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ab-sol-canada · ‎12-23-2005

Its my 1st year and my 70% sales are US 10% ONtario and 20% rest Canadian and International.. need guidence for GST/PST, Rebate and filling 2005 Taxes... will appreciate any help

phoebescollectables · ‎12-24-2005

If you are registered for GST/PST then you should already have been getting returns to file for submitting these taxes. If you are not registered then it is something that you should consider, especially if you have already been collecting taxes.

For your 2005 taxes I recommend seeking out professional tax advice for 3 reasons. First it can help you prevent costly mistakes. Secondly it may show you some deductions that you were not aware of. Third, the cost is tax deductable.

Michael

javax.swing · ‎12-26-2005

If you're not registered, you cannot remit tax for anything you sold before your date or registration, nor can you claim exemption on any inventory sold before you were reistered, although you can on any inventory you have ON HAND at time of registration.

All of this is clearly posted in two guides: one for Canada GST and another for Ontario PST (If not in ON, your prov has a smiliar one). It's always wise to consult a competent tax advisor. Audits aren't fun.

ab-sol-canada · ‎12-31-2005

Thanks for help and Tips I, am GST/PST registerd my question is I, pay GST when get stuff from Supplier and sold to US and wont collect GST/PST .. what is procedure to collect GST back what I, paid in advance to Suppliers... Thanks

recped · ‎12-31-2005

Study this over the weekend and then come back if you have specific questions....

http://www.cra-arc.gc.ca/tax/business/topics/gst/soleprop/menu-e.html

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

"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
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iburk · ‎12-31-2005

You should really consider getting a local book keeper/accountant. Every quarter we dump all the receipts etc on his desk ... get a check for GST refunds about $400 4 weeks later. After taxes are done we get a yearly invoice for about $600 from the account.

I think it's worth it not to have to spend hours (days) doing it myself. At any rate I don't recommend you do your tax return yourself ... to many changing laws.