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When you charge and collect tax on sales, you will remit 60% and keep 40% of the amount collected. And although you will only be claim ITCs on certain items (know the rules), you will be eligible for the PSB rebate, meaning you will receive a rebate for 50% of the GST or federal part of the HST paid on purchases.
I'm in a GST only province, so I'm going to set this up with the 5% GST in mind. You can easily modify this to work in different provinces by adjusting the percentages. Here’s how to set this up. We’re going to add two new tax rates, then a new tax group.
When you charge and collect tax on sales, you will remit 60% and keep 40% of the amount collected. And although you will only be claim ITCs on certain items (know the rules), you will be eligible for the PSB rebate, meaning you will receive a rebate for 50% of the GST or federal part of the HST paid on purchases.
The CRA has issued a news release for those people affected by the recent fires in Alberta. I called the CRA this afternoon to get a bit more information for one of my customers who has lost her home in Fort McMurray. I found out that the CRA has set up a Fort McMurray help… Continue reading CRA info for businesses and individuals affected by the Fort McMurray and north-east fires
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