Bookkeeping in Toronto

When you need an accountant (CPA) in Toronto

Ontario has high taxes and strict reporting requirements, including a declaration of foreign assets. A CPA is needed for: business registration, taxes, HST, and foreign asset reporting.

Price reference: small business bookkeeping — $150–450 CAD/mo. Initial consultation with SVOY accountants — free.

What matters specifically for Russian speakers from the CIS

• T1135 — foreign asset declaration. If foreign assets (including those in Russia) exceed $100,000 CAD, you must file form T1135 (Foreign Income Verification) — Canada’s equivalent of FBAR. A frequently overlooked obligation; penalties are real.
• Worldwide income under residency. A Canadian tax resident pays tax on income from anywhere in the world; an accountant will help you claim credits for taxes paid in Russia.
• Income from clients in Russia — via sole proprietorship or corporation; banks are strict about funds from Russia; USDT and international transfers.
• CIS documents. Apostille and certified translation — remotely.

Taxes and business structures

• sole proprietorship — simpler; corporation — corporate income tax ~9–15% (federal small business + Ontario);
• federal income tax + Ontario provincial;
• HST 13% in Ontario — registration required once turnover exceeds $30,000.

How to choose an accountant

• hire a CPA with experience in non-resident filings and T1135;
• Sole trader vs. corporation — decide before you start;
• a Russian-speaking specialist will handle your status and reporting more precisely.

Looking for an accountant in Toronto? Describe your situation — we’ll answer your questions for free, and a specialist will personally review your case.