Ask your accountant to assist in keeping you on track with the filing deadlines and the instalment payment requirements. She blogs at MorleyCPA. If you liked this story, sign up for more in the FP Investor newsletter.
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Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Register Now. FP CryptoDecoded: Join us at our free crypto and blockchain events. Manage Print Subscription. Main Menu Search financialpost. This advertisement has not loaded yet, but your article continues below. Keeping track of your sales and where they occur is crucial when filing your return with the CRA.
As of December , there are new tax law updates pertaining to businesses who host an online marketplace or sell accommodations online. The practice also applies to other Canadian businesses, as long as the shipping address for products or destination for services is not within Canada.
To optimally set up your business for ITCs, you should keep stringent accounting records and document everything, especially your receipts. Many accounting software programs allow you to upload scanned photos of your receipts and save them — no more keeping track of paper receipts. If any documents need physical copies, keep those copies safely in your business or home.
A yearly inventory count is also important. There are many ins and outs to running your own business. HST is just one of the systems that seem complicated at first but quickly become second nature. One reason is to get a head-start on proper record-keeping. Too often new registrants forget to separate those funds and are faced with the consequences of poor record-keeping. Staying organized with your finances is simple with QuickBooks Self-Employed, a mobile app that makes it easy to stay in control of your business finances and helps you prepare for tax time while on the go with effortless expense, mileage, invoice and HST tracking all in one place.
When it comes to keeping track of day-to-day business expenses, many entrepreneurs go digital. QuickBooks Self-Employed helps you stay in control of your business finances and prepare for tax time while on the go, with easy sales tax, expense, mileage, and invoice tracking. The app makes it easy to keep a close eye on the overall health of your business.
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