Accountants for Food & Beverage Businesses

F&B CPAs: Inventory control, tip reporting, HST, seasonal cash flow for restaurants & hospitality

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AFFORDABLE Accountants for Food & Beverage Businesses

At Gondaliya CPA, we provide affordable accounting services tailored specifically for food and beverage businesses. Whether you’re managing a restaurant, catering service, or food production company, our expert team ensures accurate financial reporting, tax planning, and cost-effective solutions that fit your budget. We understand the unique challenges of your industry, including inventory management and fluctuating costs, and offer services designed to keep your business financially healthy.

Our services include bookkeeping, tax filing, cash flow management, and financial reporting, everything you need to stay compliant and thrive in a competitive market. Let us handle the numbers while you focus on growing your food and beverage business.

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F&B Accounting Nightmares We Fix

Toronto restaurants can lose 3–8% of revenue due to poor inventory management, while CRA audits often target tip pools and HST/FST splits on food and beverage sales. We help food & beverage businesses in Toronto and the GTA fix these accounting challenges, ensuring accurate reporting, compliance, and smoother operations.

Inventory Shrinkage & Waste

We help you reduce inventory losses and manage waste efficiently, keeping your costs under control.

Tip Reporting & Payroll Complexity

We simplify tip reporting and payroll, ensuring compliance with CRA guidelines while saving you time.

Seasonal Cash Flow Swings

We provide expert cash flow management to help you navigate seasonal revenue fluctuations and maintain financial stability.

HST/FST on Food Sales Confusion

We ensure accurate HST/FST reporting on food and beverage sales, minimizing confusion and avoiding costly errors.

Food & Beverage Businesses Tax & Compliance

HST/FST on Food & Beverage Sales

Zero-rated food vs 13% beverages, mixed sales ratios, ITC recovery

Tip Reporting & WSIB

T4A for tip pools, WSIB kitchen classifications, payroll compliance

Year-End Restaurant Deliverables

Food cost %, prime cost tracking, T2 with Notice to Reader statements

Why Work With Gondaliya CPA

Food & Beverage Industry Expertise

Specialized in accounting and tax services for food & beverage businesses.

Accurate Compliance

Ensure your business stays CRA-compliant and audit-ready.

Cost-Effective Solutions

Affordable accounting and tax strategies tailored to your needs.

Year-Round Support

Ongoing bookkeeping, tax planning, and financial guidance you can rely on.

Fully Licensed CPA Ontario

500+ ★★★★★ Google Reviews

30-Day Money-Back Guarantee

60-Day Fees-Matching Policy

Accounting Services Tailored for Food & Beverage Businesses

Corporate Tax Filing for Food & Beverage Businesses

Professional tax preparation and return filing, ensuring accuracy and CRA compliance.

Accounting & Bookkeeping for Food & Beverage Businesses

Reliable bookkeeping and accounting with financial statements, records, and reporting.

Corporate Tax Planning for Food & Beverage Businesses

Smart tax planning to optimize savings, reduce liabilities, and maintain compliance.

Trust and Estate Tax Returns (T3) for Food & Beverage Businesses

Expert preparation of T3 returns to ensure compliance and minimize taxes for trusts and estates.

SR&ED Tax Credit Claims for Food & Beverage Businesses

Maximize your R&D incentives with accurate Scientific Research & Experimental Development (SR&ED) claims.

US Business Tax Filing for Food & Beverage Businesses

Reliable filing of US business taxes for cross-border compliance and peace of mind.

Resident Director (Nominee Director) Services for Food & Beverage Businesses

Provide qualified nominee directors to meet local compliance requirements safely and professionally.

Business Plan Writing Services for Food & Beverage Businesses

Craft professional business plans to secure funding and guide growth.

Incorporation Services for Food & Beverage Businesses

Incorporation services in Toronto for smooth business formation, entity setup, and start-up support.

Free Resource: 50 Deductible Expenses for for Food & Beverage Businesses

Comprehensive checklist of tax-deductible costs unique to Food & Beverage Businesses. PDF delivered instantly.

