Tax
Accurate Bookkeeping Simplifies Tax Filing
Businesses Selling in Canada
Based on the destination of product & service delivery along with a few other eligibility criteria -> you can be required to register with a total of 5 tax agencies in Canada.
First and foremost is the Federal GST/HST which covers 6 provinces and all 3 territories.
(refer to the orange & green colored regions in TABLE CAN 1.0)
- A business entity needs a single GST/HST registration with Canada Revenue Agency (CRA) to sell in all these 9 regions.
- Orange-colored regions charge only 5% GST.
- Green-colored regions charge 15% HST (Harmonized Sales Tax) except for Ontario which charges 13% HST.
Additionally, you may require to register with 4 more provincial tax agencies
(refer to the blue-colored regions in TABLE CAN 1.0)
- British Columbia - 7% Provincial Sales Tax (PST)
- Manitoba - 7% Retail Sales Tax (RST)
- Saskatchewan - 6% Provincial Sales Tax (PST)
- Quebec - 9.975% Quebec Sales Tax (QST)
TABLE CAN 1.0 Guide for Sales Tax Rates across Canada
What you get from Transcounts
- We at Transcounts can help to keep track of when and in which provinces your business is required to register.
- Complete the registration process on your behalf.
- Help you automate -> charge, collect, reconcile, submit and remit the correct amount of sales tax.
- Save you accurate and maximum input tax credits (ITC). We have saved thousands of dollars in GST/HST refunds to our existing clients.
- Most importantly guide you throughout the process and give your business confidence to navigate this complex compliance.
Businesses Selling in the USA
NEXUS – that’s the term you must familiarize yourself with if your business is planning to sell in the USA market. Here are the two most common ways businesses create NEXUS/Connection(s) with States.
1. Physical Nexus
if you are just starting to sell in the USA then establishing the physical Nexus would be the first step (based on the location of people and properties).
2. Economic Nexus
if you have already been selling across the USA then also keep track of economic Nexus (based on sales transactions and/or dollar value thresholds).
Two most common points to understand when you pass the economic nexus thresholds.
- Product Taxability - is your product taxable or NON-taxable in a state where you meet all the economic nexus eligibility criteria? If the product is non-taxable you do not need to register and collect sales tax.
- Marketplace Tax Collection (MTC) Rule - if you are only selling on marketplaces for example Amazon then the marketplace itself will be collecting and remitting on your behalf. You do not need to register and collect sales tax.
Physical Nexus - Based on location People & Property.
- Employees (irrespective of full-time or part-time, remote or onsite).
- Business owners (irrespective of active or not actively involved in business).
- Property, Vehicle, Kiosk and even attending Trade Shows (irrespective of owned, rented, or leased).
- Inventory Warehouse (irrespective of owned, rented, or leased).
Economic Nexus - All about your Sales usually in the past 12 months.
- The threshold for the dollar value of sales (e.g. when you pass $100K sales dollar value in Wyoming in the past 12 months)
- The threshold for the number of sales transactions (e.g. when you pass 200 sales orders/invoices in Wyoming in the past 12 months)
- Combination of sales transactions and dollar value.
Table USA 2.0 Guide to list of thresholds according to general economic nexus laws.
Note: These are mostly common sales tax regulations applied to general businesses. it may not be a complete guide for your unique business situation; therefore, it’s recommended to consult a tax professional to establish nexus for your business.
What you get from Transcounts
- We at Transcounts can help to keep track of when and which states your business is required to register in.
- Complete the registration process on your behalf.
- Help you automate -> charge, collect, reconcile, submit and remit correct amount of sales tax.
- We’ve partnered with Taxjar & Avalara to automate the entire process.
- Most importantly guide you throughout the process and give your business confidence to navigate this complex compliance.
Our Partners
We work with audit-enabled cloud-based tools to create highly productive and seamless workflows to simplify day to day accounting activities.
What you get from Transcounts
We at Transcounts are hyper-focused on delivering excellent bookkeeping, payroll, accounts payable & receivable, and Fractional CFO services and for that reason we do NOT file income tax returns. However, we have partnered with tax expert CPAs across the USA and Canada to file your corporate income tax return. We are happy to do the introduction with our network CPAs or even get your business income tax return filed on your behalf.
Can I file with my own CPA?
Absolutely, the decision is yours. You can opt to proceed with your existing tax professional, or collaborate with our partner firms. Regardless of your choice, we’ll send your year-end financials, reconciliations and address any queries they may have directly. You have the flexibility to receive the year-end package and forward it to your chosen CPA or tax professional – it’s entirely up to your preference and convenience.
Note: Access to our tax partner network and their discounted rates are exclusively accessible to Transcounts clients.
Our Services
What our customers say on GOOGLE
Aman was hired to do our bookkeeping for 2 companies.The first he was informed would be used for an arbitration. Aman went travelling for a month or 2, but assured me his employee would be assisting. Well he did not. I had to chase them... incessantly to complete for our arbitration. When the arbitration started he refused to partake in it, and explain some of the bookkeeping and why things were recorded the way they were.read more
I've been working with Transcounts for my online accounting needs, and I couldn't be more satisfied with their services. The team is professional, responsive, and always goes the extra mile to ensure that my financials are in order. Their attention... to detail and thorough understanding of complex accounting matters have made managing my company's finances much easier. Transcounts consistently delivers their reporting with accuracy and efficiency. I highly recommend them to anyone looking for a reliable and knowledgeable accounting partner. Five stars all the way!read more
I've partnered with Transcounts on numerous bookkeeping & tax projects and it's always a joy working with the team. They know their stuff and communicate quickly. Looking forward to working on more projects together!
