Arrrrghhh!!!! Tax time!

[ononokajibwa]

Greetings folks... I'm hoping I can some tidbits of advice from you folks. Since I'm relatively new to the business world I'm hoping to get your input as to how you handle your taxes in Canada? IE: Do you use Simply Accounting? Excel? I'm a mickey mouse seller and I would think this should be fairly simple but keeping everything in order is a nightmare! Any suggestions out there? On another note, anyone deal with Canada Customs regarding antiques? I'm absolutely frustrated that I bring something in from the UK, get whacked with VAT, and then get hit with duties for items that are 50+ years old! ARRRRGGGGGHHHHH!!!!

[wrightcomputes]

Why are you paying VAT on UK imports? VAT doesn't apply when the product is shipped outside the EU.

The best thing to do would be to get an accountant to do your tax return -- specially if you are incorporated.

[recped]

A few points....

I'm presuming you are operating as a sole proprietorship, go to a book store and pick up a guide to starting a small business it should have all the info you need for basic record keeping.

VAT on goods from the UK, inform your suppliers that they do not need to charge VAT if the goods are shipped outside of the UK, they do need to have proof of export (VAT works almost exactly the same as our GST). It may be possible to apply to the UK for a refund of VAT charged (check with "Inland Revenue" in the UK).

Duty on antiques, don't know the current rules but years ago antiques older than 75 years were duty free (but nothing is GST exempt). I just checked the customs tariff, antiques must be 100+ years old to be duty free.

Ben
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915