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Services
Get caught up
Catch-Up BookkeepingFrom $1,800Books & payroll
BookkeepingFrom $350/monthPayrollGet a quoteSR&ED ClaimsEnd-to-end SR&ED claims, quoted after consultationSR&ED for Software CompaniesQuoted after consultationSR&ED-Ready BookkeepingBooks + T2 for SR&ED claimsTax filing
Corporate Tax (T2)From $800 · nil T2 from $249GST/HST Filing$150 per returnPersonal Tax (T1)From $110 · students from $49Sole Proprietor Tax (T1 + T2125)From $300Start & grow
IncorporationFrom $499 + gov feesVirtual CFOFrom $2,500/monthAI Consulting & AutomationFor small businessesIndustries
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PricingService areasAll services →Accounting, Tax and Virtual CFO Support for Ontario Startups and Tech Companies
Investor-ready books, SR&ED-friendly records and clear tax advice from a CPA-led team, from incorporation to your next raise.
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 founders building software, SaaS, apps, AI products, games and hardware. Wajahat Ajmal, CPA, FCCA, has been practising since 2020. We handle bookkeeping, HST, payroll, corporate tax and Virtual CFO work, and every return is reviewed by a CPA.
Early decisions, like how you incorporate, who holds shares and how you track R&D time, show up years later in your tax bill and your due diligence. We help you get them right early.
Startup and tech tax issues we handle
Rules, rates and thresholds change. We confirm the current figure for your situation on the call before relying on it.
SR&ED tax credits
Canadian-controlled private corporations (CCPCs) can earn an enhanced 35% refundable investment tax credit on up to $6 million a year of qualifying SR&ED expenditures (tax years beginning after December 15, 2024 ; enacted by Bill C-15, Royal Assent March 26, 2026). The limit is shared by associated corporations and phases out between $15 million and $75 million of taxable capital, and capital expenditures are eligible again. See CRA’s SR&ED ITC policy. Spending above the limit generally earns the basic 15% non-refundable credit. Claims are filed on Form T661 and are generally due within 18 months of the tax year-end. Good time tracking and project notes, kept as you go, are what make a claim hold up. Your SR&ED consultant prepares the claim; we keep the books that support it and file it with your T2.
Law: Income Tax Act s.37 (SR&ED expenditures); Income Tax Act s.127(9) (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).
Ontario Innovation Tax Credit (OITC)
Ontario’s Innovation Tax Credit is an 8% refundable credit on up to $3 million of eligible Ontario SR&ED spending. That’s still $3 million, even though the federal limit is now $6 million. The limit is reduced when prior-year taxable income passes $500,000 or taxable capital passes $25 million. The OITC covers only current expenditures, not the capital expenditures that are newly eligible for the federal credit. It’s claimed with your T2 on Schedule 566. See Ontario’s OITC page.
Ontario digital media credits
Studios building eligible interactive digital media products, such as games or educational apps, in Ontario may qualify for the Ontario Interactive Digital Media Tax Credit, which needs a certificate from Ontario Creates. You can’t claim the same labour for both this credit and SR&ED. We help you decide which fits.
Keeping CCPC status
Many credits and the small business rate depend on being a CCPC. Bringing in non-resident investors or a public company can change your status. We flag this before you sign a term sheet, and review your cap table for control issues.
Law: Income Tax Act s.125(7) (“personal services business”, “CCPC”); Income Tax Act s.125(1) (small business deduction).
GST/HST on SaaS and digital products
Sales to Canadian customers are generally taxed at the rate for the customer’s province (13% HST in Ontario), while many supplies to non-residents are zero-rated. You generally must register once taxable sales go over $30,000 in a single calendar quarter or over four consecutive quarters; many startups register earlier to recover HST on their costs. We set up tax codes in your billing system (Stripe, Shopify or your app store reports) so it’s right on every invoice.
