Accounting & Trust Compliance for Law Firms
Trust account reconciliation, Law Society compliance reporting, and professional corporation tax planning for law firms across Southern Ontario.
Why Law Firms Choose Ontario Tax Team
Law firms operate under strict financial regulations that most accountants simply do not understand. Trust accounting is not optional. The Law Society of Ontario requires detailed records, monthly reconciliations, and annual compliance reporting for every firm that handles client funds. Getting it wrong can trigger audits, penalties, or worse.
Ontario Tax Team provides specialized accounting services for law firms across Southern Ontario and the GTA. We understand the difference between trust and general accounts, the rules around retainer handling, and the specific financial reporting the Law Society expects. Our clients range from solo practitioners to mid-size firms with multiple partners.
Beyond compliance, we help lawyers make the most of their professional corporation structure. That means strategic salary vs. dividend planning, corporate tax optimization, and year-end planning that minimizes your overall tax burden. Our founder, Samer Al-Assali, works directly with firm partners to build a financial strategy that supports long-term growth.
Law Firm Accounting & Compliance Services
- Trust account reconciliation and compliance reporting
- Law Society of Ontario financial reporting
- General and mixed trust/general account management
- Accounts receivable and billing integration
- Professional corporation T2 tax returns
- Partner compensation planning and allocation
- Monthly bookkeeping and bank reconciliation
- HST filing for legal services
- Payroll processing for associates and staff
- CRA audit support and correspondence
What's Included
Our law firm packages cover everything from daily trust account management to year-end professional corporation filings.
We reconcile your trust accounts monthly, ensuring every dollar is accounted for and your records meet Law Society of Ontario requirements. No exceptions, no shortcuts.
We prepare your annual Law Society financial filing, including the trust account report. Our team understands the specific format and deadlines the Law Society requires.
Operating through a professional corporation can deliver significant tax savings. We handle your T2 return, salary vs. dividend planning, and corporate year-end optimization.
Legal billing is complex. We track outstanding invoices, manage retainer drawdowns, and provide aging reports so you know exactly where your receivables stand.
For multi-partner firms, we help structure compensation arrangements, calculate distributions, and ensure each partner receives accurate T4 or T5 reporting.
Profit and loss statements, balance sheets, and cash flow reports delivered monthly. You get a clear picture of firm performance without digging through spreadsheets.
Law Firm Accounting FAQs
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