You are required to register for a GST/HST number once your gross income reaches $30,000 in a 12-month period. Once this is achieved, you will need to start charging and collecting GST/HST from your clients and customers, depending on which province the business or person you’re charging has their tax base.
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| Know the difference between a “tax credit” and a “tax deduction?” A deduction is an expense or exemption which reduces your total taxable income. The tax credit is what reduces whatever you’re on the hook for income tax wise. |
| Have questions? Send us an email at [email protected]! |
Did you know?
If you ever receive a bonus, you can defer it up to 3 years. This may make sense for you, if you expect the bonus will put you in a higher tax bracket for the year you receive it.
Have questions? Send us an email at [email protected]!