Case Studies

King West Gastropub Optimized Restaurant Taxes – Toronto, ON

Problem: Overpaying corporate tax + missed HST ITCs
Solution: Fixed inventory costing, HST coding, tax planning
Results:
✅ $24K tax savings
✅ Proper food cost deductions
✅ CRA-ready HST records

Craft Brewery Survived HST Audit – Liberty Village, ON

Problem: CRA HST audit on food/beverage split and ITC claims, $15K assessment.
Solution: Rebuilt 3 years of POS data, documented food/beverage ratios, recalculated ITCs.
Results:
✅ HST audit resolved – $0 additional tax
✅ Proper HST coding implemented
✅ Audit-ready records for 5 years

Ossington Takeout Optimized HST & Cash Flow – Toronto, ON

Problem: Incorrect HST on mixed food/beverage sales, seasonal cash flow swings.
Solution: POS menu item HST coding, weekly cash flow forecasts, HST ITC recovery.
Results:
✅ $8K HST refund recovered
✅ 14-day cash flow buffer
✅ Accurate weekly P&L reporting

OUR SIMPLE PROCESS

Streamlined Accounting for Food & Beverage Businesses

We make managing your finances simple and stress-free. Our transparent process keeps you informed and investor-ready at every stage.

Here’s a simplified process approach:

Step 1

Free Consulatation

Discuss your food & beverage business needs and understand how we can help.

Step 2

Financial Review

We analyze your records, expenses, and tax obligations to identify opportunities.

Step 3

Customized Strategy

Receive tailored accounting and tax solutions to optimize your business finances.

Step 4

Ongoing Support

We handle your bookkeeping, tax filings, and planning so you can focus on growth.

Overpaying Taxes?

Transparent Pricing for Food & Beverage Businesses

Affordable Packages for Food & Beverage Businesses

We believe in clear, upfront pricing so you know exactly what to expect.

- 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 / 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

Meet Your Lead Food & Beverage Business Accountants

Sharad Gondaliya, CPA

Principal 📞 647-212-9559 sharad@gondaliyacpa.ca

Vandana Goel, CPA

Accounting Specialist 📞 647-250-0242 vandana@gondaliyacpa.ca

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Food and beverage businesses can claim various deductions, including expenses related to inventory, food costs, equipment purchases, rent, utilities, and wages for employees. It’s essential to keep accurate records to maximize your deductions and minimize your taxable income.

How can I minimize taxes for my restaurant business in Canada?

Minimizing taxes for a restaurant involves careful tax planning, proper expense tracking, and maximizing available deductions such as capital costs, labor, and food inventory. Working with an experienced accountant ensures you take advantage of all eligible tax credits while staying compliant with Canadian tax laws.

Do food and beverage businesses need to charge HST/FST?

Yes, food and beverage businesses in Canada generally need to charge HST (Harmonized Sales Tax) or FST (Food Sales Tax) on taxable food and beverage items. However, certain items like basic grocery foods may be exempt. An accountant can help ensure you’re applying the right rates to the correct items.

How do I handle tip reporting for my food service business?

Tip reporting in food service businesses must be done accurately to comply with CRA requirements. Tips must be included as part of employees’ taxable income, and restaurant owners should keep track of tip pools, allocations, and proper payroll reporting to avoid penalties during audits.

What are the most common tax mistakes food & beverage businesses make?

Common mistakes include mixing personal and business expenses, underreporting sales, and failing to track inventory properly. These mistakes can lead to increased audit risks and penalties from the CRA. A professional accountant can help ensure accurate records and compliance with tax laws.

How can I prepare for a CRA audit as a food & beverage business owner?

Preparing for a CRA audit involves maintaining clear records, accurate sales and expense documentation, and timely filings. For food & beverage businesses, it’s crucial to ensure that tip reporting, inventory tracking, and HST/FST compliance are in order. An accountant can guide you through proper preparation.

What are the key financial statements food & beverage businesses need to file?

Food & beverage businesses typically need to file key financial statements such as Income Statements, Balance Sheets, and Cash Flow Statements. These statements help provide a snapshot of your business’s financial health and are essential for tax filing and securing business financing.

How do I manage fluctuating cash flow in a food & beverage business?

Fluctuating cash flow is common in the food and beverage industry due to seasonality. Proper forecasting, managing inventory, and implementing effective cash flow strategies are crucial to maintaining financial stability. An accountant can help with budgeting and optimizing cash flow during off-peak periods.

Can I claim home office expenses if I run a food business from home?

Yes, if you operate your food business from home, you may be eligible to claim certain home office expenses such as a portion of utilities, rent, and office supplies. However, the space must be used primarily for business activities. Consult an accountant to ensure you’re maximizing your deductions correctly.

How do I get started with Gondaliya CPA?

Simply contact us for a no-obligation consultation. We’ll assess your financial needs and create a tailored accounting plan that keeps your Food & Beverage Business investor-ready and compliant.