Accounting across Canada
Accounting and Tax Guide for London Businesses
London service firms should compare work performed with amounts billed and cash collected, and review unbilled work and receivables each month end.
By HBT AccountingSources checked 7 min read
Key points
- London businesses generally manage CRA income tax, payroll, and HST accounts alongside Ontario corporate requirements. Service firms should connect time, billing, collections, payroll, and owner compensation to one monthly close.
- Statistics Canada reported 543,551 people in the London census metropolitan area in the 2021 Census. This is census metropolitan area data, not a municipal population.
- HBT Accounting works from Calgary, Alberta and can discuss suitable remote engagements across Canada. This page does not represent a London office.
What the official London data shows
Statistics Canada ranked the London census metropolitan area number 11 among Canadian census metropolitan areas by 2021 population. The official table reports 543,551 people across 2,661.48 square kilometres. That is about 204 people per square kilometre.
| Measure | Result |
|---|---|
| Population | 543,551 |
| Land area | 2,661.48 km2 |
| Population density | 204 people per km2 |
| National CMA rank | Number 11 |
Build the federal and Ontario reporting map
A profitable month on an accrual report can still create cash pressure when work is not billed promptly or receivables are not followed up. The records should reconcile time or service delivery to invoices, review receivable aging, and separate reimbursements from fee revenue. For GST or HST, the applicable rate can depend on the supply and the CRA place of supply rules, not simply the city shown on the invoice. A separate provincial sales tax requires its own current provincial review.
A practical accounting focus for London
The local example is professional service revenue, unbilled work, payroll, and cash collections.
The decision focus is whether the owner can see the difference between work performed, amounts billed, cash collected, and tax owing.
- Review unbilled work before month end
- Reconcile invoices to service records
- Follow receivable aging consistently
- Forecast HST and payroll payments from current balances
Official sources
Call or email and we will tell you which records we need and what the work costs, in writing, before anything starts.
Important. This article provides general educational information, not legal or tax advice for a specific business. Rules, administrative policies, rates and deadlines can change. Confirm your facts and current obligations with the responsible government agency and a qualified adviser.