Tax Accountant for Marine Repair Businesses in Ontario and Across Canada
Your year arrives in two bursts — spring commissioning and fall haul-out — and your books have to hold that shape. Prepaid winterization, shrink-wrap and storage packages are income under paragraph 12(1)(a) of the Income Tax Act, but a 20(1)(m) reserve lets you defer the portion you have not performed yet, so you are not taxed a season early. Boats still on the hoist at year end carry technician labour, parts and subcontract cost that must be valued as work in progress, not expensed. Parts inventory sits under section 10 at the lower of cost and net realizable value, so superseded impellers and gaskets get written down. We chase your warranty receivables, class the travel lift and hoists into Class 8, the service trucks into Class 10 and small tools into Class 12 at 100%, and recover the 13% input tax credits in your parts and shop-supply invoices — with AFFORDABLE flat fees.
AFFORDABLE Marine Repair Tax Accountant
A marine repair business earns its year in two short bursts, and almost every tax question comes back to when the money is earned rather than when it is collected. Winterization, shrink-wrap and storage packages sold in the fall are collected up front but performed over months, so the cash is income under paragraph 12(1)(a) with a 20(1)(m) reserve available for the unperformed portion, carried as deferred revenue. Shops that book the whole package on receipt overstate income in the wrong year and pay tax early. At the same time, boats part-way through a repower or a gelcoat job at year end carry technician labour, parts and subcontract cost that must be valued and carried as work in progress rather than written off, and parts on the shelf are inventory under section 10 of the Income Tax Act at the lower of cost and net realizable value, with slow-moving and superseded stock written down. Customer deposits on large jobs are liabilities until the work is actually performed. That is why you need a specialist who understands a service floor. At Gondaliya CPA, we specialize in deferred revenue, work in progress, parts inventory and corporate tax planning for marine repair operators, providing AFFORDABLE flat-fee support that keeps you CRA-compliant and stops you paying more tax than you owe.
As a marine repair tax specialist, we work with boat repair shops, engine and outboard service centres, fibreglass and hull specialists, marina service departments, detailing operations and mobile marine technicians across Ontario, with year-round support rather than a once-a-year scramble. Repair labour, parts and both indoor and outdoor storage are taxable at 13% HST with full input tax credits on parts, shop supplies and equipment. We track warranty work billed to manufacturers as revenue when it is performed and the claim is approved, age the receivable and chase it, treat manufacturer allowances under paragraph 12(1)(x), run technician and apprentice payroll with WSIB, and plan cash flow around two peaks and a winter trough.
Let us handle the numbers so you can focus on the work that actually pays you.
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Accounting That Understands How a Marine Repair Business Actually Works
Running a repair yard comes with financial pressures a desk-bound business never faces. You collect for a whole winter of storage in October and perform it through April, you finish your fiscal year with half-finished boats on the hoist, your parts room is full of stock for engines nobody runs any more, and manufacturers pay warranty claims months after the technician did the work. At Gondaliya CPA, we understand the financial reality of a seasonal service business and provide practical, trade-focused solutions across the GTA and all of Ontario.
Stay Compliant and Minimize Your Marine Repair Business Tax
For a marine repair operator, staying onside with CRA and WSIB and paying the least legal tax are the same job. We keep every filing on schedule while claiming every labour, parts, equipment and disposal dollar the T2 allows, so nothing is missed and nothing invites a reassessment.
Accounting & Tax Experts for Marine Repair Businesses
- AFFORDABLE + Fully Registered CPA Firm
- Business and Corporate Tax Expert
- Small & Medium Business Expert
- Accounting, bookkeeping, and tax filing
- Certified CPA
- 1300+ 5-star Google reviews
- 30-Day Money-Back Guarantee
- 60-Day Fees Matching Policy
Why Choose Our Accounting Services for Marine Repair Businesses?
