Frequently Asked Questions
Find answers to common questions about our bookkeeping, payroll, tax, and business services.
General Questions
Q: What services does LedgerIQ Accounting offer?
A: We provide bookkeeping, payroll, tax preparation, business registration, and financial reporting services tailored for small businesses in Canada.
Q: Do you work with small businesses only?
A: Yes, our services are designed specifically for small businesses, entrepreneurs, and self-employed individuals.
Q: How can I get started?
A: You can contact us through our website, and we’ll guide you through the next steps based on your needs.
Bookkeeping
Q: How often should bookkeeping be done?
A: Monthly bookkeeping is recommended to ensure accurate records and up-to-date financial information.
Q: Can you clean up overdue or messy books?
A: Yes, we offer catch-up and clean-up bookkeeping services.
Q: Do you provide financial reports?
A: Yes, we provide reports such as Profit & Loss and Balance Sheet.
Payroll
Q: How often can payroll be processed?
A: Payroll can be processed weekly, bi-weekly, or monthly depending on your business needs.
Q: Do you handle CRA remittances?
A: Yes, we manage source deductions and ensure timely remittances to the CRA.
Q: Can you prepare T4s and ROEs?
A: Yes, we handle year-end T4s and Records of Employment.
Tax Preparation
Q: When is the tax filing deadline in Canada?
A: The general deadline is April 30. Self-employed individuals may have until June 15, but any balance owing is due by April 30.
Q: Can you help maximize deductions?
A: Yes, we identify eligible deductions and credits based on your situation.
Q: Do you handle self-employed taxes?
A: Yes, we specialize in tax preparation for self-employed individuals and small businesses.
Business Registration
Q: Do I need to register my business?
A: Most businesses require registration depending on structure and activities.
Q: What is a Business Number (BN)?
A: A BN is a unique number assigned by the CRA for tax accounts.
Q: Do I need to register for HST?
A: HST registration is required once your revenue exceeds the threshold or voluntarily earlier.
Financial Reporting & Dashboards
Q: What kind of reports do you provide?
A: We provide financial statements and custom dashboards to track business performance.
Q: Can I see real-time financial data?
A: Yes, dashboards can be designed to provide up-to-date insights.
Q: Do I need special software?
A: We can work with your current tools or recommend suitable solutions.
Pricing & Process
Q: How much do your services cost?
A: Pricing depends on the complexity and scope of services. We offer transparent starting prices and custom quotes.
Q: Do you offer fixed pricing?
A: Some services have starting prices, while others are customized.
Q: How do I send my documents?
A: Documents can be shared securely through email or cloud-based tools.
Still Have Questions?
Contact us today and we’ll be happy to assist you.