To enable full visibility into Amazon settlement activity, all settlement information must be reported accurately
Amazon Seller Account Management Services
Make your own story with our amazon seller services
All businesses face performance and financial management challenges, and your business as an Amazon seller is no exception. When you are busy promoting the sales and marketing of your products, it is easy to forget the accounting aspects of the business in most cases. No matter the size of your business, Amazon offers you an amazing opportunity to grow and profit. There are millions of sellers in the global market because of this innovative business model. It is however not an easy task to succeed in business on Amazon. A major challenge many sellers have is keeping track of their accounting and cash flow in a timely and accurate manner.
Taxccount simplifies complicated and time-consuming accounting processes and allows you to maximize your Amazon business potential with Taxccount’s Amazon Seller Services. Our services include daily accounting, reporting, and monthly/quarterly administration. Because every industry and line of business has unique accounting needs, we offer custom accounting solutions.
Amazon Seller tax system in Canada
Amazon Canada does not file or pay your sales taxes, but collects them and sends them with the regular settlement, unlike Amazon in the United States. A sales tax number must still be obtained by sellers in five Canadian jurisdictions, tax returns are still required, and taxes must be remitted to the appropriate government agencies.
It is the seller's responsibility to charge sales tax to Canadian clients when they sell directly into Canada. They then have to collect the tax, file tax returns, and pay taxes to the government. It is unlikely that the same obligations apply if you sell directly to Canada through a Canadian wholesaler.
Taxccount’s Amazon Seller Tax Accounting Solutions
To ensure all Amazon activity is accurately reflected in the financial statements, the following information should be recorded: sales, Amazon refunds, Amazon FBA, Amazon fees, and Amazon shipping and freight.
It is critical to reconcile Amazon's settlements with its bank account payouts to ensure that everything is in order.
When Amazon settlements occur on the same day as month-end, you should correctly deduct sales and expenses to report income statement activity on time.
Amazon's reserved cash balance is recognized on your balance sheet so that you can see how much it is holding back.
In order to do catch-up accounting work if necessary, we can pull Amazon settlement histories as far back as they allow.
The reporting will be simplified and streamlined in booking due to the removal of thousands of smaller transactions and customers which may cause problems.
To comply with Canada Revenue Agency requirements, foreign currency transactions are converted into Canadian dollars.
To ensure compliance with tax laws, Canadian sales tax activity and remittances must be reported timely and accurately
Working of Sales Tax in Canada
GST, or Goods and Services Tax, is paid by all of these entities at a 5% rate. Each stage of the production process is subject to GST as a value-added tax.
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Provincial Sales Tax or PST
This tax is unique to the provinces that impose it. For those who do, this is added on top of GST and requires separate filings for each. There are some products that are exempt from sales tax. GST may be remitted by a seller, but PST may not.
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Harmonized Sales Tax or HST
People living in provinces that collect both GST and PST may combine them into one process. GST registration in one of five provinces that operate like this will automatically result in HST registration
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Québec Sales Tax (QST)
Québec Sales Tax (QST) is another main tax. A tax of 0.5% is applied to the value of a product before GST is calculated in Québec.
Professional Accounting Services in Canada
Accounting, payroll, and tax services are provided to Canadian Amazon Sellers through our firm. No matter whether the business is a brand-new online store or an established online seller, you are welcome to apply. By partnering with us, you have less to worry about when it comes to growing your business.
Taxccount offers bookkeeping and tax preparation services in Canada. In addition to registering, filing, and processing payments, we assist Canadian online sellers with their tax compliance needs.
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What Our Client Say
Taxccount has been our primary tool for several years. They were the crucial component we were searching for! Our entire business has been made simpler by their bookkeeping, and tax season is no longer as difficult. Over the years, the accountants and bookkeepers have all offered us unmatched guidance and tax planning that has helped us save money and time. We anticipate continuing our relationship with Taxccount for many years.
Kris Sharma
We are quite grateful to the accountants at Taxccount. Being a small enterprise, we have got the sufficient finances or time to hire an in-house bookkeeper and we have spent years muddling through on our own. The first month after deciding to work with Taxccount for payroll and accounting services, it was as if a weight had been removed! Since we are involved in providing an ecosystem for businesses, Taxccount’s accounting services come in extremely handy for us and make our job much easier.
Sudhith PD
Our staff now depends heavily on Taxccount’s services. Without them, I can't fathom how well my business would operate. They assisted me in maintaining my highly erratic bookkeeping and organizing it so that when December rolls around, neither my employees nor I would be in a panic. We never imagined that the tax season would go well, but Taxccount made it much easier than in previous years. I can't speak highly enough about their professionalism and experience!
Daljeet Singh Bhatia
For the filing of our company's taxes, we rely on Taxccount’s tax-related services. We discovered that tax filing had suddenly become too hard for us to do alone as our business and workforce expanded. The tax accountants have greatly reduced our amount of taxable income by locating tax benefits for us that we never would have discovered on our own. They collaborated with us all year long to provide advice on potential strategies for long-term tax minimization. We were so pleased with the tax preparation and planning services provided to our business that I asked them to also handle the personal taxes for my family.
Prashant Sharma
Our Blog
How to apply for GST/ HST credit in Canada?
The Goods and Services Tax (GST) Credit, referred to as the Harmonized Sales Tax (HST) Credit in certain provinces, is a tax-free payment issued by the Canadian government every quarter.
20 popular Canadian tax deductions and credits in 2023
The taxation system of each country is different. If you have just moved to Canada and are still figuring out the tax system, then this chapter will be really helpful for you. You will understand in detail about the 20 most popular Canadian tax deductions and credits relevant in 2023.
Taxes for new Canadians: Step-by-step guide for filing your taxes
If you are a newcomer in Canada and are filing your taxes for the first time, it can be a daunting and overwhelming experience. But when you have the right information, the process gets easier.
Are you required to file an income tax return?
When you generate income through employment, your employer is required to withhold tax installments from each paycheck and forward them to the Canada Revenue Agency (CRA).
Tax breaks for newcomers in Canada
Moving to Canada might seem to be an easy decision considering the vast opportunities it offers. But the one thing that most people tend to forget is the taxation system. Gaining insight into the functioning of income tax in this context can enable you to utilize tax advantages, which encompass potential financial benefits through government payments.
What is eligible dividend in Canada?
Dividends represent the distributions made to investors from a company's profits. Among these dividends, some are categorized as eligible, while others are termed ordinary or ineligible dividends.
