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| *The Commerce Journal>>>Canada Taxes |
GST question? |
If I start a small business and plan to make less than 30K/year do I need to charge GST? You do if you register for GST. The $30,000 limit you refer to is a "small supplier" threshold, and I should note that the limit refers to your gross, and not your net figure. It also considers related businesses you might operate (if you have a partnership, or several small businesses, for example). To determine if you must register for GST, you would, on a quarterly basis, caclulate your gross business income. If, for the 4 most recent calendar quarters, your income is over $30,000, then you have one month to register for GST. If you don't, you're still deemed to be a registrant, and at some point CRA may retroactively register you. If you choose not to register, then you neither charge GST nor claim back the GST paid (input tax credits). One advantage of registering for GST is that you get to claim back your GST paid, dollar for dollar, on your business expenses. Some people also like to register because it makes their small business status a bit less obvious to potential customers; others prefer to absorb their GST spent, and enjoy the ability to sell their goods and services without GST. |
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