How much does a CPA cost in Ontario?
How much does a CPA cost in Ontario?
By Bader A. Chowdry, CPA, CA, LPA | Insight Accounting CPA
The cost of hiring a Chartered Professional Accountant (CPA) in Ontario varies significantly based on the complexity of your needs, the size of your business, and the service model you choose. Understanding the pricing landscape helps you budget appropriately and ensures you’re getting value for your investment.
Individual Tax Returns: $150 – $800+
For personal tax returns, most Ontario CPAs charge between $150 and $350 for straightforward T1 returns with employment income, RRSP contributions, and basic deductions.
However, costs increase substantially if you have:
- Rental properties ($200–$400 additional)
- Self-employment or business income ($300–$600)
- Capital gains from investments or property sales ($150–$400)
- Foreign income or assets requiring disclosure ($400–$1,000+)
- Multiple provinces or cross-border tax issues ($600–$1,500+)
If you’re dealing with CRA audit triggers or unfiled back taxes, expect additional fees for representation and resolution services.
Small Business Accounting: $200 – $2,000/month
Monthly bookkeeping services for Ontario small businesses typically range from $200 to $800 depending on transaction volume. A retail business with 200+ monthly transactions will cost more than a consulting firm with 20 invoices per month.
Comprehensive accounting packages including:
- Monthly bookkeeping and reconciliation
- Quarterly financial statements
- Year-end tax preparation
- GST/HST filing
- Payroll processing
…typically run $500 to $2,000 per month for businesses with revenue under $1 million. Our Mississauga-based firm offers scalable pricing that grows with your business, ensuring you only pay for what you need.
Corporate Tax Returns: $800 – $5,000+
Corporate T2 tax returns start around $800 for simple CCPC structures with minimal activity. However, costs increase based on:
- Number of shareholders and share classes ($1,200–$2,500)
- Multiple corporations or holding company structures ($2,000–$5,000+)
- SR&ED claims requiring detailed technical documentation ($3,000–$10,000+)
- Cross-border transactions or transfer pricing ($5,000–$15,000+)
If you’re considering whether to incorporate your small business in Ontario, understanding these ongoing costs is essential for making an informed decision. Our corporate tax planning services help GTA businesses optimize their structure while managing compliance costs.
Fractional CFO Services: $2,000 – $8,000/month
For businesses needing strategic financial leadership without a full-time hire, fractional CFO services typically cost $2,000 to $8,000 per month depending on the scope of work and hours committed.
A fractional CFO provides:
- Strategic financial planning and forecasting
- Cash flow management and KPI reporting
- Fundraising and investor relations support
- M&A due diligence and integration
- Board-level financial guidance
This represents 60-80% savings compared to a full-time CFO salary with benefits, making it ideal for growing businesses in Toronto and the Greater Toronto Area.
Specialized Services
CRA Audit Defense & Tax Dispute Resolution: $200–$400/hour or $2,500–$15,000+ for full representation, depending on complexity and whether it escalates to Tax Court.
SR&ED Tax Credit Claims: Typically 15-25% of the credit amount recovered, with our SR&ED services focusing on maximizing eligible claims for Ontario technology and manufacturing companies.
AI Accounting Implementation: AI-powered accounting solutions range from $500/month for basic automation to $3,000+/month for enterprise-grade systems with our patent-pending AI governance framework ensuring data security and compliance.
Estate and Trust Returns: $600–$3,000+ depending on asset complexity and beneficiary structure.
Hourly vs. Fixed Fee vs. Value-Based Pricing
Many Ontario CPAs bill hourly at $150 to $400/hour depending on seniority and specialization. However, this model creates uncertainty in budgeting and can incentivize inefficiency.
At Insight Accounting CPA, we prefer fixed monthly retainers and project-based pricing that provides:
- Predictable monthly costs
- Alignment of incentives (we benefit from efficiency)
- Unlimited communication without watching the clock
- Proactive planning rather than reactive compliance
This approach is particularly valuable for businesses needing to understand what records to keep for CRA and maintain ongoing compliance.
What Affects CPA Costs Most?
The biggest cost drivers are:
How to Get the Best Value
To maximize value from your CPA investment:
- Maintain organized records throughout the year using cloud accounting software
- Provide complete information upfront to avoid back-and-forth
- Schedule planning meetings outside of tax season for better attention
- Bundle services (bookkeeping + tax + advisory) for package discounts
- Consider year-round retainers rather than once-a-year engagements
Understanding HST thresholds for small suppliers and other compliance requirements helps you budget for the full scope of services you’ll need.
Getting a Quote
Most reputable Ontario CPAs offer free initial consultations to understand your situation and provide customized quotes. Be wary of firms that quote without understanding your specific circumstances—cookie-cutter pricing often leads to surprise bills or inadequate service.
Ready to discuss your accounting needs? Call Insight Accounting CPA at (905) 270-1873 or start here.
Frequently Asked Questions
Is it worth paying for a CPA vs. doing my own taxes?
For simple T4 employment income with no deductions, basic tax software may suffice. However, a CPA pays for themselves if you have business income, rental properties, investments, or complex situations. CPAs find deductions you’d miss, ensure compliance to avoid penalties, and provide audit protection. The cost of a CRA audit or missed tax-saving opportunities typically far exceeds annual CPA fees.
Do CPAs in Toronto cost more than other Ontario cities?
Downtown Toronto CPAs often charge 10-20% premiums due to higher overhead costs. However, firms in Mississauga and the GTA—like Insight Accounting CPA—offer the same expertise at more competitive rates while serving clients throughout the Greater Toronto Area. Virtual service delivery has also reduced geographic pricing differences.
Can I deduct CPA fees as a business expense?
Yes, accounting and tax preparation fees related to your business are fully deductible as business expenses. For personal tax returns, fees related to investment income, rental properties, or self-employment are also deductible. Only fees for basic personal T4 returns are non-deductible. Your CPA can advise on proper categorization.
Insight Accounting CPA provides transparent, value-based pricing for businesses and individuals throughout Mississauga, Toronto, and Ontario. Our AI-powered solutions and expert bookkeeping services deliver exceptional value with predictable monthly costs.
Get a customized quote today: (905) 270-1873 or start the conversation.
