Maximize Your Shopify Business’s Tax Efficiency with Professional Tax Solutions
Running a Shopify store is an exciting opportunity with lots of potential, but managing taxes can be overwhelming. Whether you’re a new e-commerce entrepreneur or an experienced seller, understanding Shopify taxes in Canada is essential to avoid penalties and maximize profits, especially with tax season just around the corner. At Accounting Plus Financial Services Inc., we provide Shopify tax services to help businesses in Vaughan, Ontario, Richmond Hill, Toronto, and Markham stay compliant and financially optimized.
Shopify sellers must navigate various tax regulations, including sales tax (GST/HST/PST), capital gains tax, and CRA tax returns. Here’s why professional tax support is essential.
The first step is assessing your tax obligations based on where you sell and your business structure. Our team of accountants determines whether you need to register for GST, HST, or PST and ensures compliance with provincial and federal tax laws. This assessment prevents unnecessary liabilities and keeps your business legally compliant.
Once your tax requirements are clear, we handle the registration process with the CRA. We also configure your Shopify store to automatically apply the correct tax rates for each province or international region you sell to. This ensures smooth tax collection and proper sales tax categorization.
Accurate tax filing is crucial to avoiding penalties. We track your sales tax collections, generate detailed reports, and prepare your GST/HST and PST filings. Our tax advisory experts manage your CRA tax returns, ensuring timely submissions and full compliance, so you can focus on running your business.
Beyond filing taxes, we help optimize your tax strategy by identifying deductible expenses, planning for tax efficiency, and adjusting your tax settings as your business grows. With ongoing guidance, our corporate tax services ensure you maximize tax savings while staying compliant with Canadian tax laws.
From determining your Shopify sales tax obligations to filing accurate GST/HST and PST returns, we take care of everything. We register your business with the CRA, set up the correct tax rates in your Shopify store, and come up with the ideal tax strategy to maximize savings.
Let us simplify Shopify tax management — contact us for quality Shopify tax services in Canada!
Our accounting experts serve a range of Shopify businesses, as discussed below.
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Join us to learn more and fill out the form to save your spot today!
The government of Canada would provide $400 per week for up to 26 weeks, to workers who are self-employed or are not eligible for EI and who still require income support and who are available and looking for work.
The government of Canada would provide $500 per week for up to two weeks, for workers who are sick or must self-isolate for reasons related to COVID-19.
Tax season is right around the corner, and it’s that time of the year to file your 2020 Canadian personal income taxes. Accounting Plus Financial Services is ready to help!
Keep yourself stress-free during tax season by following these steps.
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Check out our 2021 tax rates, including PERSONAL MARGINAL TAX RATES (Combined Federal & Ontario) AND MORE
Did you know…
Certain expenditures made by individuals by December 31, 2020 will be eligible for 2020 tax deductions or credits including:
This funding is intended to provide parents and guardians with essential financial support for children and youth during these unprecedented times.
Parents and guardians will receive a one-time payment of $200 for each child up to grade 12, or $250 for each child or youth up to age 21 with special needs.
Did you know…When you’re divorced or separated, if in the four year period,
Did you know…If you rent out your cottage on a partial basis. You might be able to partially deduct certain costs.
The BC Recovery Benefit is a one-time, tax-free payment of up to $1,000 for eligible families and single parents and up to $500 for eligible individuals.
Get short term financial support, Max $733/month if you are in a crisis or an emergency situation and don’t have enough money for things like food and housing.
The Canada Emergency Rent Subsidy (CERS) would provide direct and easy-to-access rent and mortgage support directly to qualifying organizations.
Did you know… As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario.
Individual Ontario real estate agents will now be able to incorporate their business.
Are you a real estate agent in Ontario?
Have questions about Personal Real Estate Corporation PREC?
Join the webinar with us and fill the form to save your spot today!
The government of Canada will introduce the Canada Recovery Caregiver Benefit (CRCB) effective from September 27, 2020 for one year.
The Gov of CA changes to the Canada Student Loans Program (CSLP) to allow more students to qualify for support and be eligible for greater amounts.
Successful applicants will receive a relief grant of up to $5,000. We intend to support local businesses of all kinds from across the country (from retailers to barbershops to farmers).
The government of Canada will introduce the Canada Recovery Sickness Benefit (CRSB) effective from September 27, 2020 for one year.
As of October 1, 2020, Personal Real Estate Corporations (PREC) has been permitted in Ontario. Accounting Plus can help!
You can now sign up for CRA direct deposit through many Canadian financial institutions’ websites. Register to get your payments faster and directly into your account. How to sign up 1. Online You can sign up yourself if you are registered for My Account. If you are not yet registered, why wait? My Account can help…
If you have questions about EI or don’t know how to apply. You can fill the web form below and ask for a call back from Service Canada Web Form>>
Special one-time tax-free payment for certified holders of the Disability Tax Credit, up to $600.
New: Minimum wage rates in Ontario will increase on October 1, 2020. Under the Making Ontario Open for Business Act this increase is tied to the Ontario Consumer Price Index for 2020. The increase to the general minimum wage will be 25 cents, which will bring the new rate to $14.25 an hour. The general and specialized minimum wage…
If you moved at least 40km closer to your educational institution or work
Employment Insurance (EI): Temporary Changes – Eligibility changes as of September 27, 2020
Canada Recovery Caregiving Benefit (CRCB): $500/ week, up to 26 weeks
Canada Emergency Commercial Rent Assistance (CECRA): opens at 8:00 a.m. EST on May 25, 2020. Canada Emergency Commercial Rent Assistance (CECRA) for small businesses provides relief for small businesses experiencing financial hardship due to COVID-19.
