Reviews

Top Accounting Firms in Toronto

Zawwad Ul Sami

09 Mar 2024 • 14 min read

Navigating the financial landscape in Toronto can be overwhelming, whether you're managing a business, handling personal taxes, or seeking specialized advisory services.

The right accounting firm isn’t just about crunching numbers—it’s about strategic guidance, compliance, and long-term financial growth.

In this article, we break down the leading accounting firms in Toronto, what they offer, and how to choose the one that fits your unique needs.

A List of The Top Accounting Firms in Toronto

Choosing the right accounting firm can be a game-changer for businesses and individuals alike. Below is a quick list of some of the city’s top accounting firms before we explore their specialties in detail.

Collins Barrow (Baker Tilly Canada) – A strong mid-market firm known for personalized accounting, tax, and advisory services.
BDO Canada – Offers audit, tax, and consulting services with a focus on digital solutions and industry expertise.
MNP – One of Canada’s largest firms, specializing in tax, assurance, and business consulting for various industries.
Grant Thornton – Provides tailored financial services, from audit and tax planning to risk management and advisory.
Ernst & Young (EY Canada) – A global powerhouse offering financial strategy, risk assessment, and technology-driven accounting solutions.
PwC Canada – Specializes in audit, tax, and business consulting, with a strong reputation for corporate advisory services.
KPMG Canada – A leading firm known for its expertise in audit, tax, and advisory services across multiple industries.
Deloitte Canada – One of the “Big Four,” offering comprehensive financial services, including digital transformation and risk management.

What an Accounting Firm Does & Why You May Need One

Accounting firms do much more than just balance the books—they provide essential financial services that help businesses and individuals stay compliant, optimize taxes, and plan for long-term success.

Below, we break down the key services they offer and why hiring an accounting firm can be a smart move.

Key Services Provided by Accounting Firms

Accounting firms offer a range of services tailored to different financial needs. Whether you’re a small business owner or managing corporate finances, these are some of the core services they provide.

Auditing & Assurance: Audits help ensure accuracy in financial statements and build trust with investors, lenders, and regulatory bodies. Assurance services go beyond audits, providing deeper insights into financial health.

Bookkeeping & Financial Management: Proper bookkeeping is the foundation of strong financial management. Firms help track expenses, manage cash flow, and maintain accurate financial records, ensuring stability and informed decision-making.

Tax Planning & Compliance: From minimizing tax liabilities to ensuring compliance with CRA regulations, accounting firms help individuals and businesses navigate the complexities of tax laws while maximizing savings.

Business Advisory & Consulting: Beyond traditional accounting, many firms offer strategic advice to help businesses grow, manage risks, and improve profitability through data-driven insights and financial planning.

Why Hiring an Accounting Firm is Beneficial

Working with a professional accounting firm goes beyond convenience—it can be a strategic advantage. Here’s why:

Expertise & Compliance with Regulations: Tax laws and financial regulations are constantly evolving. Accounting firms stay up to date, ensuring you remain compliant while avoiding costly mistakes.

Long-Term Financial Planning Support: Whether it's tax efficiency, investment planning, or succession strategies, accountants provide valuable guidance for long-term financial health.

Assistance with Risk Management & Legal Requirements: Financial risks and legal complexities can threaten business stability. An accounting firm helps identify risks, ensure proper documentation, and protect assets against unforeseen challenges.

A Detailed Comparison Between The Top Firms in Toronto

Baker Tilly Canada

Baker Tilly Canada is one of the country’s largest associations of chartered professional accounting firms, offering a full range of audit, tax, and advisory services.

With independent member firms across the country and a global presence through Baker Tilly International, the firm serves businesses of all sizes, from owner-managed enterprises to large, publicly traded companies.

Their expertise spans multiple industries, providing customized financial solutions backed by a strong reputation for service excellence.

Services Offered

Baker Tilly Canada provides a comprehensive range of services, including:

Assurance Services: Audit, financial reporting, and corporate governance for private and public companies.
Tax Services: Tax advisory, cross-border tax planning, transfer pricing, and U.S. corporate tax.
Transaction Advisory: Corporate finance, restructuring, valuations, and M&A support.
Consulting Services: HR advisory, legal services, and business advisory.
Digital Services: Cybersecurity, data solutions, and digital transformation consulting.
Other Advisory Services: Forensic accounting, litigation support, grants and incentives, and succession planning.