Tax Planning — Deferred Revenue & Equipment CCA Expertise
We know the shop: prepaid winterization and storage deferred under a 20(1)(m) reserve, travel lifts, hoists and compressors in Class 8 at 20%, service trucks in Class 10 at 30%, small tools in Class 12 at 100%, leaseholds in Class 13 and shop software in Class 50. We time equipment buys against your year-end and protect the $500,000 Small Business Deduction.
Consulting — Work in Progress & Parts Costing
Our bookkeeping tracks every open work order so technician labour, parts issued and subcontract cost accumulate against the boat, values year-end work in progress instead of expensing it, carries parts as section 10 inventory at the lower of cost and net realizable value, holds customer deposits as liabilities, and ties the HST on every invoice to your return.
CRA Representation — Deferral & Inventory Audits
When CRA reviews your deferred revenue reserve, your work in progress valuation, your parts write-downs or your input tax credits, we prepare the response with the storage contracts, aging reports and work orders that support it, reconcile WSIB, and pursue relief on Form RC4288 where penalties came from a prior error.
Bookkeeping — Payroll, Seasonality & Sale
We run technician, apprentice and service-writer payroll with WSIB and Employer Health Tax, claim the apprenticeship credit on Schedule 31 where the trade qualifies, plan cash flow around two peaks and a winter trough, and get you ready to sell. We model the profit level where incorporating pays off and handle the eventual disposition.
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Marine Repair Clients
Marine Repair Tax and Accounting Services in Ontario
Corporate Tax Filing (T2) for Marine Repair Businesses
Professional T2 preparation with the 20(1)(m) reserve on prepaid storage, year-end work in progress valued, parts inventory under section 10, Schedule 8 capital cost allowance and CRA compliance on every line.
Bookkeeping & Accounting for Marine Repair Businesses
Work-order costing, parts and shop-supply reconciliation, deferred revenue schedules, warranty receivable tracking and financial statements, with clean records and monthly reporting built for a service yard.
Payroll Services for Marine Repair Businesses
Technician, apprentice and service-writer payroll with WSIB, PD7A remittances, T4s, the Schedule 31 apprenticeship credit where the trade qualifies, and Employer Health Tax above the $1 million exemption.
GST/HST Filing for Marine Repair Businesses
AFFORDABLE HST filing on repair labour, parts, winterization and storage revenue at 13%, with full input tax credits on parts, shop supplies and equipment, matched to your T2 to avoid CRA penalties.
Tax Planning for Marine Repair Businesses
Smart tax planning to protect the Small Business Deduction, time the deferral of prepaid packages, place shop equipment in the right capital cost allowance class, and plan salary, dividends and sale.
Corporate Catch-Up Filing for Marine Repair Businesses
File overdue T2 and HST years, rebuild missing work-order, parts and storage records, and get back into CRA compliance with accurate catch-up support.
CRA Audit Resolution for Marine Repair Businesses
Expert support for deferred revenue, work in progress, parts write-down and input tax credit audits, with contracts, aging reports and work orders handled with confidence.
CPA Financial Statements (Notice to Reader) for Marine Repair Businesses
CPA-compiled financial statements that equipment lenders and banks accept for your marine repair corporation.
Incorporation Services for Marine Repair Businesses
Full incorporation including NUANS, articles, share structure, and the section 85 rollover of your travel lift, shop equipment, parts inventory and goodwill from your unincorporated business.
Catch-Up Bookkeeping Services for Marine Repair Businesses
We rebuild months of missing work-order, parts, storage-billing and disposal postings so your shop books are current, reconciled and CRA-ready.
US Corporation & LLC Tax Filing for Marine Repair Businesses
Cross-border filing for US-resident owners and shops doing service work south of the border, covering 1120 and treaty-based 1120-F returns, Form 5472, LLC hybrid mismatches and foreign tax credits.
Voluntary Disclosure Program for Marine Repair Businesses
We file a VDP disclosure to correct unreported prepaid storage revenue, missed HST on labour and parts, unrecorded lien-sale proceeds or unfiled T2 years before CRA contacts you, cancelling penalties and reducing interest.
