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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 →Accountant in Waterloo
CPA-Led, Flat-Rate Accounting and Tax for Waterloo Businesses
T-Ledgers is a CPA-led accounting firm serving Waterloo businesses, founders, professionals, landlords and self-employed people, from Uptown and the university district to Beechwood, Laurelwood, Columbia Forest and the David Johnston Research and Technology Park. We do bookkeeping, catch-up work, corporate (T2) and personal (T1) tax, HST, payroll, SR&ED and Ontario incorporation on flat fees quoted before we start. We work with Waterloo clients remotely.
- CPA, FCCA · CPA Ontario #77000292
- Flat fees, no surprise bills
- Waterloo clients served remotely
Wajahat Ajmal, CPA, FCCA | CPA Ontario member #77000292 (verify my licence) | Flat fees, no surprise bills | Reply within one business day | QuickBooks Online, Xero and Dext | Read our Google reviews
Waterloo is a university town with a tech economy to match. The University of Waterloo and Wilfrid Laurier turn out founders every year, the research park and Uptown are full of software and hardware companies, and some of Canada’s biggest insurers have their head offices here. That means a lot of young corporations claiming SR&ED, paying founders through salary and dividends, and issuing shares to early staff, alongside clinics, consultants and landlords renting to students. T-Ledgers handles all of it, and we fix files that are a year or two behind, on flat fees.
I’m Wajahat Ajmal, CPA, FCCA. We work with Waterloo clients by phone, video and email, with documents shared through a secure portal. Our office is in Mississauga if you would rather meet, and meetings there are by appointment only.
On this page: Services and prices · Waterloo rules · Ontario tax · Voluntary disclosure · Why T-Ledgers · FAQ
Accounting services and prices for Waterloo businesses
Every service is quoted at a flat rate before we start. These are starting prices, + HST/GST. You get the exact figure in writing after a free call.
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| Service | Starting price | What it covers |
|---|---|---|
| Catch-up bookkeeping and back taxes | From $1,800 + HST/GST per year | Priced per year: missing years rebuilt from bank and card statements, with the overdue HST returns and the T2 for each year filed in the right order. Personal T1 returns are quoted separately. Final flat price confirmed after we see what is missing. |
| Bookkeeping | From $350/month (quarterly); monthly bookkeeping from $500/month + HST/GST | Reconciliations, HST returns and year-end-ready books in QuickBooks Online or Xero, reviewed by a CPA. |
| Corporate tax (T2) | From $800 + HST/GST | Year-end financial statements and your T2, including the Ontario schedules. Nil returns for inactive corporations from $249. |
| Personal tax (T1) | Student $49; regular from $110 + HST/GST | Employees, students, landlords and owner-managers, with Ontario credits included. |
| Sole proprietor tax (T1 + T2125) | From $300 + HST/GST | Your personal return plus the T2125 business statement, with HST and instalments checked. |
| Payroll | Quoted after consultation | Pay runs, CRA source deductions, WSIB reporting, EHT tracking, T4s and ROEs. |
| GST/HST returns | $150 per return + HST/GST | Quarterly or annual GST/HST returns prepared from your books, with input tax credits checked before filing. |
| Virtual CFO | From $2,500/month + HST/GST | Cash flow forecasts, budgets, KPI reporting and monthly CFO meetings for growing companies. |
| SR&ED claims | Quoted after consultation | End-to-end SR&ED claims: eligibility review, project write-ups, the T661 claim form and the T2 filing, plus CRA review support. See SR&ED for software companies. |
| Incorporation | From $499 + government fees + HST/GST | Federal or Ontario incorporation, plus your CRA business number, HST and payroll accounts. Full legal documents option $999. |
| Minute book maintenance | $500/year + HST/GST | Annual resolutions, dividends and director or shareholder changes, plus filing your Ontario annual return. |
Most incorporated Waterloo clients take monthly bookkeeping plus a T2, with the owner’s T1 alongside. GST/HST returns on their own are $150 per return. See all packages and pricing.
Waterloo rules that show up in your books
Waterloo is a city in the Region of Waterloo, so you deal with the City, the Region, Ontario and the CRA. Waterloo licenses more businesses than most Ontario cities, so check this first. (Official sources checked October 2026.)