Expecting a baby? See if you’re eligible for some benefits
You can avoid the withholding tax by choosing to transfer the severance allowance directly into your RRSP or RPP account.
A record of employment must be issued within five calendar days of the first day of the interruption in earnings
Wondering what COVID19 support is available to you? Check our website for details
I forgot to apply for a previous period of CESB. Am I too late?
If you owe money to the CRA, ensure you file your taxes and pay your owing on time
Employees can deduct expenses for the employment use of a work-space at home
The Government of Canada is providing a one-time tax-free payment of $300 for seniors eligible for the Old Age Security (OAS) pension, with an additional $200 for seniors eligible for the Guaranteed Income Supplement (GIS).
Benefits payments for eligible Canadians to continue until Fall 2020
The deadline to file your Canadian personal income tax return has been extended from April 30, 2020 to June 1, 2020.
The deadline to pay all outstanding balances for tax year 2019 has been extended to August 31, 2020.
Are you a Canadian student or recent graduate applying for the Canada Emergency Student Benefit (CESB) but have never filed a tax return?
Did you know…
You can claim travel expenses for medical reasons (at least 40 km one way)
As tax season approaches, it is important to be vigilant of CRA scams.
Sign Up for Direct Deposit: So Get Your Money Quicker
Accounting Plus will not be offering any in-person appointments, nor will be able to process physical documents in a timely fashion, until April 5, 2020.
We are specialists in Canadian taxation, and advise individuals on their tax affairs.
With Accounting Plus, you have accountants who are working hard to ensure you pay the lowest tax legally possible.
Ontario: Child Support: $200 per child. Check our website for details
Wondering what COVID19 support is available to you? Check our website for details
Until August 31st, 2020, we will recognize a Form T183 or T183CORP that has an electronic signature as meeting the signature requirements of the Income Tax Act.
File your tax returns as soon as possible; you’ll get your money sooner
Want to apply Canada Emergency Response Benefit (CERB) but do not know how to register CRA MyAccount? Here is the instruction
The 2019 federal budget introduced a non-refundable tax credit equal to 15 percent of your subscription costs, for all subscriptions purchased from 2020 through 2024.
If you get a text message saying you received a deposit for the Canada Emergency Response Benefit. Beware it is a scam!
Canada is providing financial support to those affected by COVID-19.
The deadline to file your income tax and benefit return was extended from April 30th to June 1st, 2020!
Financial Measures From the Government of Canada in response to COVID-19
CRA has created an online verification tool that every taxpayer can access through CRA’s website.
Did you know…The relationship between disability tax credit (DTC) & Home Buyer’s Plan (HBP)?
The 2020 tax season will kick off on February 24, 2020
The deadline to file personal taxes for most Canadians is April 30, 2020
If you have a child who is 18 or over, it Is beneficial to file their tax return.
Do you know……you don’t have to wait for Notice of Assessment or reassessment if you file tax with Accounting Plus Financial Services!
Starting today, you can file your taxes online. Don’t forget to file by April 30th to get your credits and benefits!
Interest on money borrowed to make your RRSP contribution is not deductible for tax purposes.
You can claim the following childcare expenses incurred in the tax year: Caregivers, daycare centres and more.
We’d like to say “thanks for being such a great client”
by offering a 2020 Tax Season Special this year
Prepare your personal tax returns with us from March 1, 2020 to March 31, 2020. And get 10% off!
Book an appointment now
RDSPs are very similar to RESPs. Just like RESP – contributions are not tax-deductible, investment income accumulates on a tax-deferred basis.
You may transfer RRSP fund from one RRSP to another without getting taxes.
Did you know… you can re-contribute amounts withdrawn from your TFSA without affecting your contribution room.
Here are some tax audit triggers you should know about!
Did you know CRA has a non resident calculator resource on their site? This might give you an estimate amount of what you need to report.
Tax Tip – Interest on the money you borrow in many cases is not deductible.
If you are negotiating a separation agreement, you should ensure that you are setting apart the child support component from the alimony.
You are allowed to have more than one TFSA however it is your responsibility to ensure you are not over-contributing.
If you are thinking of contributing to a spousal RRSP, there is definitely an advantage.
As tax season approaches, it is important to be vigilant of CRA scams.
Starting Jan. 1, 2020, eligible workers aged 25 to 65 will accumulate a credit balance of $250 a year, up to a $5,000 maximum lifetime limit.
Why it’s wise to file taxes even if you don’t have income.
Tax Tip – Marital Status. There are few ways to let the CRA know if your marital status has changed.
You can claim expenses for travel for medical reasons (at least 40km one way) if the following conditions are met.
Did you know, similar to RRSP, TFSA cannot be held jointly with your spouse. It has to be held on individual basis.
If you hope to sell an investment at a loss in this year to offset the loss against capital gains, the settlement date – not the trade date – is what matters.
Now is the Time to Record Your Vehicle’s Odometer Reading!
Did you know…After-school programs might can qualify as an eligible childcare expense?
Did you know a non-resident of Canada is subject to Canadian income tax? Learn more…
Certain expenses made by December 31, 2019 will be eligible for 2019 tax deductions or credits.
If you own a business or rental property, consider paying a reasonable salary to family members for services rendered.
A senior whose 2019 net income exceeds $77,580 will lose all, or part, of their Old Age Security pension.
A Registered Disability Savings Plan (RDSP) may be established for a person who is under the age of 60 and eligible for the Disability Tax Credit.
We are experienced in corporate taxation, working hard to decrease the amount of tax you legitimately need to pay.
We provide a complete accounting solution that helps you succeed as an individual and grow your business.
By getting behind your numbers, we get behind your business to give you the support you need to grow.
Need to speak with one of our accounting and tax accountants?