Law: Excise Tax Act s.148(1) (small supplier, $30,000); Excise Tax Act s.165 (GST/HST imposed); Excise Tax Act Schedule VI, Part V, s.7 (services to non-residents); Excise Tax Act Schedule IX (supply in a province).
Employee stock options
For CCPC options, the taxable benefit is generally deferred until the shares are sold, and a 50% deduction may apply if conditions are met. Non-CCPC employers face a $200,000 annual vesting limit on options eligible for the deduction. We help you record them properly and report them on T4s.
Law: Income Tax Act s.7(1.1) (CCPC option shares); Income Tax Act s.110(1)(d) (stock option deduction); Income Tax Act s.110(1)(d.1) (CCPC option share deduction); Income Tax Act s.110(1.31) ($200,000 vesting limit).
Grants, IRAP and deferred revenue
Government assistance such as IRAP funding is generally taxable or reduces your SR&ED pool. Annual subscriptions paid up front need to be recognized over the subscription period in your books.
Law: Income Tax Act s.127(11.1) (government assistance); Income Tax Act s.12(1)(x) (inducements and assistance).
Founders' shares, SAFEs and convertible notes
Founders often transfer IP or early assets into the company; a Section 85 rollover can do that without immediate tax if it’s filed properly. SAFEs and convertible notes need consistent accounting so your cap table and financial statements agree. We work alongside your lawyer.
Qualified small business corporation shares
If you sell shares of a qualifying company, the lifetime capital gains exemption may apply (see CRA’s current LCGE limit). The shares generally must meet a 24-month holding test and asset tests. Keeping the company eligible takes planning years in advance.
Losses and carryforwards
Early-stage companies often have losses. Non-capital losses can generally be carried back 3 years and forward 20 years, but an acquisition of control can restrict them. We track them so they’re there when you’re profitable.
Law: Income Tax Act s.111(1)(a) (non-capital losses); Income Tax Act s.111(5) (loss restriction event).
What we do at each stage
← Swipe to compare →
| Stage | What matters | How we help |
|---|---|---|
| Pre-revenue | Incorporation, founder shares, HST registration, SR&ED time tracking | Clean setup, SR&ED-ready books |
| Seed | Monthly books, first payroll, stock options, grant and IRAP tracking | Monthly close, payroll, SR&ED and OITC support |
| Series A and beyond | Board reporting, budgets, due diligence, CCPC status | Virtual CFO, investor reporting, audit-ready statements |
Contractors vs employees on your team
Startups often pay developers as contractors. If the working relationship is really employment, you can be assessed for the CPP, EI and income tax you should have withheld. We review your arrangements and set up payroll when it’s needed.
Multi-currency revenue and US customers
Many startups bill in US dollars. Your tax results generally must be reported in Canadian dollars, so we set up multi-currency accounts in QuickBooks Online or Xero and handle exchange gains and losses.
Year-end statements and investor-ready reporting
Investors, lenders and acquirers want clean year-end financial statements and reconciled books. Your T2 is due six months after year-end. We produce the statements, keep the records the CRA requires and prepare for due diligence.
Law: Income Tax Act s.150(1)(a) (corporate return deadline); Income Tax Act s.230(1) and 230(4) (books and records, six years).
Who we work with
- SaaS and software companies
- AI, data and machine-learning startups
- Mobile app and game studios
- Hardware and IoT companies
- Fintech, healthtech and edtech startups
- Founders from incorporation through Series A
T-Ledgers services for startups and tech companies
- Virtual CFO, from $2,500/month. Budgets, runway, board and investor reporting, and fundraising support (see Virtual CFO).
- Monthly bookkeeping in QuickBooks Online or Xero. 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. Get your books investor-ready before due diligence (see catch-up bookkeeping).
- Bookkeeping Review, $195/month or $295/quarter. For founders who do their own books for now.
- GST/HST returns, $150 per return.
- Payroll, stock option records and corporate (T2) tax. Quoted after a free call (see payroll services and 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).