Notable Features & Strengths

National & Global Reach: With offices across Canada and a presence in 141 countries, Baker Tilly offers both local expertise and international connections.
Industry-Specific Expertise: The firm provides tailored solutions for various industries, from private enterprises to public markets.
Comprehensive Tax Support: Specializes in domestic, cross-border, and international tax planning, helping businesses optimize their tax strategies.
Innovative Digital Solutions: Offers cybersecurity, data analytics, and technology advisory services to help businesses adapt to digital transformation.
Strong Advisory Services: Beyond accounting, Baker Tilly provides business strategy, restructuring, and succession planning support.

BDO Canada

BDO Canada stands out as a leading accounting and advisory firm that blends traditional financial expertise with modern, technology-driven solutions.

Established as a trusted partner for businesses across various industries, BDO offers a broad spectrum of services, from audit and tax planning to digital transformation and risk management.

Its expansive reach includes offices across Canada and a global network spanning 162 countries, allowing it to support both local enterprises and multinational corporations.

Services Offered

BDO Canada provides a wide array of financial and advisory services, including:

Audit & Assurance: Comprehensive financial audits, corporate governance consulting, and ESG compliance.
Tax Services: Strategic tax planning, international tax solutions, and risk mitigation.
Financial Advisory: Business valuations, corporate restructuring, and transaction support.
Business Services & Outsourcing: Cloud accounting, payroll management, and CFO services.
Management Consulting: Data-driven strategy, process optimization, and operational improvements.
BDO Digital: Cybersecurity, cloud integration, and automation technology solutions.
Legal Services: Corporate legal advisory, regulatory compliance, and business structuring.

Notable Features & Strengths

Strong Industry Presence: BDO serves a diverse range of industries, including finance, manufacturing, technology, and real estate.
Emphasis on Innovation: The firm integrates cutting-edge digital solutions, such as automation and cybersecurity, to help businesses stay ahead.
Global and Local Reach: While deeply rooted in Canada, BDO’s international network allows clients to scale beyond borders.
Sustainability Leadership: The firm actively invests in environmental and social responsibility, reflecting its commitment to long-term business resilience.
Award-Winning Workplace Culture: Regularly recognized among Canada’s top employers, BDO fosters a professional environment that attracts top talent.

MNP

MNP is a proudly Canadian accounting and consulting firm that has grown into one of the country’s largest professional service providers.

Founded in 1958 in Brandon, Manitoba, MNP has expanded nationwide with over 150 offices and nearly 9,000 team members.

Unlike many firms with an international focus, MNP remains deeply rooted in Canada, offering tailored financial and advisory solutions to individuals, businesses, and organizations across a wide range of industries.

With a commitment to community engagement and client-focused service, MNP is recognized for its hands-on, personalized approach to accounting, tax, and consulting.

Services Offered

MNP provides a wide range of financial and advisory services, including:

Assurance & Accounting: Audits, financial reporting, and compliance services.
Tax Services: Corporate tax, personal tax, international tax, and tax controversy resolution.
Consulting: Business transformation, data analytics, and organizational renewal.
Corporate Finance: Mergers & acquisitions, divestitures, and financial due diligence.
Digital Services: Cybersecurity, cloud services, IT consulting, and application development.
Enterprise Risk: Governance, internal audit, business resilience, and fraud prevention.
Forensics & Litigation Support: Regulatory compliance, digital forensics, and workplace investigations.
Insolvency & Restructuring: Financial recovery solutions for individuals and businesses.
Valuations: Business transactions, financial reporting, and litigation support.

Notable Features & Strengths

Canadian-Focused Approach: Unlike many global firms, MNP is dedicated to providing solutions specifically tailored to the Canadian market.
Community-Driven Philosophy: The firm places strong emphasis on supporting local businesses and giving back to communities across the country.
Industry-Specific Expertise: MNP serves a wide range of industries, including agriculture, financial services, technology, and real estate.
Praxity Global Network: While rooted in Canada, MNP provides international business support through its partnership with Praxity, a global alliance of independent firms.
Comprehensive Digital Services: From cybersecurity to cloud-based financial management, MNP offers modern digital solutions to help businesses adapt to evolving technology trends.

