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Mastering GST/HST Filing: Simple Steps for Business Owners #shorts

8 Oct 2024 · 1 min

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Bob Gauvreau walks through GST/HST filing for small businesses using an Ontario example: a $100 sale with $13 HST collected, minus $13 in input tax credits from expenses, means you owe nothing. File online through your bank or CRA My Account.

Questions this video answers

$13 (total collected $113).

$13 (claimed as a deduction/input tax credit).

Chapters

On the sales tax side esthst in order to file that we need to do the calculations first of what the taxes are that we actually owe. For example, if I charge $100 in Ontario I would charge $100 plus HST and I would collect $113. In that instance there's $13 that I've collected on behalf of the government. Now at the same token if I had $100 expense where I paid $13 as well, I'm able to claim that $13 that I pay as a deduction in what I rem my taxes I would include my revenue and my expenses and also my HST collected and my HST paid come out to zero. We have to get the number that we have to remit first. Following that depending on how or who you bank with will allow you to file your GSTHST return online through your banking platform. Then log into my CRA account or where you go in and you check your corporate taxes your personal in there.