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BrianMcQ
July 12, 2021
Solved

Sales Tax in Canada

  • July 12, 2021
  • 2 replies
  • 0 views

Hello Fellow Canadians,

I have just started a home-based business that I don't expect to hit the $30K sales threshold to collect and remit sales tax. My question is; should I record the HST as a separate business expense on items purchased, or just lump it all together with each item?

Best answer by Alex M

Hi there BrianMcQ,

 

It's important that your taxes are set properly so that your books are correctly balanced. I can point you in the right direction.

 

As stated by Noelia, this would be a question best answered by your accountant as they would be best equipped to guide you in how these taxes should be added to your transactions. Since you have QuickBooks Desktop, the way you would need to use if you're looking to find an accountant near you with experience using QuickBooks would be on our Find an accountant page.

 

If you have any other questions, feel free to ask them here.

2 replies

Noelia Nievas
Noelia Nievas
July 13, 2021

Hi @BrianMcQ 

 

thank you for reaching out the community. Setting the right accounts and putting in the right balances is very important for your books.

 

Because this transaction falls into accounting territory, it's best to reach out to your accountant to make sure all the appropriate accounts are adjusted as they are trained on how to do this. If you don't have an accountant no need to worry, we can help. You can go to My Accountant>Find a pro to help to find an accountant in your area.

 

If you require any further assistance, reach back out.

B
BrianMcQAuthor
August 4, 2021

Thanks for the advice Noelia!

A
Alex MAnswer
July 14, 2021

Hi there BrianMcQ,

 

It's important that your taxes are set properly so that your books are correctly balanced. I can point you in the right direction.

 

As stated by Noelia, this would be a question best answered by your accountant as they would be best equipped to guide you in how these taxes should be added to your transactions. Since you have QuickBooks Desktop, the way you would need to use if you're looking to find an accountant near you with experience using QuickBooks would be on our Find an accountant page.

 

If you have any other questions, feel free to ask them here.

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