GTA Accounting Insights

Category: HST Filings

Do I charge GST or HST on the sale of good and services to another province?

In Canada, all online businesses are taxed just as brick-and-mortar businesses are. Over the past several years, internet sales have grown significantly as most businesses run online stores and can deliver their products right to their customers’ doorsteps. While some retailers sell their products, both in-store and online, others operate solely online. Regardless of the…
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A Cautionary Tale Regarding The GST/HST New Housing Rebate

A house that is newly constructed or substantially renovated is subject to GST/HST. However, prospective buyers are able to recover part of the GST or HST under the new housing rebate if they intend to use the property as their primary place of residence. If you are planning to buy a new build, take time…
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Allowable Meal & Entertainment Expenses

As a small business, one of your main goals is to minimize expenses and taxes. You can do this by taking advantage of available tax credits and deductions. One of the areas that you certainly need to consider in order to lower your tax bill is the meal and entertainment expenses. Not all expenses related…
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Should You Register Your Business For GST/HST?

It depends on the following three main factors: Nature of supplies Status of supplier Nature and level of purchase you made Nature of Supplies If your business is just making GST/HST exempt supplies of goods/services, then you don’t need to register for GST/HST. GST/HST exempt supplies include educational services, medical or dental services, and food…
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Avoid HST Filing Errors

Small businesses that choose to file taxes on their own are prone to make errors. These bookkeeping errors may cause the business a lot of money in the long run. For instance, if the HST paid on expenses are not claimed, you risk losing the money when the period of claiming taxes elapses. Here are…
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Simplified Method For GST/HST

As a small business, managing your taxes is probably one of the most time-consuming affairs you have to deal with. Thankfully, there are ways that you can reduce the paperwork and make HST/GST filing simple and quick for your business. When GST was introduced back in 1991, the government made efforts to ensure it doesn’t…
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Tips For Filing HST In 2018

If you are running a business, small or large, you need to ensure you comply with all the tax reporting requirements. It can be difficult to properly file HST if you don’t have professional help. There have been changes in HST that you need to know in order to file accurately. Below are a few…
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What Is The Quick Method For GST/HST Filing

The quick method of accounting is used by small businesses to calculate HST remittances or file returns. This method is quite simple and straightforward because it doesn’t require one to report actual HST paid or payable on all the purchases. Therefore, using this method in HST filing can significantly reduce paperwork. With this method, you…
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