Question for person on Payroll and Incorporated business

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zubs
Member since: Jan 06

Posts: 74
Location: Toronto
Post ID: #PID

Posted on: 13-02-08 22:30:34

Quote:
Originally posted by dp_jain

Quote:
Originally posted by zubs

Do one have to add GST to their invoice ( in personal name ) if the total annual revenue is less than $ 30000 when they issue that to their clients?? or GST is a compulsary thing even one is not registered ?

Yes, without fail. If business is GST registered. Otherwise NO. If business is not GST egistered but revenue goes beyond $30000.00 one has to regsiter and charge GST. Failing to which business is at risk to pay GST out of its own revenue.

Thank you for the clarification.

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 18-04-08 13:47:33

To continue in the thread :
I had filed my T-4 (along with some self employed income) 3 weeks back.
Yesterday I received their assesment. The CRA is demanding that I pay in excess of $1000 extra tax to them. I currently donot have this moeny. Is there any way that I can pay in installments. If so what is the procedure or Interest rate?
Your comments appriciated.
TK A

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I am a Gents and not a Ladies.

dudewheresmycar
Member since: Jan 07

Posts: 980
Location:
Post ID: #PID

Posted on: 14-04-09 21:08:04

TK

U should have done some research before getting into such a messy situation..
U could have saved a lot of money on taxes.

This is my understanding.

1>
Basically always incorporate regardless of what accountants say..

This is because it keeps ur company income separate .

Ur personal income will be income u get from outside plus what u decide to draw from ur company .

Proprietorship companies returns are filed as a part of individual income so any issues with ur company return ur personal tax return could also get pulled up..

2> Usually minimum of 10,000$ can be easily taken off as expenses in the form of Home office, Office supplies , laptops and furniture, and transport.

This is not cheating it is legal business expense.

3> GST should always be collected if u can.. because u can keep upto 3% GST or the difference between GST paid on services and received which ever is higher..

Of course u will need GST number for this..

For the level of income an accountant would have put a minimum corporate tax and ur individual income would have been unaffected..

Contributors: tamilkuravan(3) dp_jain(3) zubs(2) Maharaj(1) dudewheresmycar(1)

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Question for person on Payroll and Incorporated business

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