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 startups
- Free call. We look at your structure, cap table, funding plans and R&D work.
- Written price. Scope and price in writing before any work starts.
- Setup. Chart of accounts built for SR&ED and investors, billing tax codes and payroll.
- Monthly rhythm. Monthly close, burn and runway report, HST filed on time.
- Year-end. Financial statements, T2 with SR&ED and OITC, all reviewed by a CPA.
Why startups and tech companies choose T-Ledgers
- A CFO view, not just a filing service. Our Virtual CFO service gives founders runway, burn and unit-economics reporting from a CPA-led team, starting at $2,500 a month.
- 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 | |
|---|---|---|---|
| SR&ED and OITC records | Often pieced together at year-end | May refer you out without preparing your records | ✓Books and time tracking set up for SR&ED from day one |
| Investor-ready reporting | Spreadsheets | Year-end statements only | ✓Monthly close and board reporting |
| CCPC status and cap table | Rarely checked | Checked at year-end | ✓Flagged before you sign a term sheet |
| 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: Startups & Tech
Yes. We set up your books and time tracking so the claim is supported. Your SR&ED consultant prepares the claim, and we include it in your T2 when we file. Claims are generally due within 18 months of your tax year-end.
An enhanced 35% refundable credit on up to $6 million of qualifying spending a year, plus Ontario’s 8% OITC on up to $3 million. Limits are shared by associated companies and reduced for larger companies.
Generally yes. Government assistance usually reduces the expenditures eligible for SR&ED. We track it separately.
The Ontario Interactive Digital Media Tax Credit may apply to eligible products. You can’t claim the same labour for both it and SR&ED.
Law: 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); Income Tax Act s.127(11.1) (government assistance); Taxation Act, 2007 (Ontario) s.96 (Ontario innovation tax credit); Taxation Act, 2007 (Ontario) s.93 (Ontario interactive digital media tax credit).
It can. If non-residents or public companies end up controlling your corporation, it may no longer be a CCPC and may lose the small business rate and the refundability of SR&ED credits. Some eligible Canadian public corporations can now also get the 35% credit. Talk to us before you sign.
It depends on the terms. We record it consistently with your lawyer’s documents so your cap table and statements agree.
Monthly closes, clean revenue recognition, a clear cap table and reconciled bank and payroll accounts. We get you there.
Often, with a Section 85 rollover filed on time. We work with your lawyer on it.
Many supplies to non-residents are zero-rated, but the rules depend on what you sell and to whom. We’ll review your billing setup.
Generally once taxable sales go over $30,000 in a quarter or over four consecutive quarters. Registering earlier lets you recover HST on costs.
As deferred revenue, recognized month by month over the subscription. That’s what investors and auditors expect.
Generally the rate for the customer’s province. We set up your billing tax codes accordingly.
Generally not until the employee sells the shares, and a 50% deduction may apply if conditions are met.
Possibly, if the shares qualify when sold. There’s a 24-month holding test and asset tests. See CRA’s current LCGE limit.
Non-capital losses can generally be carried back 3 years and forward 20, but a change of control can limit them.
It depends on runway and personal needs. Salary is needed if you want founder time included in SR&ED salary costs. We’ll plan it.
Usually when you’re raising money, hiring your first team or need monthly reporting for a board. Our Virtual CFO service starts from $2,500/month.
Virtual CFO starts from $2,500/month, catch-up bookkeeping from $1,800 per year, GST/HST returns are $150 per return, the Bookkeeping Review is $195/month or $295/quarter (from $450 per review for complex books). Payroll and T2 returns are quoted after a free call. Personal tax returns for owners and directors: simple 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. Our catch-up service gets your books investor-ready.
We work in QuickBooks Online and Xero, with integrations for Stripe, payroll apps and Dext.
Build your startup on clean numbers
Book a free call to talk about SR&ED records, your next raise or a Virtual CFO. 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.