Accounting for lawyers in Toronto
Law firms carry trust accounting obligations, WIP and disbursements, and partner draws, on top of the usual corporate books. In Toronto, taxifi handles it online: books current every day, filings on time, and a Canadian accountant reviewing and signing every file.
CRA EFILE authorized · Every file reviewed by an accountant · Switching is free — about an hour of your time
Lawyers in Toronto, books handled
Toronto is Canada's largest business market, dense with professional firms, agencies, trades, and fast-growing companies that need their books current and their T2 handled without a spring scramble.
For lawyers specifically, taxifi covers the work below as part of one flat monthly price, with Ontario’s HST, WSIB, and Employer Health Tax handled inside the service:
- Corporate bookkeeping (kept separate from trust accounting)
- Disbursement and WIP tracking
- Payroll for staff and associates
- HST returns prepared and filed
What we take off a Toronto law firm’s plate
Operating books, kept off your trust account
Trust accounting has its own Law Society rules; we keep your firm's operating and corporate books current and coordinate cleanly with your trust records.
WIP and disbursements
Work in progress and disbursements are tracked so revenue reflects the work actually done and billed.
Associate and staff payroll
Payroll runs on schedule with source deductions to CRA on time and T4s ready at year-end.
Why Toronto lawyers choose taxifi
Toronto is Canada's largest and most competitive market. Costs run higher here — rent, wages, insurance — which means margins need watching weekly, not discovered at year-end. The upside of the density is demand; the price of it is that owners who don't know their numbers get outbid by ones who do.
Layer onto that what lawyers deal with everywhere — trust obligations, work-in-progress, and bookkeeping the Law Society expects to be immaculate — and the case for taxifi is simple: books kept current daily by AI, filings reviewed and signed by a Canadian accountant, and the operating books stay clean and the trust records stay untouchable.
Common questions
Can I practise through a professional corporation?
Ontario lawyers can practise through a professional corporation under Law Society rules, with share ownership generally restricted to licensees — and whether it is worth doing depends on how much income you can afford to leave in the corporation. For a Toronto practice, that is a calculation from your real numbers, and it is the kind of advisory taxifi includes rather than bills by the hour.
How is my work-in-progress taxed?
For most professionals, the old ability to exclude work-in-progress from income has been phased out — WIP is now generally brought into income as it accrues, valued under the current rules. Practically, that means unbilled time isn't invisible to tax, and a firm that tracks WIP monthly plans for it while a firm that doesn't meets it at year-end as a surprise.
How does taxifi compare with hiring a downtown Toronto accounting firm?
You get the parts that matter — books kept current, filings done on time, a Canadian accountant reviewing and signing — without the downtown overhead built into the fee or the office visits built into the process. Everything happens online, and the price is one flat monthly amount quoted up front.
I already have a bookkeeper or accountant in Toronto. How hard is switching?
The switch is free: we deal with your current provider directly, collect your file and history, and take over the monthly work. Any catch-up is scoped and priced before you commit. Your part is about an hour, and mid-year is fine.
Your Toronto law firm, books and taxes handled
One flat monthly price for incorporated Ontario businesses, quoted live on a short call.
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