What services does Novack CPA provide?
We provide tax planning and compliance, compilation engagements, fractional CFO services, and transaction support for healthcare professionals, small to mid-sized businesses, and professional corporations. We work with physicians, dentists, consultants, technology companies, service businesses, and entrepreneurs to optimize tax strategies and corporate structures.
Do you work with clients outside of Toronto?
Yes. While we’re based in Toronto, we serve clients across Ontario and can work with professional corporations and businesses throughout Canada. Most of our services are delivered virtually, making location a non-issue.
What's the difference between a T2 corporate return and a T1 personal return?
Your T2 is filed for your corporation and reports the corporation’s income, expenses, and taxes owing. Your T1 is your personal tax return that reports your salary, dividends, and other personal income. If you operate through a corp, you’ll need both filed annually.
How much can I hold in my (professional) corporation before facing passive income tax issues?
Once your corporation’s investment income exceeds $50,000 annually, you start losing access to the small business deduction on active business income. This is the passive income grind. We help you plan around this by optimizing dividend timing, investment structures, and corporate asset deployment
Should I take salary or dividends from my corporation?
Depends on your situation. Salary creates RRSP room and CPP contributions, reduces corporate tax, but costs you and the corp payroll taxes. Dividends are tax-efficient if you’re in lower personal brackets but don’t create RRSP room. We model both scenarios based on your income needs, retirement planning, and overall tax picture.
What's included in your fractional CFO service?
Cash flow management, financial forecasting, KPI tracking, transaction preparation (for buying/selling), banking relationship management, and strategic advisory. You get CFO-level insight without the full-time salary. Typical engagements run $2,500-$5,000+/month depending on complexity.
When should I incorporate my practice?
Generally when you’re earning over $100,000 and don’t need all the income personally. Incorporation lets you defer tax by keeping money in the corp at lower rates, income split with family members (within new TOSI rules), and build passive investment portfolios. We’ll model the breakeven for your specific situation.
Do you handle HST returns and payroll remittances?
Yes. We file HST returns (monthly, quarterly, or annually depending on your filing frequency) and handle full-cycle payroll including remittances, T4s, and year-end reconciliation. This is typically bundled into our annual service packages.
What's your pricing structure?
We work on fixed-fee arrangements so you know costs upfront. Personal tax returns start at $599. Corporate compliance packages (T2 + personal T1 + HST + payroll) range from $2,400 to $5,000+ annually depending on complexity and transaction volume. Fractional CFO engagements, bookkeeping and transaction advisory are scoped separately based on your needs. No hourly billing surprises.
How quickly do you respond to client questions?
mail inquiries get responses within 24 business hours. Urgent items (CRA notices, time-sensitive transactions) get same-day attention. During tax season (Feb-April), response times may extend to 48 hours but we triage based on urgency.