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Sole Practitioners & Small Firms Trust Accounting & Law Society Reports Partnerships & Growing Firms

Accounting built
for law firms in BC.

From monthly trust reconciliations and Law Society trust reports to law corporation planning and GST and PST on your fees, Vault CPA gives your practice the financial clarity it depends on.

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Law firm accounting in Vancouver
Law Firms
Vault CPA accounting for law firms in Vancouver Vault CPA accounting for law firms in Vancouver
Law Firm Accounting

Sole Practitioners & Small Firms, structured to keep more of what you bill.

We set up and maintain your general and trust books, advise on practising through a law corporation and the right salary and dividend mix, register you for and file GST and PST on your legal fees, and prepare your T1 and T2125 or corporate T2 returns accurately and on time.

Law Firm Accounting

Trust Accounting & Law Society Reports, compliant every month.

We reconcile your trust accounts to client trust ledgers within 30 days of each month end, track Trust Administration Fees by matter, and prepare your annual trust report, due within three months of your reporting period end. When the Law Society requires an accountant's report, we complete it as your independent CPA.

Law Firm Accounting

Partnerships & Growing Firms, clarity from intake to partner draw.

We account for work in progress, which is now fully included in taxable income, allocate partnership income and draws, treat client disbursements correctly for GST, and plan for new associates, new partners, mergers and succession.

From First Meeting to Filed Return
STEP 01

Understanding your practice.

We start with your practice structure, trust and general accounts, practice management software and reporting period. We review recent reconciliations and trust reports and identify any Law Society or CRA gaps before any work begins.

From First Meeting to Filed Return
STEP 02

Reconciling your accounts.

Each month we reconcile your trust bank balances to client trust ledgers and your general accounts to your books, within the 30 days the Law Society Rules allow, ready for your review and signature.

From First Meeting to Filed Return
STEP 03

Filing your returns and reports.

We prepare your T1 or T2 return, GST/HST and PST filings, payroll remittances and your annual Law Society trust report, accurately and on time.

From First Meeting to Filed Return
STEP 04

Supporting you year round.

Once filings are done, we stay available for Law Society compliance reviews, CRA correspondence, new hires, partnership changes and succession planning.

Vault CPA accounting for law firms in Vancouver
Vault CPA
Get Started
You look after your clients. We look after your practice.

Whether you practise on your own or lead a growing partnership, we bring the trust accounting discipline and tax expertise your firm depends on.

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Question 01
How often do I need to reconcile my trust account?

Within 30 days of each month end. The reconciliation compares your trust bank balance to the total of your client trust ledgers, and you must review, sign and date it.

Question 02
When is the Law Society trust report due?

Within three months of your firm's reporting period end. A firm files one report for all of its lawyers, and lawyers who do not hold trust funds still file to confirm it. Late filing can lead to a late fee and, eventually, suspension.

Question 03
Do I charge PST on my legal fees?

Yes. In BC, 7% PST generally applies to legal services, in addition to 5% GST. A few services are exempt, such as qualifying legal aid work. We make sure your billing system charges both taxes correctly.

Question 04
Do I charge GST on disbursements?

It depends on whether you paid the cost as your client's agent. CRA generally treats court filing fees and land registration fees as agent costs with no GST, while photocopies, couriers, searches and travel billed to the client are taxable.

Question 05
How is work in progress taxed?

Lawyers used to be able to exclude unbilled work in progress from income. That election was eliminated starting with the 2017 federal budget, and work in progress is now included in income at the lower of its cost and fair market value.

Questions