Accounting & Tax Services Tailored for Marine Repair Businesses
Real, practitioner-level CPA expertise for boat repair shops, engine and outboard service centres, fibreglass and hull specialists, marina service departments, detailing operations and mobile marine technicians across Ontario — built for how a seasonal service business actually runs.
- We prepare your T2 with GIFI on Schedule 100 and Schedule 125, splitting labour, parts, winterization and storage revenue in QuickBooks Online so CRA’s matching program never flags the return; on one shop correct coding reversed a $19,000 assessment.
- We defer prepaid winterization, shrink-wrap and storage packages under paragraph 12(1)(a) with a 20(1)(m) reserve for the unperformed portion, because booking the cash on receipt taxes it a year early; one reserve moved $145,000.
- We value work in progress at year end, carrying technician labour, parts and subcontract cost on boats still on the hoist rather than expensing it, because CRA adds the omission back; one valuation corrected $60,000.
- We claim capital cost allowance on Schedule 8, placing travel lifts, hoists and compressors in Class 8 at 20%, service trucks in Class 10 at 30% and small tools in Class 12 at 100%; one review released $41,000.
- We write parts inventory down under section 10 of the Income Tax Act to the lower of cost and net realizable value, because superseded impellers and gaskets carried at cost overstate income; one count released $28,000.
- We post service labour, parts, winterization, commissioning and storage revenue to separate accounts in QuickBooks Online and keep the six years of records section 230 requires; on one yard this surfaced $24,000 of unbilled work orders.
- We track every open work order in Shopmonkey synced to Xero so technician hours, parts issued and subcontract invoices accumulate against the boat rather than the month, giving a defensible year-end figure; one rebuild recovered $31,000 of labour.
- We hold customer deposits on repowers and major hull work as liabilities until the work is performed, because recognizing them on receipt overstates revenue and invites reassessment; one correction moved $52,000 into deferred revenue.
- We carry parts, filters, antifreeze and shrink-wrap film on hand as inventory under section 10 rather than expensing them on purchase, since CRA adds back overstated deductions; one year-end count corrected a $27,000 write-off.
- We capture parts invoices, disposal tickets and shop-supply receipts through Dext so the 13% input tax credit on every purchase is claimed on line 108 of your return; one cleanup recovered $18,000 across eight quarters.
- We run technician, apprentice and service-writer payroll in Wagepoint, withholding income tax, CPP and EI and remitting on the PD7A by the 15th, because CRA’s 10% late-remittance penalty on a $12,000 remittance costs $1,200.
- We register WSIB coverage in the marine service rate group, mandatory once you employ technicians, and reconcile premiums to the T4 Summary in Wagepoint; one late registration would have carried a $14,000 back-assessment across two seasons.
- We claim the Apprenticeship Job Creation Tax Credit on Schedule 31 at 10% of eligible wages to $2,000 per apprentice where the trade qualifies as Red Seal, confirming the specific designation first; one claim recovered $6,000.
- We plan payroll around the spring commissioning and fall haul-out peaks and the winter trough, scheduling records of employment and banked hours in Wagepoint so the shop is not funding idle wages; one plan freed $22,000 of cash.
- We manage Ontario Employer Health Tax once annual payroll passes the $1,000,000 exemption and file it alongside the T4 Summary reconciled to the PD7A in Wagepoint; on one growing yard this caught $3,900 of unremitted EHT.
- Repair labour, parts, winterization and both indoor and outdoor storage are taxable at 13% HST in Ontario, so we code every work order correctly in QuickBooks before CRA compares the return; one review found $14,600 billed wrong.
- We claim input tax credits on parts, shop supplies, hoists, compressors, shop equipment and premises costs each quarter, because tax left unclaimed beyond CRA’s four-year limit is lost outright; one filing recovered $18,000 across eight periods.
