Shopify Accounting Services in Canada
Shopify stores have to keep orders, payouts, paymentgateways and tax settings aligned with the books. GTA Accounting helps CanadianShopify businesses reconcile that activity, manage inventory and sales-taxreporting, and handle year-end accounting. We also support cross-border storeswhere Canadian or US obligations apply.
GTA Accounting is a highly rated CPA Firm in Toronto
It is the highest-rated accounting firm in North America with over 1100 5-star verified Google reviews across all locations. GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".
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How GTA Accounting Helps Shopify Stores
On your own Shopify store, no marketplace collects tax or settles fees for you. The store is built from choices you make: which gateways you accept, which apps you pay for, which tax regions you turn on, and whether Shopify Tax calculates for you. Each choice lands in the books differently. Shopify Payments pays out net of its fees, PayPal and Stripe settle separately, apps bill on their own cycle, and the tax you collected at checkout is yours to remit.
We build your books from the order, so your profit and loss shows what the store actually earned and your sales tax filings tie back to it.
Shopify Bookkeeping & Payout Reconciliation
One ledger for every gateway you accept, closedwith a profit and loss statement and balance sheet each month.
Payout Reconciliation
Shopify Payments (including Shop Pay Installments), PayPal and Stripe each settle on their own schedule and report fees their own way. We tie each gateway’s payouts back to the orders behind them, so a refund taken from a PayPal balance or a chargeback deducted by Shopify Payments ends up against the right sale. Plan and app charges are recorded as expenses, not netted against sales. Orders and payouts reach QuickBooks Online or Xerothrough A2X.
Inventory and Cost of Goods Sold
Whether stock sits in your own space or at a 3PL, we cost each product by what it took to land it (unit price, freight, duty and brokerage) and match what Shopify says sold with what left the shelf. Where Shopify’s inventory counts and the books disagree, we find out why before month-end.
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Multi-Currency Accounting
Selling in USD or taking USD payouts adds conversion fees and exchange differences. We record CAD and USD transactions consistently, reconcile each currency’s payouts, and keep exchange gains and losses separate from operating profit.
GST/HST and Shopify Tax Settings
Shopify calculates tax at checkout, but it doesn’t register, file or remit GST/HST for you. You must register once your worldwide taxable sales go over $30,000 in a calendar quarter or over four consecutive quarters, and charge the rate for your customer’s province. We register you, set your Shopify tax regions to match your registrations, keep tax collected out of revenue, recover the GST/HST you pay on Shopify’s fees, apps and shipping as input tax credits, and file your returns.
Provincial Sales Tax
British Columbia, Saskatchewan, Manitoba and Quebec have their own sales taxes. Each can require online sellers based in other provinces to register once they pass its own rules for sales into the province. We check which apply to your store, register you, add them to Shopify, and file the returns.
Year-End and Income Tax
Year-end is where a store’s smaller leaks addup: charge backs you lost, app subscriptions nobody cancelled, and gateway fees billed outside a payout. We catch them before the T2125 or corporate T2 is prepared, and flag when the store’s profit makes incorporation worth discussing.
Accounting for Canadian Shopify Stores Selling in the US
Where you have a US sales-tax collection obligation, collection and remittance are your responsibility rather than a marketplace’s. Orders shipped from Canada won’t by themselves make you liable for US income tax; a US warehouse or 3PL can.
Accounting for US Shopify Stores Selling in Canada
We work remotely with US Shopify stores selling to Canadian customers.
GST/HST for US Stores
Shipping from the US, you usually don’t need to register for GST/HST if you don’t carry on business in Canada. What needs deciding is who pays the GST/HST and duty at the border: your customer on delivery, or you at checkout, if you collect duties and import taxes in Shopify and ship with delivered-duty-paid labels. We help set that up so Canadian buyers aren’t charged twice. Once you hold stock in a Canadian warehouse or 3PL and sell it through your store, you generally must register once those sales go over $30,000 in 12 months, and switch on Canadian tax collection in Shopify.
Importing Stock into Canada
Moving that stock into Canada makes you an importer, with a Business Number and a CBSA import-export account.
Canadian Tax Requirements
If Canadian stock means you carry on business here, a Canadian T2 return is required even when the treaty removes the tax. We check whether it applies and keep CAD records for it.
Hire a Shopify Accountant: How We Get Started
Many Shopify tax problems start in the settings: a tax region switched on before you registered, a province missed after you did, a gateway that never reached the ledger. We check those settings against your registrations and your books, and keep them in step as the store changes.
1. Gateways and apps
Every way you get paid, and everything you pay for.
2. Tax regions vs registrations
Shopify’s settings compared with what you’re registered for.
3. Ledger connected
Shopify and each gateway feeding your accounting software.
4. Monthly
Books closed, GST/HST and sales tax filed, CPA check-ins.
Why Shopify Stores Choose GTA Accounting
• Tax settings that match your registrations. Shopify tax regions set, and kept, to what you’re registered for.
• Every gateway in one ledger. Shopify Payments, PayPal and Stripe reconciled to the same books.
• A CPA on your file. Your file is overseen by a named Chartered Professional Accountant.
• Remote service across Canada, with offices in Toronto and Mississauga. We also work with US businesses selling into Canada.
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Shopify Accounting FAQs
My Shopify tax settings were wrong for past periods. Can you fix that?
Yes. We work out which orders were over- or under-charged, what that means for returns already filed, and correct both the settings and the filings.
I’m moving my store to Shopify from another platform. Can you handle the switch mid-year?
Yes. We close the old platform’s books at the switch date and start the Shopify ledger from there, so the year’s return covers both without double-counting.
I run more than one Shopify store. Can they share one set of books?
Yes, if they belong to the same business. Each store is tracked as its own channel, with its own payouts and tax settings, and rolls up into one set of financial statements and one set of returns.
I also sell in person with Shopify POS. Does thatchange anything
POS sales come through the same Shopify account, but the GST/HST on them is charged at your store’s location, while online orders follow the customer’s province. We keep POS as its own channel so each sale carries the right rate on your return.