Accounting for restaurants in Toronto
Restaurants run on thin margins, daily sales across cash, card, and delivery apps, food and liquor inventory, and a mix of tipped and hourly staff. 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
Restaurants 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 restaurants 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:
- Daily sales reconciled across POS, card, and delivery apps
- Food and beverage inventory tracked
- Payroll for tipped and hourly staff
- HST returns prepared and filed
What we take off a Toronto restaurant’s plate
Reconciling every payment channel
Cash, card, and delivery-app payouts rarely match your sales on their own. We reconcile Uber Eats, DoorDash, and SkipTheDishes to your POS so nothing is double-counted or missed.
Food and beverage inventory
Inventory and cost of goods are tracked so you can see real margin, not just what's left in the bank.
Tipped and hourly payroll
Tipped and hourly staff are handled with source deductions remitted to CRA on time and T4s ready at year-end.
Why Toronto restaurants 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.
For Toronto's restaurants, the day-to-day reality is thin margins, daily cash, tip handling, and a payroll roster that never sits still. taxifi's AI keeps the books current every day and a Canadian accountant reviews and signs the filings, so you know your food and labour costs weekly instead of discovering them at year-end.
Common questions
Is everything on my menu subject to HST?
Restaurant meals in Ontario are taxable — prepared food is not the same as groceries — and catering, delivery platforms, and packaged retail items can each have their own wrinkles. The safe structure is a point-of-sale configured correctly once, feeding books that are reconciled daily, so the HST return is an output instead of a quarterly research project.
Staff turnover is constant. What does that mean for my payroll?
Every departure needs a Record of Employment, every hire needs TD1s and correct setup, and everyone who worked even a week needs a T4 in February — turnover multiplies paperwork exactly where restaurant owners have the least spare time. taxifi runs the payroll cycle inside the flat monthly price, so a revolving roster stops being a compliance risk.
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 restaurant, books and taxes handled
One flat monthly price for incorporated Ontario businesses, quoted live on a short call.
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