Retail accountant in Burnaby
Burnaby retail runs from units inside the big shopping centres at Metrotown, Brentwood and Lougheed to street-front shops along Hastings in the Heights, Edmonds and the Kingsway corridor. Both kinds live on the same two numbers: the sales tax collected at the till and the stock left on the shelves. EverStone works with retailers in Burnaby, entirely online.
Quick answer: A Burnaby retailer’s taxable profit depends on the closing stock figure and on splitting 5% GST from 7% BC PST correctly at the till, item by item. Card settlements, gift cards and returns then have to tie back to the point-of-sale reports. EverStone prepares the bookkeeping, the GST and PST returns, the corporate return and year-end statements for Burnaby retailers, working remotely.
Monthly bookkeeping for a Burnaby retailer starts from $300 a month, with GST and PST filing included. For an incorporated shop, bookkeeping, payroll and the year-end T2 with statements usually come to $450–$650 a month all-in. The year-end covers the T2 with Schedule 1 and Schedule 50, the CCA schedule, the small business deduction, T4 or T5 slips for the owner’s pay, and the instalments for the year ahead. See the published fees.
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Two sales taxes, one point-of-sale system
Every item in a BC till carries its own tax setting. Most goods attract both 5% GST and 7% PST. Some carry GST only: children’s clothing and footwear, for example, are exempt from PST. Basic groceries carry neither. A store that sells across those categories needs each product coded correctly, or it under-collects on one tax and over-charges customers on the other.
The two taxes go to two governments. GST is reported to the CRA, with input tax credits claimed on purchases. PST is reported to the BC Ministry of Finance, and PST paid on the store’s own equipment and supplies is not recoverable. Goods bought for resale are exempt from PST once the supplier has your registration number. The BC PST guide lists the main exemptions.
Closing stock and shrinkage
Cost of goods sold is opening stock plus purchases, less closing stock. Closing stock is the only part of that formula that is counted rather than read off an invoice, so it lands straight on taxable income. It is valued at cost, including freight and duty, not at the retail price on the tag.
The gap between what the system says is on the shelf and what is actually there is shrinkage: theft, damage, miscounts and receiving errors. A store that counts only once a year cannot tell which. Cycle counts of high-value lines during the year show where the losses are while something can still be done. Slow-moving stock can be written down to what it will realistically sell for, with evidence. See the year-end inventory count guide.
Card settlements, gift cards and returns
Card processors deposit sales net of fees, a day or two late, and often in batches that span several days. Recording the deposit as revenue understates both sales and expenses. The cleaner method posts each day’s point-of-sale summary as gross sales, clears card and cash receipts against it, and records processor fees as an expense.
Gift cards are a liability when sold, not revenue, and sales tax applies when they are redeemed for goods. Returns and exchanges reverse both the sale and the tax. Online orders shipped from the store follow the same rules, with tax decided by where the customer is. Each of these needs its own account if the monthly numbers are to mean anything.
Shopping-centre leases and fit-outs
A unit in one of Burnaby’s town-centre malls usually comes with a long lease, common-area charges and sometimes percentage rent tied to sales. The build-out of the space is a leasehold improvement, written off over the lease term through CCA rather than expensed. Display fixtures and point-of-sale hardware are separate classes again.
Landlords sometimes contribute to a fit-out with a tenant allowance. That payment generally has tax consequences: it is either included in income or used to reduce the cost of the improvements. The choice should be made deliberately in the year it arrives. See CCA classes.
Seasonal cash and the holiday quarter
Retail cash is uneven. The weeks before the December holidays can carry a large share of the year’s sales, followed by a slow January with the same rent and wages. GST and PST collected in December belong to government and fall due when the return does. A retailer filing quarterly or annually can mistake that tax for working capital.
Moving collected tax and payroll deductions to a separate account as they arrive is the simplest protection. Buying for the season on supplier terms that fall due after the selling season helps too. Cash flow management covers the forecast, and payroll services in Burnaby covers part-time staff whose hours change weekly.
What EverStone handles for you
One CPA, one fixed fee agreed up front:
- Point-of-sale tax codes reviewed against GST and PST rules
- Daily sales, card settlements and cash reconciled monthly
- GST and BC PST returns tied to the till reports
- Inventory counts planned, valued and adjusted for shrinkage
- Leasehold improvements and fixtures on the CCA schedule
- Payroll, T2 corporate return and year-end statements
Fixed fees, fully online
EverStone is an Abbotsford CPA firm serving Burnaby retailers entirely online. Till reports, supplier invoices and count sheets come in through a secure upload link, and questions go by email first, with a video call when it helps. Nobody has to leave the shop floor for a meeting. The fee is fixed in writing before work starts.
Prepared and reviewed by a Chartered Professional Accountant at EverStone CPA, an Abbotsford CPA firm working remotely with small businesses and incorporated owners across British Columbia. Updated . About the firm · Send an enquiry
What a retailer has to get right
| Item | Why it matters |
|---|---|
| Tax codes at the till | Each product needs the right GST and PST setting |
| Closing stock | Counted and valued at cost, it sets cost of goods sold |
| Card settlements | Deposits arrive net of fees and must be recorded gross |
| Gift cards | A liability when sold; tax applies on redemption |
| Sales tax where you operate | 5% GST plus 7% BC PST: two registrations, two returns |
Source: Inventory accounting in BC. General information, not advice.
Burnaby retail accounting FAQ
Do I charge PST as well as GST in my Burnaby shop?+
Do I pay PST on stock I buy to resell?+
How should gift cards be recorded?+
Is the fit-out of a mall unit deductible?+
How often should a shop count stock?+
Do you work with retailers outside Burnaby?+
Related services and local guides
Nearby cities, the rest of what we do for Burnaby businesses, and the reference pages behind this one.
Fees are fixed and agreed in writing before the work starts; the published fee page shows the starting points.
Running a shop in Burnaby?
Stock valuation, GST and PST, and the corporate return handled by one CPA. Send an enquiry.
Remote retail accounting from Abbotsford
EverStone is a one-CPA firm based in Abbotsford, serving Burnaby retailers entirely online. There is no Burnaby office and no local staff. Point-of-sale exports, bank feeds and count sheets arrive through a secure upload link, returns are signed electronically, and no visit is required at any point. The CPA who reconciles the till reports is the one who prepares the year-end from them.
Talk to a CPA about this
One Chartered Professional Accountant, start to finish. Fixed fees, quoted in writing before any work begins, and no obligation from a first conversation.
