Vancouver, British Columbia
Vancouver Accounting Support: GST, PST and Cross-Border Bookkeeping
BC businesses juggle two separate sales taxes plus frequent USD revenue. Here's how the books should be structured.
Local guide · GST (5%) and BC PST (7%)
Vancouver businesses deal with a tax structure that trips up bookkeepers from other provinces: 5% federal GST plus 7% provincial PST, filed separately, with different rules about what each applies to. PST is generally not recoverable the way GST is, which changes how purchases must be coded.
Add film and creative sector project work, and high-volume hospitality, and accurate monthly bookkeeping becomes essential rather than optional.
What local bookkeeping actually involves in Vancouver
GST and PST are separate accounts
GST is tracked as a recoverable tax; PST paid on purchases is generally an expense, and PST collected is a liability. Combining them is the most common BC bookkeeping error.
US-dollar revenue
US client invoices, Wise or bank FX conversions and USD balances are recorded with correct rates so income is not over- or under-stated.
Project accounting for production work
Film and creative projects are tracked as separate jobs with their own costs and billings.
Services available to Vancouver businesses
- Full-cycle bookkeeping and transaction coding
- Bank, credit-card and payment-processor reconciliation
- GST (5%) and BC PST (7%) tracking and filing-ready summaries
- Accounts payable and receivable management
- Payroll journal entries and liability reconciliation
- Month-end close and financial statements
- Cleanup and catch-up bookkeeping for prior years
- Tax-return file preparation for your accountant
- QuickBooks, Zoho Books, Xero, Sage 50 and Excel setup
Vancouver tax rates a business owner should know
The numbers below are the British Columbia and federal rates that drive day-to-day bookkeeping decisions. They are current as at the update date on this guide — always confirm rates with CRA, British Columbia finance and your tax professional before relying on them.
| Item | Rate | What it means for your books |
|---|---|---|
| GST + BC PSTTwo taxes on two separate returns. PST paid on purchases is not recoverable, so it must be coded into the cost rather than claimed back. | 5% + 7% = 12% | Two taxes on two separate returns. PST paid on purchases is not recoverable, so it must be coded into the cost rather than claimed back. |
| Combined small-business corporate rate9% federal plus BC's 2% small-business rate on the first $500,000 of active business income. | 11% | 9% federal plus BC's 2% small-business rate on the first $500,000 of active business income. |
| Combined general corporate rate15% federal plus 12% BC above the small-business limit. | 27% | 15% federal plus 12% BC above the small-business limit. |
| GST/HST registration thresholdRegistration is required once worldwide taxable revenue passes $30,000 in a single calendar quarter or across four consecutive quarters. | $30,000 | Registration is required once worldwide taxable revenue passes $30,000 in a single calendar quarter or across four consecutive quarters. |
| Federal small-business corporate rateApplies to the first $500,000 of active business income of a CCPC; income above that is taxed at the 15% general federal rate. | 9% | Applies to the first $500,000 of active business income of a CCPC; income above that is taxed at the 15% general federal rate. |
| GST/HST filing frequencyAnnual filing under $1.5M of taxable supplies, quarterly from $1.5M to $6M, monthly above $6M. Many small filers elect quarterly to smooth cash flow. | Annual under $1.5M | Annual filing under $1.5M of taxable supplies, quarterly from $1.5M to $6M, monthly above $6M. Many small filers elect quarterly to smooth cash flow. |
Payroll costs on top of wages
BC Employer Health Tax
5.85% / 1.95%
Nothing under $1,000,000 of BC payroll; 5.85% on the amount over $1,000,000 up to $1,500,000; 1.95% on total payroll above $1,500,000.
WorkSafeBC premiums
Classification based
Assessed on payroll at your industry classification rate and remitted quarterly.
CPP contribution (2025)
5.95% each
Employee and employer each contribute 5.95% on pensionable earnings between the $3,500 basic exemption and the $71,300 YMPE.
CPP2 second contribution
4.00% each
An additional 4% from each side on earnings between $71,300 and the $81,200 second ceiling.
EI premium (2025)
1.64% / 2.296%
Employees pay 1.64% on insurable earnings up to $65,700 (maximum $1,077.48); employers pay 1.4 times the employee amount.
What Vancouver bookkeeping needs to cover
Monthly reconciliation instead of an annual catch-up
Every bank, credit-card, loan and payment-processor account is reconciled each month. A Vancouver business that reconciles only at year-end typically needs 8-15 hours of cleanup per missed year, and files sales tax from figures nobody verified.
GST (5%) and BC PST (7%) coded at the transaction, not estimated later
Tax is coded as each transaction is entered so the GST (5%) and BC PST (7%) summary comes straight out of the ledger. Estimating from bank totals is the most common cause of reassessments, and CRA charges compound daily interest at the prescribed rate plus 4% on arrears.
Supporting records kept for six years
CRA requires books and receipts to be kept for six years from the end of the tax year they relate to. Documents are attached to the transaction in the accounting file, so nothing depends on a shoebox or an inbox search.
Payroll remittances on the CRA schedule
Regular remitters must pay by the 15th of the month after the pay period. Late remittances draw a penalty of 3% to 10% depending on how late, so a remittance calendar is set at onboarding.
A year-end file your tax preparer can actually use
Trial balance, reconciled control accounts, fixed-asset continuity, loan schedules and a working-paper index are handed over together, which removes most of the back-and-forth that inflates year-end fees.
Accounting software that fits Vancouver businesses
Pricing below is published vendor list pricing in Canadian dollars per month and moves with promotions and plan changes — treat it as a planning range, not a quote. Jasmin is certified in QuickBooks, Zoho Books and Microsoft Excel, and works day to day in the others listed.
Wave
$0 accounting
Sole proprietors and side businesses under roughly 30 transactions a month who need invoicing and a simple ledger.
QuickBooks Online
~$22 - $110 / month
The default for incorporated small businesses — EasyStart for one user, Essentials once bills and multiple users appear, Plus for inventory or project tracking.
Xero
~$20 - $75 / month
Unlimited users on every plan, which suits teams where several people enter bills or expenses.
Zoho Books
Free tier, then ~$25+ / month
Businesses under about $75,000 of annual revenue on the free plan, with strong automation as volume grows.
Microsoft Excel
~$9 - $16 / user / month
Management reporting layered on the accounting file — budget vs actual, cash-flow forecasts and per-project margin.
Related pages: Canada accounting services, accounting software and pricing.
Questions
Vancouver bookkeeping FAQs
Need an accountant for your Vancouver business?
Book a free introductory consultation and get a clear, written plan for your bookkeeping, month-end close and accounting software.
Or reach out directly: info@jasminpatel.ca · 647-534-7560