Posts Tagged ‘paperwork’

PST is Back in BC Starting April 1, 2013

Friday, January 25th, 2013

Sigh… I just filled out the forms to register for the new edition of the BC PST.

Yes, the HST was unpopular with a few people, but it was a lot less paperwork for businesses, and generally a good idea over the long term.

Anyway, mark your calendars. On April Fools day, we all get to pay PST again – a fitting coincidence. At least restaurant food will be slightly cheaper.

Who knew that Small Businesses can save a bit on GST?

Friday, November 30th, 2007

If you are a small business in Canada and are already using the “Quick Method” of accounting for your GST remittances, then stop here. You’re smarter than I was.

Sometimes one stumbles upon a quarter on the sidewalk. Today, was kind of like that. While browsing for a CRA payroll form, I ended up meandering to the information page about the “Quick Method” option for GST. I’ve noticed the term on the GST forms… and now I wish I had researched it earlier.

In short, if your business qualifies for the Quick Method, you don’t need to remit your GST collected less GST paid. Instead, after registering, you can remit an 3.6% as laid out in this table for 2008 (when GST goes to 5%). You get to pocket the difference. As a bonus, you skip out on a lot of annoying things like adding up all those ITCs, and calculating ITCs for stuff bought from the US and other non-Canadian sources.

  Permanent establishment in a non-participating province Permanent establishment in a
participating province
  Current rate Reduced rate Current rate Reduced rate
Supplies made in a
non-participating province
4.3% 3.6% 2.6% 1.8%
Supplies made in a participating province 11% 10.5% 9.4% 8.8%

source: http://www.cra-arc.gc.ca/E/pub/gi/notice226/notice226-e.html#P198_26328

If you’re a low overhead operation, you’re probably going to save a few bucks. Look into it. You do have to pre-register… so, with the new calendar year around the corner, it’s a pretty good time to consider it.