Day 72 – Taxes? Can BEVINCO help?

Taxes.....everyone hates them whether they are corporate taxes or personal taxes, but the less you pay the happier we are. In the past 2 months I have met many bar owners during sales meetings and at network events and I have received a significant number of questions regarding the taxation of complimentary drinks and spillage. Although, I don’t have an infinitive answer (still working on it), it is my belief that the BEVINCO service can have a huge advantage to bar owners when filing their taxes and/or when they are getting audited by the Canada Revenue Agency (similar to IRS for Americans). I currently have a client that specifically told me they don’t pay a lot of attention to the weekly audit numbers, but are happy to pay the weekly fees because of how useful our data was during a CRA tax audit. In Canada, bar owners have to pay 8% Provincial Sales tax on drinks sold, however; taxes don’t get paid on product spillage or theft. If a bar experiences a significant amount of spillage or theft the CRA may question these numbers and request taxation on a portion in disbelief of the numbers being reported. Where BEVINCO can help, is we can track the amount of spillage and theft of product for the entire year as a third party auditor which can reduce the scrutiny and pressure of the CRA and possibly save the bar owner thousands of dollars in taxes based on our data. Just another benefit of BEVINCO!