- We register you once taxable revenue passes the $30,000 small-supplier threshold under the Excise Tax Act and set the reporting period in QuickBooks to match your season, because unregistered shops still owe tax they never charged; one late registration cost $21,000.
- We charge the 13% on warranty labour invoiced to a manufacturer and on mobile service call fees, since neither sits outside the tax net, and track the claim in Xero; one correction cleared a $9,700 shortfall.
- We reconcile the HST on your returns to the revenue reported on your T2 every period, because CRA’s matching program pulls a shop whose figures disagree; one reconciliation pre-empted a $17,000 reassessment.
- We set the salary and dividend mix so combined tax stays near the 12.2% Ontario small-business rate under section 125 while enough T4 salary builds RRSP room for a shop owner; on one owner this deferred $24,000.
- We time the paragraph 12(1)(a) deferral so a fall haul-out season collected in October is recognized in Xero as the winterizing and shrink-wrapping is performed, smoothing income across two fiscal years; one plan cut a $31,000 bill.
- We time travel lift, hoist and compressor purchases before your fiscal year-end so the Class 8 rate of 20% and the half-year rule deliver the largest first-year deduction on Schedule 8; one $180,000 order pulled forward $18,000.
- We keep active income under the $500,000 Small Business Deduction limit, timing bonus accruals and capital cost allowance claims in QuickBooks where a strong repower season pushes past it; one plan held $80,000 at 12.2% and saved $11,000.
- We plan two years ahead so your shares qualify for the $1.25M Lifetime Capital Gains Exemption under section 110.6 claimed on Form T657, purifying idle cash from the shop before a sale; one purification protected $320,000 of gain.
- We reconstruct labour, parts, winterization and storage revenue from bank deposits, work orders and customer statements across your unfiled T2 years in QuickBooks, so CRA cannot assess arbitrarily; one rebuild cut a $48,000 estimate.
- Late filing costs 5% of the balance owing plus 1% per month for up to twelve months under subsection 162(1), so we file your oldest overdue T2 first to stop the compounding; on one yard penalties stopped at $6,900.
- We rebuild the undepreciated capital cost pools across the missed years in Xero, recovering allowance never claimed on Class 8 shop equipment, Class 10 service trucks and Class 12 tools on Schedule 8; one file restored $21,000.
- We file the missing HST returns and reconcile the 13% charged on repair labour, parts and storage against what was actually remitted under the Excise Tax Act; one catch-up cleared a $15,200 shortfall before CRA assessed it.
- We rebuild in Xero the year-end work in progress and deferred storage figures that were never recorded in those years, because an omitted opening balance distorts every later T2 and invites CRA reassessment; one reconstruction corrected $37,000.
- When CRA opens an audit, we manage the file and answer the deferred revenue, inventory valuation and input tax credit queries inside the deadlines from QuickBooks; on one file this contained $35,000 of exposure.
- We defend a 20(1)(m) reserve by producing the signed storage and winterization contracts, the haul-out schedule and the service dates showing exactly what remained unperformed at year end; one defence preserved $145,000 of deferral.
- We support a parts write-down with the aging report, supplier supersession notices and net realizable value evidence CRA demands under section 10, because an unsupported reduction is added straight back; one review protected $28,000.
- We answer repair-versus-betterment reviews with work orders from Shopmonkey showing which invoices restored shop equipment and which extended its capacity, because a deduction disallowed for missing records is gone; one review protected $31,000.
- We file the Notice of Objection on Form T400A within 90 days of a reassessment under subsection 165(1) and pursue relief on Form RC4288 where a prior bookkeeper’s error caused penalties; on one file this cancelled $8,400.
- We prepare the CSRS 4200 compilation engagement financial statements, the Notice to Reader an equipment lender requires across two fiscal years and tied to your T2 in QuickBooks, before approving a $250,000 travel lift facility.
- Your compiled statement of financial position carries shop equipment at net book value by class, year-end work in progress and parts inventory at the lower of cost and net realizable value under section 10; one file unlocked $175,000 of lender financing.