Doane Grant Thornton

Doane Grant Thornton is a leading Canadian accounting and advisory firm with a strong focus on helping businesses navigate an ever-changing economic landscape.

Grant Thornton has over 4,700 professionals across Canada. The firm delivers tailored audit, tax, and business advisory services to privately owned, publicly listed, and public sector organizations.

Its people-first approach and emphasis on collaboration set it apart, ensuring clients receive insightful, forward-thinking financial guidance.

Services Offered

Doane Grant Thornton provides a diverse range of financial and consulting services, including:

Audit Services: Financial statement audits, regulatory trust audits, and compliance reviews.
Tax Services: Government incentives, tax compliance, succession planning, and international tax strategies.
Advisory Services: Business consulting, restructuring, cybersecurity, and forensic investigations.
Private Business Services: Cloud accounting, personal and corporate tax advisory, and financial statement preparation.
Industry-Specific Expertise: Tailored financial strategies for sectors including agriculture, cannabis, real estate, financial services, and manufacturing.

Notable Features & Strengths

Balanced Local & Global Perspective: Doane Grant Thornton combines deep Canadian market expertise with a global outlook through its international network.
Hands-On Business Consulting: The firm goes beyond traditional accounting, helping companies re-engineer business models and optimize revenue.
Strong Private Business Support: Specializes in advising family-owned businesses and private enterprises on growth, succession, and tax planning.
Cybersecurity & Risk Management Expertise: Provides organizations with robust cybersecurity strategies and governance solutions to mitigate financial risk.
Commitment to Community & Sustainability: Actively invests in ESG (Environmental, Social, and Governance) initiatives and diversity programs.

Ernst & Young (EY Canada)

Ernst & Young (EY) Canada is one of the largest professional services firms in the country, offering a wide range of accounting, tax, and consulting services.

With a mission centered on "building a better working world," EY helps businesses navigate complex financial landscapes, manage risk, and drive long-term growth.

The firm operates as part of EY Global, a vast network spanning over 150 countries and employing more than 400,000 professionals.

Known for its focus on innovation, sustainability, and digital transformation, EY Canada provides strategic solutions tailored to businesses of all sizes.

Services Offered

EY Canada delivers a broad portfolio of financial and advisory services, including:

Assurance Services: Financial statement audits, regulatory compliance, and corporate governance.
Tax Services: Domestic and international tax strategy, transfer pricing, and government incentives.
Consulting Services: Business transformation, technology integration, and risk management.
Strategy & Transactions: Mergers & acquisitions, valuations, and restructuring services.
EY Private: Specialized advisory services for family businesses, entrepreneurs, and private companies.
Sustainability & ESG Advisory: Corporate responsibility strategies, sustainability reporting, and impact assessments.

Notable Features & Strengths

Global Influence & Expertise: As part of EY Global, the firm offers seamless support for businesses operating across multiple countries.
AI & Digital Innovation: EY leads in technology-driven solutions, including AI-powered financial analysis and digital transformation consulting.
Industry-Specific Advisory: The firm works across diverse industries, from financial services and healthcare to energy and real estate.
Commitment to Sustainability: EY actively invests in ESG initiatives, helping businesses adopt responsible environmental and social practices.
Future-Focused Workforce Development: The firm offers continuous learning opportunities, including its EY Tech MBA, ensuring employees stay ahead in a rapidly evolving market.

PwC Canada

For over a century, PwC Canada has been a trusted advisor to businesses, offering solutions that help organizations tackle financial complexities, regulatory challenges, and digital transformation.

The firm operates across the country, bringing together more than 6,500 professionals who specialize in audit, tax, consulting, and deal advisory.

As part of PwC’s expansive global network, spanning 149 countries and over 370,000 professionals, PwC Canada delivers both deep local expertise and international insights.

Its focus on innovation, sustainability, and strategic growth makes it a leader in guiding businesses toward long-term success.

