Retail & Convenience Stores
Accounting as reliable as your hours.
Retail and convenience store owners operate on thin margins with high transaction volumes — making accurate bookkeeping and tax strategy essential, not optional. We handle everything from daily sales reconciliation to corporate tax returns, so you're always on top of your numbers.
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What We Offer
Who Is This For?
Why Choose Synergy
High-Volume Bookkeeping
Retail generates hundreds of transactions per day. We set up automated reconciliation from your POS and payment terminals so your books are always current.
Inventory Management
Shrinkage, spoilage, and supplier credits need to be tracked properly. We ensure your cost of goods sold is accurate — which directly impacts your taxable income.
HST on Every Product Type
Different products have different HST treatments. We ensure you're applying the correct rate to each category and claiming every input tax credit available.
Cash Business Compliance
Cash-heavy businesses are a CRA audit target. We help you build clean, defensible records that demonstrate accurate reporting and protect you from reassessments.
Frequently Asked Questions
How do you handle a business with a lot of cash transactions?
We reconcile your daily POS reports, cash register Z-tapes, and bank deposits to ensure every dollar is accounted for. Cash businesses require meticulous daily records. We set you up with a simple daily reconciliation process and review it monthly. This not only keeps your books accurate but also provides CRA-ready documentation if you're ever audited.
Do lottery commissions get taxed?
Yes. Lottery commission income earned as a retailer is business income and must be reported on your corporate or personal return. It is not a prize — it's compensation for selling lottery products. We track and report it correctly.
What's the HST treatment for convenience store products?
In Ontario, basic groceries (most food items) are zero-rated (no HST). Prepared foods, snacks, carbonated drinks, and alcohol are taxable at 13%. Tobacco is also subject to specific excise taxes on top of HST. We set up your system to apply the correct treatment to each product category, minimizing errors and over-remittance.
I have two store locations. Can you handle both?
Yes. We work with multi-location retail clients and provide both location-level reporting and consolidated financials. If the locations are separate legal entities, we file separate tax returns. If they're under one corporation, we consolidate the bookkeeping while maintaining location-level visibility.
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