GST is a tax charged on most goods and services purchased in British Columbia. GST is charged on the gross sale price of the item or service before PST. A Business also gets to claim as input tax credit (“ITC”), the GST it pays out in operating its business. For example, GST paid on rent, computers, business cards, accounting fees, etc. are all refunded back to the business when it calculates its net GST owing to CRA every reporting period.
Archives for January 2014
As all Canadians settle back into work after the holiday season, we're all looking forward to fulfilling the new intentions and resolutions we have set forth for the 2014 year. However, it is important to note that although 2013 calendar year has closed, along with it the financial results of your business, many tax planning opportunities for 2013 remain open. 2013 tax filing requirements still remain to be completed for business owners and their tax advisors.