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| Rule | Who it affects | Official source |
|---|---|---|
| City of Waterloo business licences | Waterloo's Business Licensing By-law requires a retail and service shop licence for most businesses not covered by another schedule, plus specific licences for food shops, contractors, home occupations, salons, motor vehicle facilities and more. Licences renew every year. Licence fees are a deductible business cost. | City of Waterloo business licences |
| Residential rental licences | Landlords renting low-rise units in Waterloo need a City rental licence, and short-term rentals must be owner-occupied and licensed. Licence fees are deductible against your rental income. | City of Waterloo rental licences |
| Region of Waterloo Public Health | Food businesses must send Region of Waterloo Public Health a food premise notification and floor plan before opening. Inspections then follow a risk schedule, from every four months for high-risk kitchens to once a year for low-risk shops. | Region of Waterloo food service standards |
Law: Municipal Act, 2001 s.151(1) (business licensing); Health Protection and Promotion Act s.16(1) (food premises); Income Tax Act s.37(1) (SR&ED expenditures); Income Tax Act s.127(9) (investment tax credit); Taxation Act, 2007 s.96 (Ontario innovation tax credit).
Ontario tax rules every Waterloo business deals with
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| Rule | What it means | Official source |
|---|---|---|
| HST is 13% in Ontario | Businesses registered for GST/HST. Registration is required once taxable revenue passes $30,000 in a single calendar quarter or over four consecutive quarters. | CRA GST/HST rates page |
| Ontario small business rate: 2.2% from July 1, 2026 | Canadian-controlled private corporations, on the first $500,000 of active business income. With the federal 9%, that is 11.2% combined, prorated for tax years that straddle July 1. | Ontario's corporate income tax page |
| Employer Health Tax (EHT) | Employers with Ontario payroll above the $1 million exemption (shared by associated employers; no exemption once group payroll passes $5 million). Rates 0.98% to 1.95%; annual return due March 15. | Ontario's EHT guide |
| WSIB coverage | Most Ontario businesses that hire workers must register with WSIB within 10 days of hiring their first worker. Some industries are exempt. | WSIB registration |
| Ontario annual return | Every Ontario corporation files an annual return with the Ontario Business Registry. It is separate from the T2. | Ontario Business Registry |
Income above the $500,000 small business limit is taxed at 26.5% combined (15% federal plus 11.5% Ontario). Some older tables online, including the CRA’s, may still show Ontario’s previous 3.2% small business rate; Ontario’s corporate income tax page has the current figure. More in our guides to corporate tax rates in Canada, the Ontario HST rate and GST/HST filing deadlines. If a government page and this summary ever disagree, the government page wins.
Law: Excise Tax Act s.165(2) (HST in participating provinces); Excise Tax Act s.240(1) (registration required); Excise Tax Act s.148(1) (small suppliers); Income Tax Act s.125(1) (small business deduction); Taxation Act, 2007 (Ontario corporate income tax); Employer Health Tax Act s.2(1); Workplace Safety and Insurance Act, 1997 s.75(1) (WSIB registration within 10 days); Corporations Information Act s.3.1 (annual return).
Behind on your books? Catch-up is our speciality
If you are a few years behind, you are not unusual, and it is fixable. We start with your bank and credit card statements, rebuild the oldest year first, then file what is outstanding in the right order: HST returns, T2s and personal returns. If the CRA has sent letters or estimated assessments, we deal with them as part of the job. Penalties and interest keep growing until you file, so waiting rarely helps.
Catch-up work starts from $1,800 per year + HST/GST. See catch-up bookkeeping, back tax filing and a real file in our catch-up case study.
Behind with the CRA? Voluntary disclosure
If you have unfiled returns or income you never reported, the CRA’s Voluntary Disclosures Program (VDP) lets you correct it before the CRA contacts you, with relief on penalties and part of the interest. Many Waterloo owners come to us only after a CRA letter arrives; coming forward first usually gets a better result.