- We build the statement of operations with labour, parts, storage and warranty revenue, technician wages and disposal costs classified consistently in Xero across two years and tied to the T2; one file supported an $85,000 credit line.
- The CSRS 4200 communication discloses that no audit or review was performed, and without it the Business Development Bank of Canada rejects the working-capital loan a seasonal shop needs; one Notice to Reader unlocked $100,000.
- We deliver compiled statements within 30 days of receiving your records and the year’s T2 figures, because a financing approval collapses when the conditional offer expires; on one deal timely delivery saved a $150,000 hoist purchase.
- We incorporate under the Ontario Business Corporations Act, giving you limited liability and the 12.2% small-business rate on the first $500,000 of active income under section 125, filed on your first T2; one owner saved about $22,000.
- We complete the section 85 rollover on Form T2057, transferring the travel lift, shop equipment, parts inventory and goodwill into the corporation at elected amounts, deferring the recapture CRA would tax on a straight sale; one rollover deferred $54,000.
- We move the shop lease, marina sublease, environmental registrations and equipment financing into the corporate name, because an asset registered personally while the company claims the deduction is disallowed on review; one transfer protected $25,000.
- We open the corporation’s CRA business number, HST and payroll accounts within the first 30 days, set the PD7A schedule in QuickBooks, and close the old accounts so revenue is never remitted twice; one setup prevented a $5,100 duplication.
- We structure the share classes and set the first fiscal year-end after the fall haul-out rush, up to 53 weeks from incorporation, so dividends split among family shareholders and the first T2 balance is deferred; one owner freed $19,000.
- We rebuild unreconciled work orders, parts invoices and storage billings in QuickBooks Online, restoring the section 230 record trail; on one yard this recovered $16,000 of unbilled repair work across two seasons.
- We reconstruct open work in progress for the months nobody tracked in Shopmonkey, so technician labour, parts issued and subcontract cost sit against the right hull before the T2 is filed; one rebuild exposed $23,000 of unrecorded value.
- We rebuild the Class 8, Class 10 and Class 12 capital cost pools that went unposted, capturing missed depreciation on Schedule 8 in Xero; on one file this restored $17,500 of undepreciated capital cost CRA would never have refunded.
- We capture the missing parts, shop-supply and hazardous-waste disposal invoices through Dext, because unposted receipts lose recoverable tax permanently after four years; one cleanup reclaimed $8,300 of credits on line 108 of the return.
- We catch up technician payroll postings in Wagepoint and reconcile the PD7A remittances, WSIB premiums and T4 wages that fell behind through two busy seasons, before CRA matches them; one catch-up corrected $4,700 of source deductions.
- We file the US Form 1120-F return your corporation needs when service work at American marinas creates a US trade or business, reporting effectively connected income and claiming Canada-US treaty protection; one filing avoided an $18,000 default assessment.
- We file Form 5472 for a US subsidiary or disregarded entity holding your American shop assets, reporting related-party transactions, because the IRS penalty for a missed form starts at $25,000 per year; one late filing was abated in full.
- We resolve the LLC hybrid mismatch under Article IV of the treaty that CRA scrutinizes, reconciling pass-through income to your Canadian T2 and claiming foreign tax credits on Schedule 21 for US tax actually paid; one restructuring saved $12,000.
- We file the US Form 1120 corporate return where an owner is a US resident or the shop runs an American service arm, coordinating it with the Canadian T2 so the same profit is not taxed twice; one filing saved $14,000.
- We coordinate W-8BEN-E certification so American marinas and manufacturers do not withhold the 30% flat tax where the treaty reduces or eliminates it on your gross receipts; on one operator this released $9,800 held back at source.
- We file your Voluntary Disclosures Program application on Form RC199 under subsection 220(3.1) before CRA contacts you, because acceptance under the general program cancels penalties in full and grants 50% interest relief; one owner was spared $10,800.
