Accountant for self-employed people in Ontario

Accountant for self-employed people in Ontario: the short answer

Sora prepares a T1 business return, the personal return that includes your self-employment income, for $465 per return. Basic T1 personal returns without business income are priced separately at $125 per return. HST filing is $375 per service, and monthly bookkeeping starts at $50 a month for minimal transactions, with pricing based on transaction volume.

The dates that matter for your 2026 year: most self-employed people can file the 2026 return by June 15, 2027, but any balance owing is still due April 30, 2027. Instalments, if you have to pay them, are due March 15, June 15, September 15 and December 15 in 2027. You generally have to register for HST once taxable sales go past $30,000 over four consecutive calendar quarters, or in a single quarter, and you pay CPP on net self-employment income above $3,500. Exceptions exist, such as tax shelter investments, which move the filing date to April 30, 2027.

The rest of this guide explains what the work involves, what to bring, when incorporating is worth discussing and how to choose someone to do it.

What an accountant does for a sole proprietor

The core job is turning your records into an accurate Form T2125, Statement of Business or Professional Activities. That means checking that income is complete, sorting expenses into the right lines, separating personal and business use of items such as a phone, vehicle or part of your home, and claiming capital cost allowance on equipment rather than deducting it all at once. The result flows to your personal return, so it affects your income tax and your CPP together.

CPP is the cost people most often forget. When you are self-employed you pay both the employee and employer shares. For 2026 the CRA publishes a maximum self-employed contribution of $8,460.90, which is the 5.95% rate applied to both shares on earnings between the $3,500 exemption and the $74,600 ceiling, and you owe it once net self-employment income is above $3,500. Because it is calculated from net income, every deduction changes it. A second, additional CPP contribution applies to earnings above that ceiling, so ask for the full figure if your income is high.

Instalments are the other planning task. For instalments due in 2027, the CRA says you may have to pay them if your net tax owing is more than $3,000 for 2026 and in either 2025 or 2024. You can pay the amount on the CRA reminder, or estimate the current year yourself, and an accountant can tell you which is likely to be lower for your situation.

Beyond the return, an accountant can advise on HST registration and filing, set up bookkeeping so year-end is not a scramble, answer CRA letters and tell you when your numbers suggest a different structure.

What to bring to your first meeting

Bring last year’s return and notice of assessment, your CRA instalment reminders and any payment records. Add a list of every sale or invoice for the year, bank and credit card statements for any account used for the business, and receipts or invoices for expenses. If you are registered for HST, bring your returns and your registration details.

For mixed-use claims, bring the evidence for the business share: a vehicle logbook with total and business kilometres, the size of your home workspace and your household costs, and a phone or internet bill. List equipment you bought, with dates and prices.

The CRA generally expects you to keep records for six years from the end of the last tax year they relate to, so keep digital copies in one place rather than in your inbox. If your records are incomplete, say so at the start; the right fix is usually catch-up bookkeeping before the return, not a rough estimate.

When to talk about incorporating

Many self-employed people never need a corporation. Incorporating adds a separate corporate return and financial statements, changes how you pay yourself and does not reduce your record-keeping. It tends to come up when the business is steadily profitable, you are leaving profit in the business, a client or lender requires it, or liability is a concern.

An accountant should look at your actual numbers, not only revenue. Ask for a comparison of your total tax and costs both ways, including the extra filing fees. Sora’s corporate return is $1,425 per return, which is one cost to weigh against the potential tax benefit.

How to choose a self-employed accountant near you

Start with designation. Ask whether the person is a CPA or works under one, and what they are authorized to do. Sora’s founder, Nauman Chaudhry, is a CPA, based in Ancaster, Hamilton, and works with individuals and owner-managed businesses across Ontario. Many accountants work remotely, so near you often matters less than whether they handle self-employed returns regularly.

Ask for an engagement letter before work starts. It should say which returns and filings are covered, the fee or how it is calculated, what you must supply and by when, and whether CRA letters and reviews are included or billed separately. Compare fees on the same scope, not just on the headline price.

Ask how documents are shared. Avoid sending tax slips, statements or identification by regular email. Look for a secure portal or encrypted method, and ask who has access, how long files are kept and how you can authorize the accountant to deal with the CRA on your behalf.

Finally, ask about timing: when they need your records to file by the deadline, and how they will contact you with questions.