- The law behind it: the CRA can waive or cancel penalties and interest for up to 10 calendar years back under Income Tax Act s.220(3.1) (income tax) and Excise Tax Act s.281.1 (GST/HST). The VDP is how the CRA applies that power to people who come forward.
- Unprompted applications (no CRA contact about the issue yet) normally get 100% penalty relief and 75% interest relief. Prompted applications (after a CRA letter that names a specific error or sets a deadline) normally get up to 100% penalty relief and 25% interest relief. These rules apply to applications received on or after October 1, 2025 (CRA Information Circular IC00-1R7).
- Who qualifies: you must apply before an audit or investigation starts, include all the corrected returns and documents, be at least one year or one reporting period past the due date, and pay the estimated tax or ask for a payment arrangement (CRA’s VDP eligibility page).
We rebuild the missing years, prepare the corrected T1, T2 and GST/HST returns, and file them with Form RC199 so the CRA reviews everything together. Pricing depends on how many years are involved and is part of our catch-up bookkeeping quote, which starts from $1,800 per year + HST/GST. The CRA decides each application case by case, so relief is never guaranteed.
Law: Income Tax Act s.150(1) (filing deadlines); Income Tax Act s.162(1) (late-filing penalty); Income Tax Act s.161(1) (interest on unpaid tax); Income Tax Act s.152(7) (assessment not dependent on return); Excise Tax Act s.238(1) (GST/HST returns).
Why Waterloo owners work with T-Ledgers
A CPA on every file
I review the work before anything goes to the CRA. Nothing is filed without my sign-off.
Flat fees in writing
You get the price before we start. If the scope changes, we agree the new price with you first.
Replies within one business day
Tell us if a CRA deadline is close and we will put it first.
Cloud tools
QuickBooks Online or Xero for the books and Dext for receipts. We take over your file or set one up.
Remote across Waterloo Region
Phone, video and a secure document portal. Most Waterloo clients never visit; our Mississauga office is open by appointment.
Hours that fit
Monday to Friday 9 a.m. to 8 p.m. ET, Saturday 10 a.m. to 4 p.m. ET.
T-Ledgers vs a traditional Waterloo firm vs DIY
← Swipe to compare →
| T-Ledgers | Traditional local firm | DIY with software | |
|---|---|---|---|
| Pricing | Flat fee quoted in writing before we start, + HST/GST. No surprise bills. | Often hourly, or a quote that grows with "extra" work | Software subscription, plus your evenings |
| Who does the work | Led and reviewed by a CPA, FCCA | Varies: partner, staff accountant or bookkeeper | You |
| Behind on filings | Catch-up is our speciality; we file in the right order | Some firms decline messy or multi-year files | Hard to know where to start |
| Reply time | Within one business day | Varies | Not applicable |
| Meetings | Phone, video, or in person at our Mississauga office by appointment | In person, usually office hours | None |
Who we work with in Waterloo
- Software and hardware start-ups: SR&ED claims prepared end to end, investor-ready books, and payroll for a growing team. See SR&ED for software companies.
- Founders and owner-managers: salary versus dividends, shares for early staff, holding companies and the minute book.
- Consultants and contractors to the insurers: incorporated consultants, PSB risk and HST registration. See personal services business rules.
- Professional corporations and clinics: physicians, dentists, optometrists and other professionals.
- Landlords renting to students: rental schedules, the City rental licence, CCA choices and HST on new builds.
- Graduate students and self-employed people: T2125 income, tuition credits, HST registration and instalments.
Most Waterloo start-ups are Canadian-controlled private corporations, which can earn a refundable federal SR&ED investment tax credit plus the refundable Ontario Innovation Tax Credit. Keeping time and payroll records by project from day one makes the claim far easier. Thinking about a holding company? Read our guide to holding company benefits.
How it works
- Free 30-minute call. What is filed, what is not, and what you need. Straight answers even if you do not hire us.
- Fixed quote in writing. If the scope changes later, we agree the new price with you before doing the extra work.
- Secure onboarding. We connect your bank feeds, set up or take over QuickBooks Online or Xero, and get you on Dext so receipts go in with a photo.
- Monthly and year-end delivery. Books kept current, HST filed on time, and your T2 and T1 prepared at year-end.
