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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.
Customers, friends, and fellow bookkeepers, it's that time again! I need your vote to become an Insightful Accountant Top 100 ProAdvisor for 2016. It's one vote per person, and filling out the entire survey is optional. What's required is your first name, last name, email, and a check-mark next to my name (alphabetical by last name,… Continue reading Vote For the Top 100 ProAdvisors of 2016
Just a few of the guests at last week's Intuit VIP Summit in California. Here are the international attendees from Canada, India, UK and Australia. Thank you to Margaret Carey for the photo! Last week I was honored and humbled to be invited to the Intuit VIP Summit in Mountain View, California. The event was… Continue reading Intuit VIP Summit 2013. Be inspired!
So you've gone green and signed up for e-statements. Kudos to you! Here's how going paperless helps the environment, compliments of http://payitgreen.org/ There's nothing better than neglecting my own bookkeeping and sitting down to do it a couple times a year. It fulfills my need for a challenge. LOL! (I don't recommend this, by the… Continue reading Did you sign up for e-statements? Don’t forget to save or print!
UPDATE: Apparently the problems plaguing the R7 update in the US could be problems in Canada as well. According to tech support, the R8 update (payroll) will be released by the end of June. It is advised that you wait! QuickBooks released their 2013 R7 update this week. If you’ve selected the option for automatic… Continue reading QuickBooks Canada 2013 R7 released. Goodbye, Samples of Common Payroll Items…
The R6 update for QuickBooks 2013 is now available for Canadian versions of QuickBooks. If you've selected the option for AUTOMATIC UPDATE*, you should be prompted to install the update when you open the program. If not, you can go to HELP > UPDATE QUICKBOOKS > UPDATE NOW and select GET UPDATES. The other option… Continue reading Holy Colour, Batman! QuickBooks 2013 R6 update released in Canada
If you don't seem to have a lot of useful 'real estate' when working on forms in QuickBooks, your computer resolution could be to blame. I personally find working on my laptop very frustrating because I have so few lines of detail on the bottom of forms. Here's what Intuit Canada says about the issue:… Continue reading Loss of laptop real estate in QuickBooks 2013
The R5 update for QuickBooks 2013 was released on Friday for Canadian versions of QuickBooks. If you've selected the option for automatic update, you should be prompted to install the update when you open the program. Strangely, this didn't happen for me, even though my preference is set to automatic. What I did instead is… Continue reading QuickBooks R5 update released in Canada (but it doesn’t fix the T4 duplicating address bug)
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