The Complete Guide on Collecting GST/HST for Self-Employed Canadians | TurboTax® Canada Tips
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The Complete Guide on Collecting GST/HST for Self-Employed Cana…
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Tax Tips Canada on Instagram: "Tax Explained in 60 Seconds: The HST Quick Method - Day 9 Did you know there’s a way to legally collect HST… and NOT pay it all back? 🤯 It’s called the HST Quick Method. Here’s the breakdown 👇 🚀 The Strategy: Instead of tracking HST on every tiny expense, you charge the full tax rate to clients but remit a lower fixed percentage to the government. You keep the difference as profit. 💰 The Math (Service Business): On a $1,000 invoice, you collect $130 HST. • Regu
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Navreet Kaur on Instagram: "How does your accountant calculate your GST/HST payable or receivable? It comes down to a simple formula: 1. First, we total the GST/HST you collected from your clients on sales. This is called output tax. 2. Next, we calculate the GST/HST you paid on eligible business purchases and expenses. These are called input tax credits (ITCs). 3. Finally, we subtract the ITCs from the GST/HST collected: GST/HST Collected – GST/HST Paid = Net Amount • If the amount you collecte
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