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Lost GST#? Now what? Lisa Patrick

If you obtain a receipt for purchases and the GST number is not valid, the Canadian government can actually elliminate the GST payment.

We recommend that for large purchases for your business, validate the GST number by verifying the status of the vendor's GST number at the time of purchase and print the print the results.

Go to Canada Revenue Agency for further information or contact us.


Wondering how to do a simplier GST return? Lisa Patrick

Cra provides a simplier method of the accounting for the GST.  This method also provides for a simpler GST return.  Most business types can qualify for this method.
You must contact the government in order to use this method.  
 
The Cra guide: GST Quick Method RC 4058 <http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-10e.pdf>  can assist you if you desire researching.  Or Contact the government at 1 800 959 5525.
This means that you remit only a part of the GST tax that you collect, or that is collectible.

Darlene Lafond R.P.A., C.P.C.


Calculate Your Home Renovation Tax Credit Lisa Patrick

How much can I spend so I receive that benefit?

Maximum allowed: $10,000
Minimum spend: $1,001
 

How much do I get Back?

Calculation:
$10,000 – $1,000 = $9,000

$9,000 X 15% = $1,350 Refund

 

 

 

 

ASK YOURSELF… HOW MUCH THE ALBERTA PROVINCIAL GOVERNMENT IS GIVING US…. NOTHING!!!!
 

AND ASK, HOW MUCH IS THE FEDERAL GOVERNMENT GIVING BACK PER TAXPAYER $1350
-

$428(GST paid direct to government by sales for renos)
= $921.60 cost to federal government.

 

 

Darlene Lafond R.P.A., C.P.C.
Master Tax Accountant


Purchasing Equipment ? Buying A Business – What you NEED to know! Lisa Patrick

When purchasing a business or large ticket items (especially when they offer a guarantee), PLEASE investigate whether the company you are buying from is registered at Canada Revenue Agency GST.

IF THEY ARE NOT that may tell you that the management of their own Business is questionable. It may even indicate that they could be in trouble with the government. So once you validate their GST number, ensure their paperwork uses that business name with that GST number for any sales agreements.

How do I confirm GST #?
To confirm their GST number and the Business name is registered with GST Tax department please:
Phone 1 800 959 5525 ask to speak to someone
OR
You may go on line at the below link and follow their step by step instructions

GST/HST Registry
OR
We offer an 1/2 Hr FREE consultation – NO obligation by phone or visit us in our office.  We encourage searching before you leap where ever you can for info to help make your business decisions.

Darlene Lafond R.P.A., C.P.C


Revenue Canada Free! Lisa Patrick

We have compiled a list of sessions at the bottom of this email, that Canada Revenue Agency offer that are free.
Their contact number of 1800 959 5525 is valuable regarding questions.

Always remember when you are talking to them, they are supposed to know more about taxes and business requirements for our tax government than us.  They wrote the book.  If you do not understand the answer – ask to speak to their supervisor.  You do not even need to give your name when you call them.
Biggest thing….. GST registration or not?   If you are buying a lot of equipment to start your business you may want to register so you can get the GST dollars back. (see our post Purchasing Equipment! …)
Edmonton
·        GST/HST New Registrant Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-gst-eng.html>
·        Small business information seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-smll-eng.html>
·        Tax Information Sessions <http://www.cra-arc.gc.ca/vnts/ab/dm-nf-eng.html>
·        New Employer’s Information Session <http://www.cra-arc.gc.ca/vnts/ab/dm-nw-eng.html>
·        Taxable Benefit Information Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-tbis-eng.html>
·        SR&ED Public Information Sessions <http://www.cra-arc.gc.ca/txcrdt/sred-rsde/cntcts/srdpr-eng.html>

Alberta – Events <http://www.cra-arc.gc.ca/vnts/ab/menu-eng.html>

Edmonton, AB – Small business information seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-smll-eng.html>

Edmonton, AB – New Employer’s Information Session <http://www.cra-arc.gc.ca/vnts/ab/dm-nw-eng.html>

Edmonton, AB -Taxable Benefit Information Seminar <http://www.cra-arc.gc.ca/vnts/ab/dm-tbis-eng.html>

Lisa Patrick
CEO


GST – A Lower % when you File? Lisa Patrick

When you are a GST registrant in the service industry you can apply for an election to be able to file a Quick Method return at a lower percent.

The Application is GST74 and the guide is RC4058(e) both you can find on
the CRA website www.cra.gc.ca/gsthstpub

Joan Rupert C.P.C.
CFO


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