Entrepreneurship & Small Business

how much to pay accountant for small business tax return

  • Last Updated:
  • Jan 19th, 2020 6:41 pm
[OP]
Newbie
Feb 7, 2019
82 posts
28 upvotes

how much to pay accountant for small business tax return

Hi there! I am preparing for the tax return of my small business.
It is a pretty straightforward return, plus I have done all the book-keeping myself and have very well-organized information. Also, no payroll involved.
It is just a matter of preparing the forms for submission to CRA.
How much would be a normal price for this service?
I just want to make sure I am paying my accountant a fair price.
5 replies
Newbie
Mar 1, 2017
56 posts
34 upvotes
It really depends. I have seen around $800 and over $3000.
The accountant needs to check over transactions and investigate balances on certain accountants and ask certain questions. It is not just put some numbers into TaxPrep and spit out a return. If the miss things and you get caught they can loose their license.
When you get an accountant to do your year end it is their name on it and they list they have done some basic checks.
Most good accountants will do a notice to reader.
Deal Addict
Dec 12, 2009
4305 posts
1989 upvotes
Toronto
Jyelong wrote: It is just a matter of preparing the forms for submission to CRA.
SeanJ194 wrote: When you get an accountant to do your year end it is their name on it and they list they have done some basic checks.
Most good accountants will do a notice to reader.
OP is looking for a simple tax return, not financial statements.
Social Distancing means staying apart 2 meters or 6 feet, the depth of a grave.
Get closer and you might have one foot in the grave. (Pass it on)
Deal Fanatic
Oct 7, 2007
7403 posts
3517 upvotes
The more you have an accountant do in terms of preparing the financial statements used to prepare the tax return, the less liability you are taking on if your tax return runs into issues. You can also have your accountant JUST prepare the return based on information you supply the accountant but then YOU bear the responsibility for the accuracy and correctness of the account balances used to prepare the return and if you are audited by the CRA the accountant is only responsible for what you hired him or her to do and you are responsible for the rest. Personally, I think it might be a good idea to have the accountant do the whole thing because it is technical work and involves knowing how accounting and tax laws work. JMHO
[OP]
Newbie
Feb 7, 2019
82 posts
28 upvotes
choclover wrote: The more you have an accountant do in terms of preparing the financial statements used to prepare the tax return, the less liability you are taking on if your tax return runs into issues. You can also have your accountant JUST prepare the return based on information you supply the accountant but then YOU bear the responsibility for the accuracy and correctness of the account balances used to prepare the return and if you are audited by the CRA the accountant is only responsible for what you hired him or her to do and you are responsible for the rest. Personally, I think it might be a good idea to have the accountant do the whole thing because it is technical work and involves knowing how accounting and tax laws work. JMHO
Thanks for this. So, if I just do the book-keeping myself (in a good shape), and have the accountant prepare the financial statements and do the tax return, what do you think is a fair price to pay them?
Newbie
Jan 18, 2020
25 posts
57 upvotes
We pay our accountant about $600 a year. Is that ball park for everyone elses cost?

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