Providing Bookkeeping and Accounting Services for a Newly Registered Cannabis Retail Shop

Service: | Industry:

Overview:

Our client is a newly registered cannabis retail shop in Canada. As a new business in a heavily regulated industry, the client was looking for support with bookkeeping and accounting to ensure compliance with all relevant regulations.

Solution:

Our team provided bookkeeping and accounting services to the cannabis retail shop, including assistance with compliance reporting to the Alcohol and Gaming Commission of Ontario (AGCO). We helped the client track and record all of their financial transactions, and prepared the necessary financial statements and reports to meet the AGCO’s requirements.

In addition, we also provided guidance on minimizing the shop’s HST consequences and helped the client take advantage of any available HST credits. As a result, the client received a significant HST refund and was able to report their first year operating losses as carried forward, minimizing their future income taxes payable.

Results:

Thanks to our support, the cannabis retail shop was able to meet all of their compliance obligations and minimize their tax consequences. The client was extremely satisfied with the results and has continued to work with us on an ongoing basis to ensure that their business stays on track financially.

Conclusion:

Starting a new business in a regulated industry can be challenging, especially when it comes to financial management. Our team is dedicated to helping clients like the cannabis retail shop in this case study navigate the complexities of bookkeeping and accounting and to ensure compliance with all relevant regulations. We are proud to have been able to help this client minimize their tax consequences and set their business up for success.

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