Tax Planning, Accounting and Bookkeeping for Lawyers
Specialized tax strategies and compliance support for Canada’s legal professionals.
Comprehensive Accounting for Lawyers at Every Stage of Practice
Whether you are running a solo practice, managing a boutique law firm, or serving as corporate counsel, Dexado Accounting & Tax provides the clarity and structure you need to secure your financial future.
Our strength lies in tax planning for lawyers – proactive strategies that reduce liabilities, protect against CRA audits, and ensure your practice complies with provincial law society trust accounting rules. Combined with reliable bookkeeping and accounting support, we give you peace of mind today and stronger wealth-building opportunities for tomorrow.
Our Services for Law Firms and Legal Professionals
Bookkeeping Services for Lawyers
We manage the day-to-day bookkeeping your practice needs, including trust reconciliations, client retainers, expense tracking, and year-end reporting. Everything is prepared to be fully audit-ready for your provincial law society and CRA.
Accounting Services for Lawyers
Our accounting services are tailored to the dynamics of law firms. We help you track profitability by matter, manage overhead, and prepare financial statements that give you clarity at every stage of practice.
Tax Planning for Lawyers in Canada
Tax planning is where Dexado excels. We go beyond filing returns to design long-term strategies that minimize your tax bill while protecting your practice from CRA scrutiny. Services include:
• Professional corporation optimization
• Partnership and income-sharing strategies
• Goods and Services Tax / Harmonized Sales Tax compliance
• Salary and dividend planning
• Retirement and succession strategies
• Use of holding companies for investments and office real estate
CFO Advisory for Law Firms
For firms looking to expand, our CFO advisory services provide added depth. We offer budgeting, forecasting, and profitability analysis - helping you scale with confidence. While tax planning is our primary focus, CFO support is available to clients who need advanced financial guidance.
Why Lawyers Trust DEXADO with Their Accounting and Tax Needs
- The Ex-CRA Advantage: Led by Boris Davidkov, CPA and former CRA auditor, Dexado brings insider knowledge of how the Canada Revenue Agency reviews professionals. Your returns and tax strategies are structured to be audit-proof, reducing risks while maximizing legitimate tax savings.
- Trust Accounting and Law Society Compliance: Maintaining proper trust accounting is a licensing requirement. Every provincial law society enforces strict standards for reconciling and reporting client trust funds. Errors can lead to audits, disciplinary action, or even loss of license.
Dexado ensures your trust accounts are reconciled and compliant – keeping your practice audit-ready at all times. Many of our clients are small legal and paralegal firms without in-house bookkeepers who want peace of mind and protection from regulatory risk.
- Proactive Tax Planning – Our Core Strength: Unlike general accounting firms, Dexado puts tax planning at the centre of your financial strategy. We do not wait until year-end – we meet with you throughout the year to adjust strategies, optimize compensation, and ensure both your personal and corporate finances are tax efficient.
- Real-Time Financial Insights with Clio: We integrate Clio, QuickBooks, and Xero with your bookkeeping systems to provide real-time visibility into trust balances, receivables, and work in progress. With Clio’s trust accounting features fully aligned with your records, your practice remains efficient, compliant, and audit-ready.
- Personalized, Scalable Support: Whether you need bookkeeping and compliance only, or advanced planning and CFO support, our packages scale with your practice. You always have a dedicated CPA who understands the legal profession.
Common Challenges Faced by Lawyers in Canada
Trust Accounting Burden
Provincial law societies require strict reconciliations of client trust funds. Inaccuracies can trigger an audit and threaten your license.
Unpredictable Cash Flow
Delayed fees and contingency-based billing make forecasting difficult without proper planning.
High Tax Liabilities
Without proactive planning, lawyers often pay more tax than necessary and miss valuable deductions.
Limited In-House Financial Support
Many small firms do not employ full-time bookkeepers or CFOs, leaving partners without guidance on tax or strategy.
CRA Audit Triggers for Lawyers
- Improper handling of client retainers
- Missing trust reconciliations
- Overstated deductions for meals, travel, or conferences
- Incorrect Goods and Services Tax or Harmonized Sales Tax filings
Pricing Plans
We offer three levels of support designed for the realities of law practices:
Compliance Package
Monthly bookkeeping, trust reconciliations, year-end corporate tax return, and CRA audit-proof preparation.
Tax Planning Package
Everything in the Compliance Package plus quarterly tax planning meetings, Goods and Services Tax / Harmonized Sales Tax filings, salary and dividend optimization, and long-term corporate and personal tax strategies.
Tax & CFO Advisory Package
Full support for growing firms, combining proactive tax planning with financial forecasting, budgeting, profitability analysis, and succession planning.
All packages include a dedicated CPA who understands the legal profession and your law society requirements.
Frequently Asked Questions
🔹Why do lawyers need specialized accountants?
Because you must comply with both CRA rules and provincial law society trust accounting standards. A general accountant may not fully understand these requirements.
🔹What are the best tax strategies for lawyers in Canada?
Strategies include professional corporation optimization, partnership planning, salary and dividend structuring, retirement planning, and the use of holding companies for investments or office real estate.
🔹Do I still need a bookkeeper if I use legal billing software?
Yes. Billing tools such as Clio generate invoices, but they do not replace reconciliations or CRA-compliant bookkeeping. Dexado ensures your trust accounts and year-end filings are always audit-ready.
🔹What is the difference between tax planning and CFO services?
Tax planning reduces your tax burden and protects you from CRA risk – it is Dexado’s specialty. CFO services go further, adding forecasting, budgeting, and profitability analysis for firms looking to scale.