What is HST & what do I need to know as a smb owner in Ontario.
The 13% tax on most things
This tax is collected by your business from customers on behalf of the CRA .
The HST that you spend on your expenses are used as credits toward the above amount.
Some accountants will have you think it's rocket science. It's not. Keep all your receipts just in case you are audited, you need to be able to show that you indeed spent X on whatever expense & that there was indeed HST on that purchase. We recommend using a data caputre app for receipts.
Always be checking that your books are being done correctly & the yearly tax filing will be a breeze.
Head to the CRA site to enter period of time, sales, HST collected & spent, and voila, HST done.
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