- We disclose prepaid winterization and storage revenue that was never reported, correcting the paragraph 12(1)(a) inclusion and the 20(1)(m) reserve so you earn relief instead of a gross-negligence penalty of 50%; one disclosure covered $40,000.
- We correct HST never charged or remitted on repair labour, parts and storage billings, reconciling the 13% shortfall under the Excise Tax Act so the corporation regularizes without wilful-default penalties; one file settled $13,000.
- We fold unreported proceeds from abandoned units sold under the Repair and Storage Liens Act and the unfiled T2 years into the same submission, so the correction is complete and CRA cannot reopen those years; one filing covered $9,200.
- We confirm your disclosure is voluntary, complete and at least one year overdue as subsection 220(3.1) requires, filing Form RC199 before any audit letter arrives, because relief is lost once CRA makes contact; timely filing saved $8,900.
Marine Repair Tax & Season Check
Six quick questions on your prepaid winterization and storage deferral, year-end work in progress, parts write-downs, warranty claim tracking, equipment and tool classes and whether it is time to incorporate. No fee shown.
1. Are prepaid winterization and storage packages deferred until the work is performed?
2. Is your year-end work in progress valued and carried rather than expensed?
3. Are slow-moving and superseded parts written down to net realizable value?
4. Are warranty claims billed to manufacturers tracked as receivables until paid?
5. Are your travel lift, hoists and small tools in the correct CCA classes?
6. Is your marine repair business incorporated?
Free CPA Consultation for Marine Repair Businesses
Case Studies: Marine Repair Accounting & Tax
Barrie Marine Service Shop — Prepaid Storage & Work in Progress
The problem: A Barrie shop sold a full season of winterization, shrink-wrap and indoor storage every October and booked the entire amount as revenue the day the cheque cleared, even though the work ran through to April. Nothing was carried for the boats still on the hoist at year end, so a whole season of technician labour, parts and subcontract cost had been expensed.
What we did: We set a 20(1)(m) reserve against the paragraph 12(1)(a) inclusion, carried the unperformed portion as deferred revenue over the service period, and valued year-end work in progress from the open work orders.
The result:
- Deferred $145,000 of prepaid winterization and storage
- Valued $60,000 of work in progress that had been expensed
- Six figures of income moved into the right year
Kingston Boat Repair Yard — Incorporation & Parts Write-Down
The problem: A Kingston yard was running unincorporated, so every dollar of profit landed on a personal return at Ontario rates up to 53.53%. A new travel lift had been written off as a repair in the year of purchase, and six years of superseded outboard parts still sat on the shelf at original cost, overstating both inventory and income.
What we did: We incorporated and rolled the equipment, parts and goodwill in on a section 85 election, applied the $500,000 Small Business Deduction, capitalized the lift to Class 8 at 20%, and wrote the dead stock down to net realizable value under section 10.
The result:
- Active income taxed near 12.2% instead of 53.53%
- Wrote down $28,000 of superseded parts
- Travel lift correctly capitalized and depreciating
Ottawa-Area Mobile Marine Service — Deposits, Warranty & Liens
The problem: An Ottawa-area mobile operator booked customer deposits on repowers straight to revenue, had no ledger for warranty claims billed to manufacturers, and had four boats abandoned in the compound for years with no paperwork on any of them. Nobody could say what was owed, what was earned or what could legally be sold.
What we did: We moved deposits to a liability account until the work was performed, built a warranty receivable ledger that ages each claim from the service date to approval and payment, and documented the Ontario Repair and Storage Liens Act notice process in QuickBooks for every abandoned unit.
The result:
- Deposits and deferred revenue reported correctly
- Warranty claims aged, chased and collected
- Clean, audit-ready books and a documented lien process
Our clear, efficient process ensures every step is transparent, building trust and long-term client relationships.
Kickoff (Document Request)
Collect prior T2 returns, storage and winterization contracts with service dates, open work orders, parts inventory counts, warranty claim records, capital cost allowance schedules, equipment purchase and lease documents, disposal invoices, payroll and WSIB files, and bank statements.
