GST-HST Remover – free tool!

Get the GST Remover here. Becoming a GST-HST registrant adds an extra layer of complexity to your taxes when you're running a business in Canada. One of the up sides, however, is the ability to claim back from the Canada Revenue Agency (CRA) any GST or HST you spend on your business. GST/HST [...]

Business Deductions: The Reasonable Expectation of Profit

Business owners, freelancers and self-employed people have many questions about what they can and can't write off for their taxes. This is a potentially endless topic. There are an infinite number of possible businesses, with an infinite number of ways they can be run; meaning there are an infinite number of potential business deductions. The [...]

GST/HST In One (More) Sentence

©iStock/stockstudioX Okay. I may have oversold that last tip, since clearly this explanation of GST/HST is longer than one sentence. But hopefully it’s still making sense, which is more than we can say for most things in this world. If you’re still with me, read on…I promise it won’t hurt a bit. [...]

GST/HST Explained in One Sentence

©iStock/paprikaa Here, for the first time on any stage, the amazing stunt of explaining the entire system of GST-HST in Canada in a single sentence! As I answer clients' questions, peruse our great nation’s major newspapers, and fall down the rabbithole of Facebook posts, I encounter so many misconceptions about the GST/HST [...]

Help! I’m late registering for a GST/HST number!

©iStock/Massonstock While it’s always best to audit-proof your return by keeping relevant records and calculations, don’t overlook the importance of registering for the GST/HST once you've billed $30,000 in any 12-month period. The fact that people can (and many do) gross $30,000 or more and neglect to register for the GST/HST, and that [...]

Do I Really Have to Get a HST/GST Number?

If you’re self-employed, freelance, or run any kind of business in Canada, you've probably heard that you have to register for the HST/GST once you make more than $30,000. But what exactly does that mean, what income counts toward the limit, and how do you do it? Personal Tax Advisors: Next Level Tax Preparation Next [...]

Avoid this expensive error: Register for HST before CRA asks.

While many people worry about being audited, audits are relatively rare. It’s much more common – and potentially very expensive - to be caught unregistered for the GST/HST. One of the most costly mistakes you can make is not registering for the GST/HST when you reach the $30,000 mark. The scary thing is, CRA usually [...]

Sheltering An Income Spike With RRSP Contributions

©iStockphoto.com/eyetoeyePIX When you have a great year, sheltering an income spike with an RRSP contribution can save you excess tax. Jargon Alert! Marginal Tax Rates The feast-or-famine world of self-employment and freelancing can be terrifying or exhilarating. Unfortunately it can also be expensive when it comes to taxes. A person who earns [...]

What is a T4A?

Like all Canadian tax slips beginning with "T4", a T4A reports income you earned. It's something like a catch-all slip for income that isn't reported on other kinds of slips, so it's easier to list what the T4A does NOT report. A T4A does NOT report income that: you earned from a regular job where [...]

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