do, end to end: eligibility review, project write-ups, the T661, the credit schedules and your T2.
For CCPCs, generally 35% refundable on up to $6 million of qualifying spending, plus Ontario’s 8% Innovation Tax Credit.
It depends on the claim. We quote after a free consultation.
Law: Income Tax Act s.37(1) (SR&ED expenditures); Income Tax Act s.127(10.1) (additional 20% SR&ED credit, 35% in total); Taxation Act, 2007 (Ontario) s.96 (Ontario innovation tax credit); Taxation Act, 2007 (Ontario) ss.97.2 and 53.3 (Ontario made manufacturing investment tax credit and expanded credit).
Consistently, at the lower of cost and fair market value for tax, with materials, labour and overhead in product cost.
Yes, in QuickBooks Online or Xero, so you can see margins by product or job.
Yes, if you’re registered and the goods are for your business.
Exported goods are generally zero-rated.
The small business rate on the first $500,000 of active income ; above that, Ontario’s lower M&P rate can apply.
Generally only above the exemption for eligible employers, currently $1 million.
Many manufacturers must register. We check your classification.
Generally they reduce the cost they fund or are included in income, and they can reduce SR&ED credits.
Monthly bookkeeping starts from $500/month (quarterly bookkeeping from $350/month), catch-up from $1,800 per year, the Bookkeeping Review is $195/month or $295/quarter (from $450 per review for complex books), GST/HST returns are $150 per return and corporate T2 returns from $800. Personal tax returns for owners and directors: simple returns from $110 + HST/GST, with your final price confirmed after a free call. SR&ED claims are quoted after consultation, and payroll after a free call. Prices are + HST/GST. You get the price in writing before any work starts.
Yes. We set up costing, HST and payroll properly from day one.
Monthly, with product margins and cash flow.
Yes, by appointment at our Etobicoke or Mississauga office, or we can work entirely online.
Find the credits your shop may be missing
Book a free call about your inventory, equipment or SR&ED. We reply within one business day; call 866-254-5368 and a real person answers 24/7.
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
Rates and thresholds change, so we link to the official sources for current figures.