Lawyers & Law Firms · London, Ontario
Accounting and tax for lawyers and law firms in London, Ontario
Trust accounting, professional corporations and partner pay. We know the rules law firms work under, so you can focus on your clients.
What we handle
The tax and bookkeeping issues lawyers face
Trust account reconciliations
The Law Society of Ontario requires monthly trust comparisons. We reconcile your trust and general accounts every month so your records are always ready.
Professional corporation tax
Practising through a professional corporation can lower the tax you pay today. We prepare the T2 and plan around it all year.
Paying yourself
Salary, dividends or a mix. We model the options so you keep more of what you bill.
HST on fees and disbursements
Legal services are generally taxable. We keep your HST filings accurate, including how disbursements are treated.
How we help
Services for lawyers
Every law firm we work with gets a CPA who knows the industry, plain English answers and a secure online client portal.
Questions
Frequently Asked Questions
Should I practise through a professional corporation?
It often makes sense once you earn more than you need to live on, because income kept in the corporation can be taxed at a lower rate until you take it out. We run the numbers for your situation before you decide.
Can you help with my Law Society annual report?
Yes. We keep your trust records reconciled through the year so the financial parts of your report are straightforward.
Do you work with sole practitioners?
Yes. Sole practitioners and small firms are a great fit for us.
What our clients say
★★★★★
She takes the time to explain, educate and answer any questions. She simplified concepts and used examples that made it easier to absorb.
Amanda V
★★★★★
She has helped us with business and personal income tax for several years and we are ever so thankful for her expertise.
Joan B
★★★★★
Her friendly manner, professionalism and attention to detail is very impressive. I highly recommend Major Tax & Accounting.
Sandra R
Other industries we serve
We work with all kinds of owner managed businesses
Let’s talk about your firm.
Book a 15 minute call. We’ll listen, ask a few questions and tell you exactly how we can help.