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Most accounting tasks a small business owner in Canada can do alone are the routine ones: recording sales and expenses, keeping receipts, reconciling the bank account, and filing a simple GST/HST return. The two jobs worth handing off are usually a corporate tax return and payroll, once you have staff. Here’s how we’d split it.
Which accounting tasks can you safely do yourself?
Bookkeeping first. Every sale, every purchase, every bank fee goes in a spreadsheet or an accounting app, with the date, the amount and who was on the other side. That’s it. It’s repetitive but not hard, and since nobody knows what a given payment was for better than you do, nobody else will do it faster or with fewer questions back to you.
Receipts come next. The CRA says income records need the date, the amount and the source, and expense records need the date, the seller and what you bought. Keep the originals or a clear scan. And keep them for at least six years after the last tax year they relate to.
Reconciling means checking your books against the bank statement once a month. If a deposit or a charge doesn’t match, you find out in weeks and not at year end. Most owners can do this in under an hour.
Invoicing and chasing late payers are also yours. Nobody else has the relationship.
What about GST/HST?
You can file it yourself, and many owners do. The first question is if you must register at all. The CRA sets the small supplier threshold at $30,000 in taxable sales over four consecutive calendar quarters. Below that, registering is a choice. Above it, you have a short window to register.
Once you charge tax, the arithmetic is simple. In Ontario the rate is 13%, so a $2,000 job means $260 of tax on top and a $2,260 invoice. The GST/HST calculator handles other provinces, and the HST reverse calculator pulls the tax back out of a price that already includes it. The real work is tracking the tax you paid on purchases so you can claim it back.
When does DIY start to cost you?
Some jobs are legal to do yourself but easy to get wrong. Here’s a quick map.
| Task | Reasonable to do yourself? |
|---|---|
| Bookkeeping and receipts | Yes |
| Bank reconciliation | Yes |
| GST/HST return | Yes, once you understand input tax credits |
| Sole proprietor tax return | Yes, with tax software |
| Payroll remittances | Yes for one employee, harder as staff grows |
| Corporate tax return (T2) | Ask an accountant, especially the first year |
That last row is a judgement call, not a rule. A corporation’s return has schedules for shareholders, related companies and the small business limit, and mistakes there change the rate you pay. We couldn’t confirm any accountant fee ranges, so ask for a quote before you decide.
Taxes you can estimate on your own
If you’re a sole proprietor, the numbers are yours to work out. Try the self-employed tax calculator for income tax and CPP on your profit. It doesn’t include EI, and its deductions lower income tax but not CPP, so treat the result as a starting point. If the bill will be big, the tax instalments calculator shows how to spread it. Instalments apply when net tax owing passes $3,000 and it did in earlier years too.
Dates matter more than most people think. For the 2025 return, a self-employed person had until 15 June 2026 to file, but any tax owing was still due 30 April 2026. We couldn’t find the CRA’s 2026 return dates yet, so check before you rely on those.
Once you hire someone, the payroll remittance calculator gives you a feel for what you’ll hold back and send in.
Common mistakes with DIY books
Mixing personal and business spending is the big one. Open a separate account on day one. Then there’s the shoebox problem: receipts pile up and you reconstruct a year in a weekend. Ten minutes a week beats ten hours in March.
Another: treating the bank balance as profit. It includes sales tax you owe and tax you’ll owe later.
Last, don’t lean on an app’s categories without checking them. Software guesses.
Where the numbers come from
The small supplier threshold and record rules come from the Canada Revenue Agency’s GST/HST and business records pages. Instalment thresholds and dates come from its instalments pages. Return dates come from the CRA’s 2025 filing dates. All were read in September 2026.
Frequently asked questions
Can I do my own bookkeeping in Canada?
Yes. Record income and expenses with dates, amounts and suppliers, and keep the receipts.
How long do I keep business records?
At least six years from the end of the last tax year they relate to, according to the CRA.
Do I have to charge GST/HST?
Once taxable sales pass $30,000 over four consecutive calendar quarters, you must register. Below that it's optional.
Should I hire an accountant for a corporation?
Many owners do for the T2 return, at least in the first year. We couldn't confirm typical fees, so ask for a quote.
When did self-employed people file the 2025 return?
By 15 June 2026, though tax owing was due 30 April 2026.
- Self-employed taxes in Canada: income, CPP and GST
How tax works when you are self-employed in Canada: reporting income and expenses, paying both halves of CPP, instalments and when to register for GST
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.