From inventory management and GST compliance to year-end filings and multi-location oversight, Vault CPA brings financial clarity to retail businesses across British Columbia.
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We reconcile daily sales, returns, and payment processor settlements to ensure accurate revenue reporting, manage GST/HST collection and remittance across provinces for e-commerce sellers, prepare year-end financial statements and T2 corporate returns on time, and provide ongoing bookkeeping to keep your records clean and audit-ready.
We track cost of goods sold and inventory valuations to protect gross margins, advise on inventory accounting methods including FIFO and weighted average under ASPE, identify shrinkage, obsolescence, and write-down opportunities to optimize tax deductions, and integrate cloud accounting tools to automate inventory reconciliation.
We consolidate financial reporting across multiple store locations to give you a clear picture of overall performance, manage intercompany transactions and royalty structures for franchise arrangements, oversee payroll, source deductions, and GST compliance across all locations, and prepare T2 returns and financial statements for each corporate entity accurately and on time.
We review your sales channels, inventory systems, and corporate structure to identify compliance gaps and tax planning opportunities before any work begins.
We reconcile POS data, supplier invoices, and bank statements to ensure your books accurately reflect inventory, revenue, and cost of goods sold.
We prepare your T2 corporate return, GST/HST filings, and payroll remittances — accurately and on time, with full CRA compliance.
Once filings are complete, we stay engaged for location expansion planning, franchise structuring, and year-round financial guidance.
Whether you operate a single storefront, an online shop, or a multi-location retail brand, we bring the accounting precision your inventory and bottom line depend on.
Book a Free ConsultationIn BC, most retail goods are subject to both GST (5%) and PST (7%), charged separately. Basic groceries, prescription medications, and some children's products are exempt. If you sell online and ship to other provinces, you must collect the applicable tax for those destinations.
The perpetual method updates inventory with every transaction and is standard for businesses using point-of-sale software. The periodic method relies on physical counts. Your method affects cost of goods sold and taxable income. We implement the right system so your margins are always accurate.
Returns reduce gross revenue and restore inventory. Refunds must be recorded as credits against sales, not as expenses. Chargebacks require separate treatment including processing fees. When not captured correctly, financials overstate revenue. We set up your accounts so every reversal flows through accurately.
Most retail businesses use the accrual method, recording revenue when earned and expenses when incurred. This gives a more accurate picture of profitability and is required for most incorporated businesses. We match the method to your business model and existing software.
Incorporation makes sense when profits consistently exceed personal living expenses. A corporation lets you access the small business tax deduction, reducing your BC corporate rate to approximately 11% on the first $500K of active income. We model both scenarios so you understand the after-tax difference.
Retain daily sales summaries, supplier invoices, inventory count records, payroll records, bank and credit card statements, GST and PST remittance records, and returns documentation. CRA requires records for at least six years. Organized records reduce audit risk and make year-end faster.
Gift cards create a liability when sold — revenue is recognized only when the card is redeemed. Unredeemed balances remain on your balance sheet until redemption or expiry. Mishandling gift card accounting is a common error we correct during bookkeeping reviews.
Selling online to Canadian customers in other provinces triggers GST/HST collection obligations per province. Selling internationally may qualify as zero-rated exports. Marketplace facilitator rules also apply if you sell through platforms like Amazon. We map your full compliance picture.