Aman is super organized, open minded, and collaborative. His communication is excellent, extremely clear and detailed. He will work with the client to understand their needs and deadlines and put the right processes in place to exceed expectations.... And, I have to say that he's also just a great guy who's a pleasure to work with. Highly recommended!read more
Simply put, Aman is incredibly knowledgeable, efficient, & affable. He is a gem.
Working with Transcounts to handle my bookkeeping for multiple businesses has truly made my life easier. Excellent service and accountability. They know what they are doing!
Highly recommend Aman and team at Transcounts. They were able to take bank statements and excel schedules and use that information to implement Xero accounting system and properly record prior period activity. They prepared custom financial... statements based on my specifications. Also are very responsive and accurate on daily accounting tasks, and provide recommendations for more effective accounting processes - all is a professional and friendly manner.read more
Aman and his team have provided us with excellent bookkeeping services over the past year. Their attention to detail, regular communication, and collaborative demeanor make them a perfect choice for small-midsized businesses like our own. Thank you... to Aman for his stellar service and support!read more
I have had the pleasure to work with Aman Mittal, for some time now, and each time we meet, he offers insights, and gives me heads ups, that no-one else had done in the past. I have learned a lot from Aman, and he is always prompt, flexible as to... when I can meet, and understands my needs in an amazing way. I can with full confidence recommend Aman to anyone seeking a super solid accounting partner. Hans Bergmanread more
Transcounts consistently goes above and beyond for me and my business! The service is incredible, we feel confident in the service and well taken care of. Highly recommend.
Aman and his team are highly commendable for their exceptional accounting services. They not only handled the complex integration of A2X, Shopify, and Xero for our business with utmost accuracy but also went above and beyond our expectations. Their... detailed approach to rectifying our 2023 books and ensuring consistency across platforms was truly impressive 📊Aman's extensive knowledge and readiness to answer all questions provided us with great confidence. We are immensely grateful for their dedication and outstanding work, which far exceeded what we had anticipated. Looking forward to our continued partnership.read more
Highly recommend them for your accounting and bookkeeping needs – especially if you are an e-commerce company 🙂
The Transcounts team is truly professional in accounting. Thank you for your advisory, Aman.
Aman is extremely knowledgeable and organized with the accounting tasks,easily reachable to make sure the timelines are met!
Aman and his team at Transcounts have proven to be invaluable partners for my business. Their proactive approach to staying on top of our bookkeeping needs has significantly freed up my team to focus on growing our business.Aman's responsiveness... and extensive knowledge make him the go-to person for quick accounting advice. Whenever I need guidance, he is prompt in his responses and provides insights that showcase his expertise. Having Transcounts on our side has not only streamlined our financial processes but has also provided a reliable resource for professional guidance.I wholeheartedly recommend Aman and the Transcounts team for their exceptional service.read more
Highly recommend! Very professional, efficient and detailed, a key part of our business.
Aman and his team have provided excellent service in cleaning up books, syncing Quickbooks with various payment platforms, and ongoing accounting support. Highly recommended.
Professional, efficient, and friendly to work with. Thanks so much for your stellar support thus far Transcounts!
I am delighted to provide a review of Aman Kumar, who recently provided me with an accounting consultation service. From the outset, it was clear that Aman was a true professional who genuinely cares about his clients. His patience, honesty, and... expertise are truly remarkable.Although I ultimately did not end up working with Aman due to the nature of my business, I was thoroughly impressed with his work during our 90-minute consultation. He provided me with a wealth of knowledge and insights that I would never have been able to gain on my own. He is clearly an expert in his field, and I have no doubt that he is an invaluable asset to anyone who has the privilege of working with him.Thank you, Aman, for your excellent work and for showing such great qualities in your profession!read more
Aman was able to answer all my questions in a timely and competent manner. I would be definitely using him in the future.
I would highly recommend Transcouts!!! Trust, vision, abiity and organization are the words that pop into mind when I think of my experience working with Aman, CEO of Transcounts.
The Transcounts team has been fantastic to work with. They have helped us clean up our books and helped us stay on track of everything. They have been professional, reliable, and flexible. 100% would recommend for any small business.
I had a consultation with Aman. He was very helpful and knowledgeable. He answered all of our questions and provided actionable advice.
I have worked with the Transcounts team for 9 months and when I hired them, my books were a mess. They spent the time and diligently went through and cleaned up the mess we created providing support and answering questions along the way. Each... month they completed our month end and sent management reports to review. I would definitely recommend the Transcounts team.read more
Aman and his Team are fast, accurate, reliable and very easy to deal with. I highly reccommend this company!
Transcounts demonstrated a very professional process during our consideration phase. The were prompt, accurate, and extremely knowledgeable on all things not only related to Canadian taxes but internationally as well. I highly recommend Transcounts... for ecommerce businesses looking for accounting and bookkeeping support.read more
I have been working with Aman for over a year now and he has been great helping with my bookkeeping. Definately recommend his services.
Aman and his team is very professional in every aspects of bookkeeping and accounting services, they provide. We used their services to apply BC wage subsidy some other grants during Covid-19. They are responsive, qualified and held responsibility... of their work.We highly recommend Transcounts Bookkeeping & Payroll Services!!read more
Schedule a free
consultation!
Fill out the form and we’ll in contact to discuss about your accounting needs in details, along with our proposals and the way we help!