CGCIC sees itself as a competent service provider and specialist when it comes bookkeeping. We offer bookkeeping services according to what your company really needs.
Our bookkeeping service includes
- Setting up invoice templates
- Entry and updating of all business transactions in a local accounting system
- Preparation of Accounts Receivables and Accounts Payables statements and reconciliation of creditors, debtors and bank accounts
- Financial reporting: Profit and Loss statement, Balance Sheet and General Ledger
- Preparation of HST statements and fulfilment of statutory reporting obligations
- Cooperation with auditors in respect to the annual financial statements
Notes on Bookkeeping in Canada
Accounting in Canada is mostly based on Canadian Accounting Standards, which are strongly oriented to US GAAP.
While financial statements during the year can be prepared following Canadian GAAP, US GAAP or, for example, the German Commercial Code (HGB). For the preparation of year-end financial statements Canadian Accounting Standards are just as mandatory as for reports to tax authorities during the year.
Background on Canadian HST
In Canada, sales tax is generally payable at federal and provincial level. It includes the nationwide sales tax GST (Goods and Services Tax) as well as any other taxes at the provincial level (PST or Provincial Sales Tax).
Many provinces have a so-called Harmonized Sales Tax (HST), so that federal and provincial taxes can be calculated, reported and paid together. However, some provinces do not participate in this system of harmonization. It may be necessary to register with the respective provincial tax authorities (e.g. taxe de vente du Québec (TVQ) / Quebec Sales Tax (QST), Manitoba Retail Sales Tax (RST), British Columbia Provincial Sales Tax (PST), etc.).