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Accounting For Import - Export Business In Canada

Every country has different taxation rules. At Filing Taxes, we can provide you with the best solution for tax planning and negotiate international tax policies.

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Import / Export Business In Canada

Here at Filing Taxes, we are committed to providing close, personal attention to clients who have less knowledge about the import-export business in Canada. Businesses with limited knowledge in this field may face many obstacles when managing their financial records and filing tax with the Canada Revenue Agency(CRA). Every country has its own taxation rules involved with an import-export business like GST/HST in Canada.

How can you register for the GST/HST for your import-export business in Canada?

  • You may need to charge, collect, and send the GST/HST on your taxable supplies of property and services you make in Canada.
  • You may need to file GST/HST returns regularly.
  • You may be able to claim input tax credits (ITCs) to recover the GST/HST paid or payable on your purchases and operating expenses.

You need to register for an import-export program account if you import goods into Canada or export goods to other countries. The Canadian Revenue Agency will use your import-export program account number to process customs documents.

To avoid delays in releasing your goods at the border, open your program account before importing or exporting goods. While importing or exporting goods or services, you may have some requirements to fulfill by the CRA. These can be 1) Paying taxes, 2) Describing your shipments, 3) Accounting for your goods, 4) Paying duty and many more.

If you are an importer/exporter, you must have all of the following in hand -- GST/HST number with invoices, receipts, and any other documentation required by the CRA to claim input tax credits (ITCs). Also, the importer/ exporter must maintain a duplicate set of invoices, receipts, etc. to request ITCs for the GST/HST paid by them.

When you register for a business number, you must fill the form RC1. You must include all your business's names on customs release forms and documents, such as invoices. If the name on the customs release document does not match the name that is on the file, your goods may be detained at the border.

At Filing Taxes, we have years of experience with many import-export businesses. We have helped our clients prepare their financial statements, file their corporate taxes, and GST/ HST returns. You can count on Filing Taxes' accounting experience to manage your financial data used in filing corporate income tax returns, and GST/ HST returns.

We are aware of the import-export processes and the method to register for an import-export program account required by the CRA. If you want a reliable accounting firm in Toronto to take care of your import-export business, you are in the right place. We will work hard to provide you with the best accounting solutions for your business.

If you are looking for a combination of personal service and expertise in business tax and accounting services, you have come to the right place. At Filing Taxes, we help the import-export business with strategic tax planning, tax preparation and business advisory.