Services Offered

PwC Canada offers a broad range of professional services, including:

Audit & Assurance: Financial statement audits, risk assurance, and regulatory compliance.
Tax Services: Corporate tax planning, international tax, and indirect tax advisory.
Consulting Services: Cybersecurity, workforce transformation, and business strategy.
Deals & Transactions: Mergers & acquisitions, valuations, and financial due diligence.
ESG & Sustainability: Environmental and social governance consulting, sustainability reporting, and risk management.
Technology & Data Solutions: AI-powered business insights, digital transformation consulting, and cybersecurity.

Notable Features & Strengths

Strong Global Presence: PwC Canada combines local expertise with global resources, ensuring clients receive world-class financial and strategic guidance.
Comprehensive Business Advisory: The firm offers tailored consulting services, helping businesses enhance efficiency, manage risk, and drive growth.
Industry-Specific Expertise: PwC serves a diverse range of industries, including finance, healthcare, real estate, and technology.
Commitment to ESG & Sustainability: With a focus on responsible business practices, PwC helps companies integrate sustainable and socially responsible strategies.
Innovation & Digital Leadership: The firm invests heavily in AI, data analytics, and cybersecurity to equip clients for the future of business.

KPMG Canada

With a legacy spanning over 150 years, KPMG Canada has established itself as a leading professional services firm, offering audit, tax, and advisory solutions to businesses across the country.

Operating in more than 40 locations nationwide, KPMG employs over 10,000 professionals dedicated to helping organizations navigate complex financial, regulatory, and operational challenges.

The firm combines deep industry expertise with innovative, technology-driven solutions, making it a trusted partner for businesses looking to optimize performance, manage risk, and drive sustainable growth.

Services Offered

KPMG Canada delivers a comprehensive range of services, including:

Audit & Assurance: High-quality financial audits, regulatory compliance, and risk assurance.
Tax Services: Corporate tax planning, international tax advisory, and indirect tax solutions.
Advisory Services: Cybersecurity, business transformation, and risk consulting.
KPMG Private Enterprise: Customized solutions for family businesses, entrepreneurs, and private companies.
KPMG Law: Integrated legal advisory services covering corporate structuring, compliance, and litigation.
Environmental, Social & Governance (ESG): Sustainability strategy, impact assessment, and responsible business practices.

Notable Features & Strengths

Strong National Presence: With offices in key business hubs across Canada, KPMG delivers localized expertise tailored to regional markets.
Technology-Driven Solutions: The firm leverages digital innovation, AI, and cybersecurity tools to enhance financial and operational performance.
Industry-Specific Expertise: KPMG serves a wide range of industries, including finance, healthcare, energy, real estate, and technology.
ESG & Sustainability Leadership: The firm aligns its impact strategy with UN Sustainable Development Goals, supporting businesses in ethical and responsible growth.
Commitment to Diversity & Inclusion: KPMG fosters an inclusive work environment and promotes equity across its workforce and client engagements.

Deloitte Canada

Deloitte Canada has built a reputation as one of the country’s most forward-thinking professional services firms, offering expertise in audit, tax, consulting, and risk advisory.

It operates as the largest Canadian-owned firm in its industry, with over 16,000 professionals dedicated to helping businesses navigate financial complexities and strategic growth.

As part of Deloitte’s global network spanning more than 150 countries, the firm seamlessly integrates local expertise with international insights.

Known for its leadership in AI, sustainability, and digital transformation, Deloitte Canada continues to shape the future of business.

Services Offered

Deloitte Canada provides an extensive portfolio of services, including:

Audit & Assurance: Financial audits, risk assurance, and compliance solutions.
Tax & Legal: Corporate tax advisory, international tax planning, and regulatory support.
Consulting: Business transformation, data analytics, AI solutions, and workforce strategy.
Financial Advisory: Mergers & acquisitions, forensic investigations, and economic advisory.
Risk Advisory: Cybersecurity, internal controls, and regulatory compliance consulting.
Deloitte Private: Specialized services for privately owned businesses, family enterprises, and private equity firms.
Sustainability & ESG: Environmental and social impact strategy, governance consulting, and responsible business practices.