Meet your CPA
Wajahat Ajmal, CPA, FCCA, Founder
I started my career in audit at KPMG, which taught me to go back to the source and reconcile everything before anything gets filed. I later worked as an independent contractor for a tax filing company. I’ve practised in Canada since 2020 and founded T-Ledgers in 2023.
I’m a CPA Ontario member (#77000292), also registered with CPA BC (#C77000292), and a Fellow of ACCA. You can verify my CPA Ontario membership in the public directory, or read more on our About page.
Client results
“I was behind a few years on filing and my situation was a little complicated but he handled everything great and did all the communicating with the CRA so that I didnt have to.”
Google review, catch-up filing client
Read all our Google reviews or see our case studies.
Frequently asked questions
No. We serve Waterloo clients remotely by phone, video and email. Our office is in Mississauga at 100 Matheson Blvd E, Suite 204, and meetings there are by appointment.
Our flat fees are the same across Ontario: catch-up bookkeeping from $1,800 per year, bookkeeping from $350 a month (quarterly; monthly from $500), a student T1 for $49, a regular T1 from $110, a sole proprietor T1 with T2125 from $300, a T2 from $800 and incorporation from $499 plus government fees. Payroll is quoted after consultation. All prices are + HST/GST, and you get the exact figure in writing before we start.
Yes. Ontario or federal incorporation starts from $499 plus government fees and HST. Minute book maintenance is $500 a year plus HST/GST.
Yes. We prepare SR&ED claims end to end: the eligibility review, project write-ups, the T661 claim form and the T2 filing, plus support if the CRA reviews the claim. Pricing depends on the claim and is quoted after a free consultation.
Probably. Unlike most Ontario cities, Waterloo requires a retail and service shop licence for most businesses that are not covered by another licence category, and home-based businesses may need a home occupation licence. Check the City’s licence types before you open.
Yes, for most low-rise rentals. Waterloo’s rental housing licensing applies to long-term rentals in smaller buildings, and short-term rentals must be owner-occupied and licensed. The licence fee is deductible against rental income.
A Canadian-controlled private corporation can earn a refundable federal investment tax credit on qualifying spending, and Ontario adds the refundable Ontario Innovation Tax Credit. The amount depends on your eligible costs, so we review them before quoting. Our pricing is quoted after consultation.
Yes, it is our speciality. We rebuild the books from bank statements, file the overdue HST returns and T2s in the right order (personal T1 returns are quoted separately), and deal with any CRA letters. Catch-up work starts from $1,800 per year + HST/GST.
From July 1, 2026, a Canadian-controlled private corporation pays 11.2% combined (9% federal plus 2.2% Ontario) on the first $500,000 of active business income, prorated for tax years that straddle July 1.
Once your taxable revenue passes $30,000 in a single calendar quarter or over four consecutive quarters. You can register voluntarily before that, which lets you claim input tax credits on your costs.
Most Ontario businesses that hire workers must register with WSIB within 10 days of hiring their first worker, though some industries are exempt. Our payroll service includes WSIB reporting.
Yes. Ontario clients pay 13% HST on top of our fees. If your business is HST-registered, you can usually claim it back as an input tax credit.
Yes. We rebuild the missing years, prepare the corrected returns and file them with Form RC199. If no one at the CRA has contacted you about the issue, an application received on or after October 1, 2025 normally gets 100% penalty relief and 75% interest relief. The VDP application is quoted separately after a free review. Any catch-up bookkeeping starts from $1,800 per year + HST/GST.
Not always. If the letter names a specific error or sets a deadline, your application is treated as prompted and normally gets up to 100% penalty relief and 25% interest relief. Once an audit or investigation has started on that issue, the VDP is closed to you, so it is worth acting quickly.
Nearby areas we serve
We also work remotely with clients everywhere in Canada except Quebec.
Ready to talk to a CPA about your Waterloo business?
Current or years behind, the next step is the same: a free 30-minute call, and a fixed price in writing before any work starts. Book online, call (866) 254-5368 or email info@tledgers.ca.
Reviewed by Wajahat Ajmal, CPA, FCCA. Last updated: October 16, 2026. Official sources checked October 2026.