Corporate tax accountant for grocery stores in Toronto and the GTA

A grocery store rings up zero-rated basics and taxable snacks on the same receipt. Listed accountants on our platform split those sales, track inventory shrink, and file the corporate return from the till records.

Basic groceries are generally zero-rated. Prepared food, soft drinks, candy and many convenience items are taxable. If the POS tax rules are wrong, the HST return is wrong.

The accountants listed here also reconcile cash, supplier bills and payroll so shrinkage and owner draws are visible.

What is handled for grocery stores

1. 1

   Corporate tax filing (T2)

   The store corporation's return is prepared from reconciled sales and inventory and filed on time.

2. 2

   Taxable and zero-rated sales

   Basic groceries and taxable items are reported separately so HST follows the shelf, not a blended guess.

3. 3

   Inventory

   Purchases, counts and known shrink are booked so margins reflect what left the shelf.

4. 4

   HST returns

   Tax collected on taxable goods is reconciled to input tax credits on expenses and filed on schedule.

5. 5

   Payroll

   Cashiers and department staff are paid with remittances and T4s.

6. 6

   Cash

   Till totals, deposits and cash taken by the owner are matched so the books explain the difference.

Who this helps