Shopify Accounting & Bookkeeping That Shows Your Real Profit
Stop guessing what you're really making. Get numbers you can finally trust to price, spend, and scale.
Featured in The Globe and Mail & Yahoo Finance
Trusted by Toronto’s 7-figure Shopify Sellers
Finally, Numbers You Can Trust
If you're a Shopify seller doing $1M+ a year, here's what you get:
- Know your real profit every month
- Stop guessing your margins
- Never miss a GST/HST deadline
- Stay safe selling into the US
- Avoid the $25k IRS penalty
So your books and taxes work together as you scale.
Why Your Shopify Numbers Don't Match Reality
One Team for Canadian Shopify Sellers Scaling Across the Border
"My Accountant Doesn't Get Shopify"
The problem isn’t you. Shopify makes sales look simple, but the accounting behind it isn’t.
You sell for $100, get $80 after fees, and your bookkeeper records $80. Your fees, refunds, and real profit just vanished. Now you’re explaining your own store to your accountant, like a tutor, not a client.
You need numbers you can trust before your next big decision.
Hook Line & Tinker
"I'm Not Sure I'm Handling US Sales Right."
Most sellers aren’t. Shopify takes 1.5% on every US order, so you consider a US LLC. Then comes double tax, the IRS, the CRA, and a $25,000 penalty on Form 5472 if it’s late or wrong.
US sales tax is a separate trap. Cross a state’s threshold and you can owe years of tax you never collected, with your personal assets on the line.
You need a cross-border CPA who has already solved this.
Hydra Garden
Scale Shopify on Numbers You Actually Trust
"One place instead of broken between accountants."
Co-founder, Thirdzy
Know your real profit
- Shopify payouts reconciled, every gateway
- Fees, refunds, & chargebacks accounted for
- Real margins on every product
- Books closed monthly
Stay tax compliant
- GST/HST filed by province, on time
- US sales tax tracked by state
- A2X, TaxJar, and Avalara integrated
- CRA and IRS audit-ready
Get CPA-led strategy
- Quarterly reviews with your CPA
- Tax planning before peaks like BFCM
- Statements ready for lenders
- Cross-border guidance as you scale
Same Store. Two Very Different Outcomes
Others
- Profit. You find out months later, if at all
- Payouts. Dumped in as one number, margins are a guess
- US tax. You find out you owe after the state does
- 5472. One late or wrong filing and it's $25,000
- Your CPA. Passed to junior staff who've never sold on Shopify
SAL
- Profit. Real numbers within days of month-end
- Payouts. Every fee and refund reconciled to the dollar
- US tax. Nexus tracked before you owe a cent
- 5472. Filed right, the $25k penalty never hits
- Your CPA. A CPA who scaled his own store, in your corner
Teddy Blocks
Shopify Sellers Who Finally See Their Real Profit
Free Profit Clarity Call
You share your setup. You leave knowing exactly where your numbers stand and what needs fixing first.
Clean Books
Your Shopify payouts, fees, and refunds are reconciled. Your systems are connected and synced so every payout matches your books.
CPA-Led Strategy
Monthly books closed on time. Sales tax filed. Quarterly reviews with your CPA to plan your next growth move.
How We Handle
Co-founder, Thirdzy
Your Next Growth Move Deserves Real Numbers
FAQs For Shopify Sellers
Should I use cash or accrual accounting for Shopify?
Accrual accounting is usually better for growing Shopify stores because it shows sales, refunds, fees, inventory costs, and taxes in the right period. Cash accounting is simpler, but it can hide your real profit. For cleaner numbers, use expert Shopify accounting services for Canadian sellers.
Do I need to charge tax on Shopify Canada?
Yes, if your store is registered or required to register for GST/HST, PST, or QST. Shopify can calculate tax at checkout, but you still need to file and pay the tax yourself. This Shopify GST/HST guide explains what Canadian sellers need to know.
Do I need to pay taxes if I sell on Shopify?
Yes. Shopify income is business income, so you need to report it and pay tax on your profit. You may also need to collect GST/HST or US sales tax depending on where you sell. This Shopify seller tax guide explains the basics.
Does Shopify report your income?
Shopify gives you sales and payment reports, but you are still responsible for reporting your income properly. Your taxable income is not just the sales number in Shopify.
Does Shopify send a tax form?
Shopify may send a tax form if you use Shopify Payments in the US and meet the reporting rules. Canadian sellers usually rely on Shopify reports, processor statements, and bookkeeping records.
How much tax do you pay on Shopify?
It depends on your profit, province, business structure, GST/HST setup, and whether you sell into the US. Sales tax and income tax are different, so don’t use your Shopify sales total as your tax number.
Why is my Shopify store making sales but no profit?
Because sales are not the same as profit. Your money may be going to product costs, ads, shipping, refunds, fees, duties, or taxes. This COGS guide for Shopify stores can help you understand what each sale really costs.
Why doesn't my Shopify payout match my bank deposit?
