More Sales, Less Paperwork.
That's the Plan.
Whether you run a boutique, a specialty store, or an e-commerce shop, retail means constant transactions, inventory, staff payroll, and GST/HST on every sale. We reconcile your POS, track your inventory costs, and keep your books clean so you always know your real margin.
What Retail Business Owners Deal With
Inventory Tracking
What you buy, what you sell, and what's left on the shelf — inventory directly affects your reported income and your real margin. Without accurate tracking, you're guessing at profitability.
POS Reconciliation
POS deposits arrive in batches with processor fees, refunds, and chargebacks mixed in. Reconciling sales reports to bank deposits every month catches problems before they become year-end disasters.
E-Commerce Sales Tax
Online sales to customers in different provinces require collecting the right GST/HST rate for each delivery location. As your e-commerce grows, compliance across provinces becomes critical.
Services for Retail Businesses
Monthly Bookkeeping
POS reconciled to bank deposits. Inventory purchases tracked against cost of goods sold. Expenses categorized. Know your real margin every single month.
GST/HST Filings
Sales tax collected on taxable goods, input tax credits on purchases, and returns filed on schedule. E-commerce province-by-province rules handled correctly.
Payroll
Full-time, part-time, and seasonal staff all processed correctly every pay period. CPP, EI, and income tax deductions remitted on time. T4s issued at year-end.
Year-End Support
Year-end inventory valuation, closing entries, and working papers ready for your CPA. No scrambling — everything organized in advance of your filing deadline.
Annual Tax Returns
T1 for sole proprietors (with T2125 business schedule) or T2 for incorporated retail businesses. Every eligible deduction identified and documented.
CRA Support
Cash-based retail businesses are a CRA audit target. We maintain the documentation needed to defend your books — and handle any CRA correspondence professionally.
Retail Business Questions — Answered
Inventory is an asset on your balance sheet. When you buy inventory, it increases your assets; when sold, the cost moves to Cost of Goods Sold on your income statement. Tracking this accurately is essential for knowing your real gross margin. We reconcile inventory purchases against sales monthly so your books always reflect what you actually hold.
Most retail goods are taxable. However, some products are zero-rated (like basic groceries and certain medical devices) or exempt. If you sell a mix, we identify the correct tax treatment for each product category and ensure your POS settings and filings align. We also claim all eligible input tax credits on your purchases.
POS systems record every transaction, but bank deposits arrive in batches and include refunds, chargebacks, and processor fees. We reconcile your POS reports against bank deposits every month so discrepancies are caught and corrected early — not discovered as a mess at year-end.
Yes. GST/HST applies on sales to Canadian customers based on the delivery province — 5% in Alberta, 13% in Ontario, 14.975% in Quebec, for example. Once your revenues exceed $30,000 annually, registration is mandatory. We handle registration and ongoing filings so you stay compliant as your e-commerce business grows.
Useful Articles for Retail Businesses
How to File GST/HST for Small Businesses
Quick method vs. regular method, eligible ITCs, and what to do when you owe more than you expected.
Year-End Bookkeeping Checklist for Canadian Businesses
Ten steps to close your books properly — from bank reconciliation to T4 slips and RRSP contributions.
Sell More. Stress Less.
Your Books Are in Good Hands.
Tell us about your retail business and we'll send you a custom, no-obligation quote within 1 business day.