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Blue Ocean Professional Corporation
CPA, Chartered Professional Accountants Free Consultation
INDUSTRIES · 15

Accounting for import & export businesses

Importers, exporters and cross-border traders: duties, import GST, currency and freight.

DutiesCustoms duties and brokerage fees included in your product cost
Import GSTGST paid at the border claimed back as input tax credits
FXForeign-currency purchases, sales and accounts converted correctly
WHAT WE HANDLE

The work that comes with your industry.

Landed cost

Duties, freight, brokerage and insurance added to product cost so margins are real.

GST on imports

Import GST tracked from customs documents and claimed back on your returns.

Zero-rated exports

Exports documented so you can charge 0% GST/HST with confidence.

Foreign currency

U.S. dollar and other foreign-currency transactions and accounts handled correctly.

Inventory in transit

Goods on the water recorded at the right time and cost.

Year-end and tax

Financial statements and your T2, including foreign-exchange gains and losses.

COMMON QUESTIONS

What import & export clients ask us

Can I claim back the GST I paid at the border?

If you're a GST/HST registrant importing goods for your business, generally yes, as an input tax credit. We match it to your customs documents.

Do I charge GST/HST on exports?

Goods exported from Canada are generally zero-rated, meaning 0% tax, but you need records showing the goods left the country.

How do I handle U.S. dollar accounts?

Transactions are converted to Canadian dollars for your books and tax, and exchange gains and losses are reported. We set this up so it's done consistently every month.

Ready for an accountant who knows your industry?

Mississauga, ON · St. Petersburg, FL · info@blueocean.tax

Free Consultation 416-828-7462