THE BASICS OF GST
Taxes can be complicated, especially if you are a small business owner. Business have to face different filing timelines than individuals.
It is essential that you understand the taxes that apply to you, especially the goods and services tax (GST). Filing this tax incorrectly can lead to serious consequences.
GST is a sales tax that applies to the supply of almost all goods and services in Canada. GST may be combined with a province’s provincial sales tax to create the harmonized sales tax (HST). In other provinces and territories, the provincial sales tax (PST) or retail sales tax is applied separately.
In BC, the GST is 5 per cent. Registering for GST is mandatory for all small businesses with gross annual revenue greater than $30,000, unless your product or service is exempt.
Contact our team today at AACT Financial Solutions.