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Cost of a CPA vs. cost of an accountant: which one best suits your needs
22/7/2026
In short. In Quebec, an accountant typically charges $40 to $60 per hour for data entry, bank reconciliations, and VAT remittances, which usually amounts to $500 to $2,500 per year for a small business. A CPA typically charges $100 to $300 per hour, and a year-end engagement for an incorporated company (financial statements, T2 and CO-17) generally ranges from $1,200 to $3,500. Across all engagements, the median is around $2,000 per year, according to the Bankeo Barometer. The transition to a combined accountant and CPA team usually occurs around the time of incorporation and involves three to five hours of accounting per month.
“CPA or accountant?” This question comes up constantly in the requests Bankeo receives—more than 15,000 since 2023. And it’s often poorly framed: in most cases, the real question isn’t “which one to choose,” but “which one for which task, and when should we use both?” Paying a CPA for invoice entry is paying a high rate for work that doesn’t require it. Entrusting your company’s tax returns to someone who has never prepared financial statements is saving money in the wrong place.
We therefore compared two segments of the Bankeo Barometer: bookkeeping mandates and CPA mandates, and then looked for the precise point at which the combination becomes more economical than a single professional. If your needs are limited to day-to-day operations, our guide to the cost of monthly bookkeeping in Quebec goes into more detail.
The two professions complement each other more than they compete, but they do not play in the same league.
"CPA" is a protected title, regulated by the Quebec CPA Order. "Bookkeeper," however, is not a protected title: anyone can call themselves an accountant, without any minimum training required. Before entrusting your books to someone, verify their experience, references, and the tools they use. Professionals in the Bankeo network are vetted before being recommended to you.
Here are the actual fees for mandates completed through Bankeo when separating the accounting for CPA mandates. The ranges cover the majority of cases; complex cases may exceed the upper end of the range.
| Barometer Segment | What the mandate covers | Annual range observed | Typical billing |
|---|---|---|---|
| Bookkeeping alone | Seizure, bank reconciliation, VAT remittances, basic payroll | $500 to $2500; | $40 to $60 per hour or monthly package |
| Year-end CPA (incorporated company); | Financial statements, T2 and CO-17, basic tax advice | $1,200 to $3,500 | Annual Plan |
| Accountant + CPA Duo | Daily life by month, the end of the year and strategy at the CPA | $2,500 to $6,000; | Monthly plan + annual plan |
| All mandates combined | All the files from the Barometer | Median price around $2,000, most between $500 and $6,000 | According to the mandate |
Based on the actual fees of 1,248 mandates completed via Bankeo (2024-2026), out of more than 15,000 requests received. The Bankeo Barometer details these ranges by sector and mandate type. For information on taxes considered separately, see also our article on the cost of a business tax return prepared by an accountant .
When the 1,248 engagements are sorted by amount, a pattern emerges. Those under $1,500 per year are almost all unincorporated businesses served by a single professional: a day-to-day bookkeeper, or an accountant who handles everything from filing documents to preparing T1 and TP1 tax returns. Above $3,000 per year, the opposite is true: the vast majority of engagements combine ongoing bookkeeping with a year-end CPA engagement. Between these two thresholds lies the tipping point, and three triggers cause businesses to cross it.
An incorporated company must file a T2 return federally and a CO-17 return in Quebec, supported by financial statements. This is a CPA's responsibility. Incorporation also raises important questions: salary versus dividends, tax deferral, and contributions to the manager's RRSP and TFSA. In Bankeo mandates, incorporation is the clearest trigger for transitioning to a dual-ownership structure.
With approximately three to five hours of bookkeeping per month, often around the time a business exceeds the $30,000 threshold for taxable sales and must register for VAT, the daily workload becomes too heavy for the entrepreneur and too expensive to outsource to a CPA at their hourly rate. This is the point at which the accountant's services become almost automatically profitable: each hour outsourced costs $40 to $60 instead of $100 to $300.
Payroll processing involves source deductions (DAS) to be remitted to the IRS and Revenu Québec, followed by year-end T4 and Relevé 1 slips. Late filing incurs penalties. Most businesses therefore delegate payroll to their accountant and retain the CPA for compliance and strategy.
In concrete terms, here is the calculation for a company formed with approximately four hours of bookkeeping per month.
| Option | Approximate annual cost | The weak point |
|---|---|---|
| Entrust everything to the CPA | 4 hours x 12 months x $125 = $6,000, plus a year-end mandate of approximately $1,800: approximately $7,800 | You pay the CPA rate for data entry |
| Accountant + CPA Duo | 4 hours x 12 months x $50 = $2,400, plus approximately $1,800 at the end of the year: approximately $4,200 | Two actors to coordinate |
| Do everything yourself + CPA at the end of the year | Approximately €1,800, plus about fifty hours of your time | An additional fee will be charged for remedial work if the books are poorly kept. |
The tipping point is clear: with around three to five hours of bookkeeping per month, the difference between an accountant's rate and a CPA's rate alone covers the year-end engagement. Below this volume, a single professional is sufficient. Above it, the duo almost always earns, often by several thousand dollars each year.
The next step is to choose your billing method: our hourly rate vs. flat fee comparison shows which best protects your budget based on your profile. And if you'd like to see some real-life profiles, browse the audited accountants in the Bankeo network .
Describe your situation: Bankeo connects you, free of charge, with verified accountants from its network of over 1,500 partners, including several CPAs who are members of the Quebec CPA Order, often within 48 hours. This free, no-obligation service is rated 4.7/5 based on over 180 Google reviews. And we're always there to support you.
Find my accountantThe accountant handles day-to-day operations: transaction entry, bank reconciliation, VAT remittances, and basic payroll. The CPA holds a protected title, regulated by the Quebec CPA Order: they prepare financial statements and corporate tax returns (T2 and CO-17), provide tax advice, and sign assurance engagements (audits, reviews), which are reserved for their professional practice.
Typically $40 to $60 per hour, or a monthly fee. In the Bankeo Barometer, most bookkeeping-only mandates range from $500 to $2,500 per year for a freelancer or small business, and more for high-volume transaction files.
A CPA's hourly rate is most often between $100 and $300. For an incorporated company, the year-end engagement (financial statements, T2 and CO-17) typically costs between $1,200 and $3,500. Across all engagements, the median is approximately $2,000 per year, and most engagements fall between $500 and $6,000, based on the actual fees of 1,248 engagements completed through Bankeo.
As soon as your business is incorporated, yes, at least by the end of the year: T2 and CO-17 returns and financial statements require expertise that accounting alone cannot provide. The accountant prepares accurate books throughout the year, and the CPA transforms them into tax returns and provides advice. This is the most common partnership for engagements completed through Bankeo for amounts exceeding $3,000 per year.
For an individual or a self-employed person (T1 and TP1), there's no prohibition against it, and many do it very well. For an incorporated company, T2 and CO-17 returns rely on financial statements: this is the CPA's domain. And if your bank or an investor requires a review engagement or an audit, certification is reserved for CPAs holding a public accounting license.
Bankeo's data reveals three triggers: incorporation, approximately three to five hours of bookkeeping per month, and hiring a first employee. From that point on, outsourcing day-to-day operations to an accountant and year-end closing to a CPA is generally less expensive than handling everything with a CPA, often with a difference of several thousand dollars annually.
General information provided for guidance purposes only, reflecting the current 2026 tax regulations. It does not replace the advice of an accountant or chartered accountant: always consult a professional for your specific situation.
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