Tax Issues for Retail Businesses
Should I Incorporate My Business? Ask us.
Business Deductions for Retail Businesses
Tax deductible expenses include:
- Merchant fees
- Shipping expenses
- Rental expenses
- Travel expenses
- Make travel deductible in a legal way.
- Marketing/branding, e.g. to develop your brand logo when selling your own brand.
Provincial Sales Tax and QST for Retail Businesses
Your business may be required to register, file and pay for provincial PSTs and the QST if you operate stores in multiple provinces. Ask us.
Accounting Issues for Retail Businesses
- CRA Import and export account may be required for importing and exporting of product from out of country. We provide services to set up these accounts.
- Manage your inventory in a smart way – use inventory apps, ask us for advice.
- Cross border sale update? Ask us
- Tracking p/l for each of your product? Ask us about setting up tracking categories.
- Online retail options vs. physical retail, or a combination of both. There are different ways to set up your retail operations.
Payroll Issues for Retail Businesses
Payroll Management for Retail Businesses
- Make sure all employees are on your payroll system.
- Understand payroll laws and regulations for different payroll scenarios (I.e. – holiday pay, vacation pay, overtime pay).
- Our office provides a complete hassle-free payroll system, contact us for more details.
- High turnover can complicate payroll, we can help simplify your payroll management.
Workers Compensation and EHT for Retail Businesses
- If your gross payroll exceeds $450,000, you will be required to remit the Employee Health Tax to the Ontario Government. Ask us if this situation applies to you.
- You may be liable to pay Worker’s Compensation Insurance for all provinces that your business operates in. Ask us for more details.
Accounting Solutions Across Every Industry Sector
Xero Online Accounting Software
Operate more efficiently and have more time to focus on your business. Find out why over 300,000 people worldwide have moved to Xero’s online accounting solution.
Xero Key Features
- Invoicing Made Easy
Not only can you create professional recurring invoices in Xero, you can also keep track of when they are opened.
- Value For Money
Xero reduces your upfront business costs with free upgrades and access for an unlimited number of users all at an affordable monthly fee.
- At-A-Glance Dashboard
With just one click, you can see your bank balance, invoices, bills and expense claims, without having to log onto various websites.
- Automatic Bank Reconciliation
Xero imports and categorizes you latest bank, PayPal and credit card transactions so reconciliation is just one click away.