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Cost of a CPA vs. Cost of a bookkeeper: Which one is right for your needs?
July 23, 2026
At a Glance. In Quebec, a bookkeeper typically charges $40 to $60 per hour for data entry, bank reconciliation, and GST/QST remittances, which usually amounts to $500 to $2,500 per year for a small business. A CPA, on the other hand, 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 fee is around $3,000 per year, according to the Bankeo Fee Barometer. The shift toward the bookkeeper-plus-CPA combination typically occurs around the time of incorporation and involves three to five hours of bookkeeping per month.
“CPA or bookkeeper?” This question comes up constantly in the inquiries Bankeo receives, more than 15,000 since 2023. And it’s often framed incorrectly: in most cases, the real question isn’t “which one to choose,” but “which one for which task, and when to use both.” Paying a CPA to enter invoices means paying a high rate for work that doesn’t warrant it. Entrusting your company’s tax returns to someone who has never prepared financial statements is cutting corners in the wrong place.
So we compared two segments of the Bankeo Fee Barometer, bookkeeping services and CPA services, and identified the exact point at which the combination of both becomes more cost-effective than hiring a single professional. If your needs are limited to day-to-day tasks, our guide to Monthly Cost of Bookkeeping in Quebec Let’s take a closer look.
These two professions complement each other more than they compete, but they’re not in the same league.
“CPA” is a protected title regulated by the Ordre des CPA du Québec. “Bookkeeper,” on the other hand, is not a protected title: anyone can call themselves a bookkeeper, with no minimum training required. Before entrusting your books to someone, check their experience, references, and the Tools they use. Professionals in the Bankeo network are vetted before being introduced to you.
Here are the actual fees for engagements arranged through Bankeo when bookkeeping services are separated from CPA engagements. The ranges cover the majority of cases; complex cases may exceed the upper limit of the range.
| Barometer Section | What the retainer covers | Observed annual range | Typical Billing |
|---|---|---|---|
| Bookkeeping Only | Data entry, bank reconciliation, GST/QST remittances, basic payroll | $500 to $2,500 | $40 to $60 per hour or a monthly flat fee |
| Year-End CPA Services (Incorporated Company) | Financial Statements, T2, and CO-17, Basic Tax Advice | $1,200 to $3,500 | Annual flat fee |
| Bookkeeper + CPA Duo | Monthly Operations, Year-End Closing, and CPA Strategy | $2,500 to $6,000 | Monthly fee + annual fee |
| All types of accounts combined | All Barometer Reports | Median of about $3,000, with most ranging from $500 to $6,000 | Depending on the scope of services |
Based on actual fees from 1,248 contracts signed through Bankeo (2024-2026), out of more than 15,000 requests received. The Bankeo Fee Barometer breaks down these ranges by sector and type of engagement. For tax services alone, see also our article on the Cost of a business tax return prepared by an accountant.
When we sort the 1,248 engagements by amount, a pattern emerges. Cases under $1,500 per year are almost all unincorporated businesses served by a single professional: a bookkeeper for day-to-day tasks, or an accountant who handles everything, from organizing documents to filing T1 and TP1 returns. Above $3,000 per year, the opposite is true: the vast majority of cases combine ongoing bookkeeping with a CPA engagement at year-end. In between lies the tipping point, and three factors drive businesses to cross that threshold.
An incorporated company must file a T2 return with the federal government and a CO-17 return in Quebec, supported by financial statements. This is work for a CPA. Incorporation also raises important financial considerations: salary versus dividends, tax deferral, and the executive’s RRSP and TFSA contributions. In Bankeo mandates, incorporation is the clearest trigger for switching to the dual-professional model.
About three to five hours of bookkeeping per month, often when a business exceeds the $30,000 threshold for taxable sales and must register for GST and QST, the day-to-day workload becomes too burdensome for the business owner and too expensive to entrust to a CPA at their hourly rate. This is the point at which hiring a bookkeeper almost automatically pays for itself: each hour outsourced costs $40 to $60 instead of $100 to $300.
Payroll involves source deductions to be remitted to the CRA and Revenu Québec, followed by year-end T4s and RL-1 slips. Late filing results in penalties. Most businesses therefore outsource payroll to a bookkeeper and retain a CPA for compliance and strategy.
In practical terms, here’s the calculation for a corporation with about four hours of bookkeeping per month.
| Option | Approximate annual cost | The Weak Point |
|---|---|---|
| Entrust Everything to a CPA | 4 hours x 12 months x $125 = $6,000, plus a year-end fee of approximately $1,800: approximately $7,800 | You pay the CPA rate for data entry |
| Bookkeeper + CPA Duo | 4 hours x 12 months x $50 = $2,400, plus about $1,800 at the end of the year: approximately $4,200 | Two professionals to coordinate |
| Do It Yourself + CPA at Year-End | About $1,800, plus about 50 hours of your time | Additional fees will apply if the books are not kept properly |
The break-even point is clear: with about three to five hours of bookkeeping per month, the difference between a bookkeeper’s rate and a CPA’s rate alone covers the cost of the year-end filing. Below that volume, a single professional is sufficient. Above that, the two-person team almost always comes out ahead, often by several thousand dollars a year.
Now it’s time to choose the billing method: our comparison Hourly rate or flat fee shows which option best protects your budget based on your profile. And if you want to see specific examples, browse through the Vetted accountants in the Bankeo network.
Describe your situation: Bankeo will connect you, for free, with vetted accountants from its network of over 1,500 partners, including several CPAs who are members of the Ordre des CPA du Québec, often within 48 hours. Free service, no obligation, rated 4.7/5 based on over 180 Google reviews. And we’re always here to support you.
Find my accountantA bookkeeper handles day-to-day tasks: recording transactions, bank reconciliation, GST and QST remittances, and basic payroll. A CPA holds a protected title and is regulated by the Ordre des CPA du Québec: they prepare financial statements and corporate tax returns (T2 and CO-17), provide tax advice, and sign off on certification engagements (audits, reviews), which are reserved exclusively for them.
Typically $40 to $60 per hour, or a monthly flat rate. According to the Bankeo Fee Barometer, most bookkeeping-only contracts range from $500 to $2,500 per year for a self-employed individual or small business, with higher costs for accounts with a high volume of transactions.
A CPA’s hourly rate is usually between $100 and $300. For a corporation, year-end services (financial statements, T2, and CO-17) generally cost between $1,200 and $3,500. Across all engagements, the median is approximately $3,000 per year, and most engagements range from $500 to $6,000, based on the actual fees from 1,248 engagements arranged through Bankeo.
Once your business is incorporated, and at the very least by the end of the year, the T2 and CO-17 tax returns and financial statements require expertise that basic bookkeeping does not provide. The bookkeeper maintains accurate books throughout the year, while the CPA turns them into tax returns and provides advice. This is the most common combination for contracts arranged through Bankeo that exceed $3,000 per year.
For an individual or a self-employed person (T1 and TP1), there’s nothing stopping you from doing it yourself, and many people do it very well. For an incorporated company, the T2 and CO-17 returns are based 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 who hold a public accounting license.
Bankeo data identifies three key factors: incorporation, a monthly bookkeeping workload of approximately three to five hours, and hiring your first employee. From that point on, entrusting day-to-day tasks to a bookkeeper and year-end tasks to a CPA is generally less expensive than entrusting everything to the CPA, often resulting in a difference of several thousand dollars per year.
General information provided for informational purposes only, based on known 2026 tax rules. It is not a substitute for the advice of a Chartered Professional Accountant (CPA): always consult a professional regarding your specific situation.
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