In Canada, small businesses usually pay $150 to $500 per month for bookkeeping, depending on annual revenue and transaction volume. Businesses earning under $250,000 often fall at the lower end, while higher-revenue or contractor businesses with payroll and GST/HST filing pay more due to added compliance work.

Most business owners use professional bookkeeping services combined with cloud software to stay CRA-compliant. Cheaper options like DIY software can work for very small operations, but they often miss tax efficiencies, GST/HST accuracy, and audit readiness. A virtual bookkeeper usually offers the best balance of cost, accuracy, and support.

Yes, filing a T2 corporate tax return is mandatory in Canada, even if your corporation had no income, expenses, or activity. The CRA requires a nil T2 return to keep the corporation compliant and in good standing, and failure to file can still result in penalties.

Before filing a T2 corporate tax return, you should have your financial statements, bank and credit card statements, expense records, asset purchases, GST/HST reports, payroll summaries, and prior-year tax returns. Accurate bookkeeping ensures these documents are complete and helps avoid CRA reassessments.