First 30 Days (Cleanup & Setup)
Set up QuickBooks Online or Xero, build the deferred revenue schedule for prepaid packages, connect the work-order system so labour and parts accumulate per boat, set the parts inventory method under section 10, and configure payroll and WSIB tracking.
Monthly Close
Monthly reconciliations, parts and shop-supply receipt capture, deferred revenue released as the work is performed, warranty receivable aging, and HST on labour, parts and storage with full input tax credits.
Quarterly Planning Review
Salary and dividend mix, HST and input tax credit review, work in progress and parts inventory review, apprenticeship credit eligibility, and equipment purchase timing before year-end.
Year-End Close & T2 Filing
Trial balance, financial statements with work in progress and parts inventory valued and shop equipment at net book value by class, Schedule 8 capital cost allowance, T2 with GIFI, and CRA preparation.
Get Your Marine Repair Business Taxes Done Right Today
Affordable Pricing for Marine Repair Businesses
We believe in clear, upfront pricing so you know exactly what to expect. All fees include HST.
- Tax Preparation (Corporation) — From $400
- Tax Return Filing (Corporation) — From $400
- Tax Compliance Audit — FREE CRA audit support for our clients
- Tax Strategy — FREE for our clients
- Accounting Base Plan — From $100 per month
- Bookkeeping Management — Free for our Accounting clients
- Financial Reporting — Free for our Accounting clients
- Business Formation — Flat $35
- Incorporation Process — Flat $35
- Entity Setup Assistance — Flat $35
- Full-Service Payroll — From $125 per month
Payment is by Interac e-Transfer to info@gondaliyacpa.ca only. Security question: Not Applicable, as auto-deposit is enabled.
Meet Your Lead Marine Repair Accountant
Meet your lead marine repair accountant. As your service-yard and corporate tax adviser, you deal with the same two people every year.
What Our Clients Say
1300+ five-star reviews from marine repair and service business owners across Ontario and Canada.
Serving Marine Repair Businesses Across Ontario
Our CPA team provides specialized accounting and tax solutions for marine repair operators throughout Ontario. We understand how prepaid winterization and storage deferral, year-end work in progress, parts inventory write-downs, warranty receivables from manufacturers, equipment and tool capital cost allowance and repair and storage liens actually flow through a seasonal service business, what CRA looks at on a shop file, and how to put every dollar in the right year.
Toronto (ON)
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Mississauga (ON)
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Brampton (ON)
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Scarborough (ON)
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Vaughan (ON)
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Ottawa (ON)
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Etobicoke (ON)
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Hamilton (ON)
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Guelph (ON)
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Windsor (ON)
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North York (ON)
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Marine Repair Accounting & Tax FAQs
Related Industries We Serve
Boat Dealers
- Unit inventory and sales accounting
- HST, financing and dealer reporting
- T2 filing, payroll and bookkeeping
Auto Repair Shops
- Work in progress and parts inventory
- Shop equipment CCA and HST filing
- Corporate tax filing and bookkeeping
Small Businesses
- Corporate tax planning for small businesses
- Business tax filing and financial statements
- Payroll and bookkeeping services
Incorporated Businesses
- T2 corporate returns and GIFI
- Salary, dividend and SBD planning
- Compilation statements and incorporation
Marine Repair Accounting & Tax Done Right.
T2 filing, prepaid winterization and storage deferred under a 20(1)(m) reserve against the paragraph 12(1)(a) inclusion, year-end work in progress valued at labour, parts and subcontract cost, parts inventory written down under section 10, warranty receivables aged and chased, Class 8 travel lifts and hoists, Class 12 small tools, 13% HST on labour, parts and storage with full input tax credits, and technician payroll with WSIB under one roof. AFFORDABLE flat fees, no hourly billing. Licensed CPA Ontario. 1300+ five-star reviews. 30-Day Money-Back Guarantee.