If you have made the decisions to venture into the world of entrepreneurship, it is important to start by identifying if you should set up a Sole Proprietorship or set … Read more
I’m currently collecting the Canadian Emergency Response Benefit (CERB) and have been offered my job back/I have been offered a new position, should I return to work or continue to … Read more
The Quick Method of HST typical results in a lower HST payable to Canada Revenue Agency if you are service based business. If you are not sure of the difference … Read more
It does not matter which credit card you use. You are the director of your company, which entitles you to use whichever credit card you feel you are getting a better deal with. If you use your personal credit card to pay for business expenses the corporation owes you the amount and vice versa. However, it is highly recommend that you do your best not to intertwine personal expenses and business expenses. If you choose to use a personal credit card for business use it exclusively for business and put your personal non deductible expenses on another credit card.
There is often confusion around GST/HST. Many small business owners don’t know when they should register for it, what method they should use or when to file. In this blog post I will attempt to provide some clarity on this topic.
Let’s start with some basics. GST/HST or Harmonized Sales Tax is the harmonization of Provincial Sales Tax (PST) and Goods and Services Tax (GST). In Ontario the harmonized rate is 13%. This is the tax that is applied to most goods and services that you purchase in Ontario. The exception to this is zero-rated and exempt supplies. In addition to paying HST on goods and services, you are also required to collect HST once your revenue exceeds $30,000.