Bookkeeping for Oshawa businesses

The books feed every filing that follows: the T2 or T2125, the GST/HST return and its input tax credits, the CCA schedule and the CRA instalments.

One HST account, and a filing period set by revenue

Ontario harmonized with GST, so an Oshawa ledger carries one 13% HST account. The provincial part is recoverable as input tax credits like the federal part, so clean coding pays: every supplier bill with HST is a claimable credit, and every missing receipt is one lost.

Filing frequency follows revenue: annual up to $1.5 million of taxable sales, quarterly up to $6 million, monthly above. Many smaller Durham businesses file more often, keeping balances small and getting equipment refunds sooner. Input tax credits explains what can be claimed.

Progress draws and holdbacks in a contractor’s books

Durham’s new subdivisions mean many trade and builder ledgers, which need two things retail books do not. Progress billing: each draw is invoiced at a stage, with HST generally payable on the earlier of invoice or payment. And the 10% holdback the Ontario Construction Act lets the payer retain: earned but uncollected, it needs its own receivable rather than vanishing until it arrives.

Recorded properly, the holdback receivable shows the cash tied up in finished jobs. Unrecorded, it becomes an unmatched deposit months later. Contractor accounting in Oshawa covers the tax side.

Inventory and parts for shops and suppliers

Oshawa’s automotive history left machine shops, fabricators and parts suppliers whose ledgers turn on inventory. Raw material, work in progress and finished goods are recorded separately, so monthly cost of sales is real, not just supplier payments. We reconcile inventory to your count, post adjustments and flag margins that drift from job quotes. Sound monthly figures ease the year-end count; the year-end inventory count covers what it must include.

Payroll, WSIB and Employer Health Tax as they accrue

Payroll touches the ledger every run. Gross wages, CPP, EI, income tax withheld, the employer share and the CRA remittance each need accounts, or the liability never reconciles. Ontario adds WSIB premiums for most Durham trades and manufacturers, and Employer Health Tax once total Ontario payroll passes the exemption; accrue EHT monthly if you expect to cross it mid-year. Current figures are on the Ontario tax facts page. To have payroll run too, see payroll services in Oshawa.

The month-end close, and the shareholder loan

A month is closed when every bank and card account agrees to its statement, HST agrees to what was filed, and the owner’s personal transactions are posted to the shareholder loan account. That account matters most: a personal truck payment or grocery run on the company card is money owed to or by you, not an expense. A balance you owe not repaid within one year after year-end is generally taxed as your income, so watch it monthly. Why bank reconciliation matters sets out the rest of the close.

Point-of-sale days and commission cheques

Not every Durham ledger is jobs and parts. A restaurant’s starts with the daily POS report, split into card settlements, cash deposits, staff tips and HST, then matched to bank deposits a day or two later. Delivery app payouts arrive net of fees, so record the gross sale and fee, not just the deposit. Restaurant accounting in Oshawa covers that routine.

A realtor’s books are the opposite: few transactions, large irregular commissions, HST on each. The monthly work is matching brokerage statements to deposits and documenting car and marketing costs. See realtor accounting in Oshawa.

Remote

EverStone keeps Oshawa books online, in cloud software you own and can log into anytime. Feeds arrive electronically; receipts and statements come by secure upload, often from a phone. If you are behind, catch-up bookkeeping brings you current first. The CPA who keeps the ledger prepares the corporate year-end from it, so nothing is rebuilt.

Remote bookkeeping for Oshawa

Bookkeeping for Oshawa and Durham Region businesses is delivered remotely. There is no Oshawa office and no local team. Feeds arrive electronically, documents come through a secure upload link, and the CPA keeping your books is the one you talk to.