Shopify payouts often include deducted fees, refunds, chargebacks, taxes, and timing differences. So the payout may not match your sales number or bank deposit exactly. This Shopify payout reconciliation guide shows how to compare the numbers.
What's eating into my Shopify store's profits?
Common profit leaks include product costs, Shopify fees, payment fees, ads, shipping, refunds, discounts, apps, and exchange rates. Small costs can add up fast when your order volume grows.
Why is my ecommerce revenue high but I have no cash?
Revenue can look strong while cash is tied up in inventory, ads, taxes, supplier bills, shipping, or refunds. That’s why your bank balance may not match your sales. Clean ecommerce bookkeeping helps you see what is actually left.
What accounting software links with Shopify?
Shopify can connect with QuickBooks Online, Xero, A2X, Webgility, MyWorks, and Link My Books. The best setup depends on your sales volume, taxes, payouts, and inventory. This Shopify and QuickBooks integration guide explains the main options.
Do I need QuickBooks if I use Shopify?
Shopify tracks orders, but it is not a full accounting system. QuickBooks helps track income, fees, expenses, taxes, and profit in one place.
Does Shopify have a bookkeeping system?
No. Shopify gives sales, payout, product, and tax reports, but it does not replace bookkeeping. You still need to track expenses, fees, refunds, COGS, taxes, and bank deposits.
How much does Shopify bookkeeping cost?
It depends on your order volume, sales channels, inventory, tax setup, and whether you sell into the US. A simple store costs less than a store with multiple gateways and cross-border tax needs.
Do I need a Shopify bookkeeping service near me?
Not usually. Shopify bookkeeping can be handled remotely if your accountant understands Shopify, payouts, inventory, GST/HST, and US sales.
Do I need an accountant for my Shopify store?
You may not need one when your store is very small. But once you have inventory, GST/HST, refunds, US sales, or unclear profit, an accountant can help you avoid messy mistakes.
Does Shopify report your income?
Because sales are not the same as profit. Your money may be going to product costs, ads, shipping, refunds, fees, duties, or taxes. This COGS guide for Shopify stores can help you understand what each sale really costs.
How much does Shopify take from each sale?
Shopify may take payment fees, transaction fees, currency conversion costs, and app costs depending on your plan and setup. The exact amount depends on how you get paid and where you sell.
Are Shopify stores actually profitable?
Yes, they can be, but high sales do not always mean high profit. Profit depends on margins, ads, shipping, fees, refunds, inventory, and taxes. The ecommerce EBITDA calculator can help you see what your store is really keeping.
Should I start a US LLC for my Shopify store?
Maybe, but don’t open a US LLC just because you sell to US customers. It can help in some cases, but it can also create extra IRS, CRA, and filing work. Start with the US LLC Shopify calculator before deciding.
Not ready for a call? Start with the free Blueprint.
- Four growth stages tied to real monthly sales figures
- The bookkeeping mistake that quietly invites CRA audits
- When a US LLC makes sense, and when it does not
The Shopify CPA Behind Your Profit Clarity
M. SALMAN
CPA & President, SAL Accounting
- Built and scaled his own Shopify store before becoming a CPA
- Understands ecommerce beyond just the numbers
- Helps Canadian sellers find profit leaks
- Fixes inventory issues
- Keeps sellers compliant with US tax rules
Our Team
Shopify Tax Tip Videos
How Much Does Shopify Accounting Cost?
Click to Expand
Canada Corp Only
For sellers not yet incorporated and paying personal tax rates on store income.
Catch-up services for last year
- Paperless Bookkeeping
- Tax filing
- HST Return
Price: $3,000 to $4,000 (one-time)
Help going forward with:
- Opening a Canadian company to lower your tax from 53% to 12.2%
- Monthly profit statements done right from your Seller Central data
- Year-end tax filing
Price: $600 to $800 per month
US LLC Structure
For sellers with US customers paying the 1.5% Shopify international payout fee.
Catch-up services for last year
- Paperless Bookkeeping
- Tax filing
- HST Return
Price: $7,000 to $9,000 (one-time)
Help going forward with:
- US LLC formation
- EIN application
- Bank account guidance for the US
- Profit clarity every month (books done directly from your Shopify data)
- Tax filing for your Canadian company
- US LLC filings that have a $25,000 penalty associated with them
- Cross-border filings in Canada for owning a US LLC
- Double tax saving
Price: $1,300 to $1,600 per month
Multi-Province Sales Tax
For sellers registered for and collecting sales tax in multiple provinces.
Catch-up services for last year
- Paperless Bookkeeping
- Tax filing
- HST, QST and BC PST filings
Price: $4,500 to $5,500 (one-time)
Help going forward with:
- Monthly financial statements
- Tax filing
- HST, QST and BC PST filings
Price: $1,000 to $1,100 per month
Every store is different. See detailed pricing scenarios or contact us for an exact quote.
Book your free call with a CPA
Selling on Other Ecommerce Platforms?
We serve clients in
- Downtown Toronto
- Markham
- Hamilton
- Vaughan
- Ottawa
- Etobicoke
- London
- North York
Shopify accounting can be handled fully remotely