Notable Features & Strengths

Largest Canadian-Owned Professional Services Firm: Deloitte Canada is fully Canadian-operated, offering deep local expertise alongside global insights.
Leadership in Innovation & AI: The firm actively invests in AI, automation, and digital transformation through initiatives like Omnia AI and the AI Institute.
Commitment to Sustainability: Deloitte integrates ESG principles into its operations, helping businesses implement responsible and sustainable strategies.
Diverse Industry Coverage: The firm serves sectors ranging from finance and healthcare to real estate, energy, and technology.
Strong Private Business Support: Deloitte Private specializes in guiding mid-market companies, startups, and family-owned businesses through financial growth and succession planning.

How to Choose the Right Accounting Firm in Toronto

Finding the right accounting firm is about more than just crunching numbers—it’s about securing a financial partner that aligns with your business goals and needs.

Whether you’re a startup, a growing enterprise, or a freelancer, making the right choice can save time, money, and stress.

Here’s what to consider when selecting an accounting firm in Toronto.

Understanding Your Business Needs

Before choosing a firm, identify the specific financial services your business requires.

Some firms specialize in tax planning, while others focus on auditing, consulting, or bookkeeping.

Do you need bookkeeping, tax planning, auditing, or financial consulting?
Are you looking for specialized services tailored to startups, corporations, or independent professionals?
Does your business operate in a specific industry that requires niche expertise?

Large vs. Mid-Sized Accounting Firms

Accounting firms vary in size, scope, and service offerings. While global firms bring extensive resources and industry connections, mid-sized and boutique firms often provide more personalized service.

Global firms (Deloitte, KPMG, PwC): Best for large corporations needing international tax support and complex financial strategies.
Mid-sized firms (BDO, MNP): Offer a balance between expertise and personalized attention, ideal for growing businesses.
Cost vs. Service Depth: Larger firms may charge higher fees but offer more comprehensive services, while smaller firms can provide tailored solutions at a lower cost.

Key Factors to Consider

Not all accounting firms are the same. Evaluate these crucial factors before making your decision:

Industry Specialization: Does the firm have experience working with businesses in your sector (tech, healthcare, retail, etc.)?
Pricing Structure: Do they offer fixed fees or charge hourly rates? Which model works best for your budget?
Technology & Software: Are they using modern, cloud-based accounting tools to streamline financial processes?
Availability & Customer Service: Will you receive one-on-one guidance, or will you be working with multiple accountants?

By considering these factors, you can confidently choose an accounting firm that aligns with your business needs and financial goals.

Pro Tip: Use Convert My Bank Statement, to convert PDF bank Statements to Excel or CSV.

Conclusion

Finding the right accounting firm in Toronto can significantly impact your financial success. Whether you need tax planning, auditing, or business advisory, choosing a firm that aligns with your needs is crucial.

Larger firms like Deloitte and KPMG offer extensive global expertise, while mid-sized firms such as BDO and MNP provide a more personalized approach.

As businesses increasingly embrace digital finance solutions, tools like Convert My Bank Statement can help streamline your records before working with an accountant.

By assessing your needs, comparing firms, and leveraging financial technology, you can confidently choose a partner that supports your long-term financial goals.

FAQs

1. What should I do before hiring an accounting firm?

Before engaging an accounting firm, make sure you clearly define your financial needs. Gather key documents like tax returns, financial statements, and bank records.

If you have multiple accounts or transactions to organize, consider using Convert My Bank Statement to format and streamline your financial data before presenting it to your accountant.

2. How much does it typically cost to hire an accounting firm in Toronto?

The cost varies depending on the firm’s size, reputation, and services offered. Large firms like Deloitte and PwC may charge premium fees for complex financial advisory, while mid-sized firms such as BDO or MNP often offer more flexible pricing.

Some firms charge hourly rates, while others provide fixed-fee packages for specific services.

3. Can an accounting firm help me with financial automation and digital record-keeping?

Yes! Many firms now offer digital accounting solutions, cloud bookkeeping, and AI-driven financial analysis.

If you’re looking to modernize your financial processes, starting with Convert My Bank Statement can help you transform raw bank data into structured financial records.

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