How to Prepare for a Tax Meeting Self Employed (GST/HST Registrants)
The following is a brief outline on how to prepare for your tax appointment or submission to our office to enable our professional staff to accurately prepare your GST/HST returns.
Please provide us with the amount of GST/HST installments you remitted during the year.
In order to complete the forms, the following steps should be taken for Ontario residents:
- For those individuals who have elected to use the quick method of GST/HST accounting, you do not need to segment the amount of GST/HST you collect, unless a portion of this income is earned outside of Ontario.
- For those individuals using the standard method of GST/HST accounting, do not include GST/HST collected in the reportable income fields of the questionnaire. Please note that T4A's will not include GST/HST collected by the individual.
GST/HST Input Tax Credits
Please note that we can extract the GST/HST from your expenses; however, it would be more accurate if you calculate your total GST/HST paid on a receipt by receipt basis.
Over the years we noticed that clients found it difficult to extract the GST/HST from their expenses; consequently, we developed a computer program which will do this automatically. Therefore, in most instances you only need to insert the expense figures including GST/HST.
Please note for this program to work accurately you must ensure that each expensed item either includes GST/HST or excludes GST/HST. For example, travel expenses could include travel within Canada which will include GST/HST, and foreign travel which excludes GST/HST. In this instance, the two separate travel numbers should be displayed on the questionnaire. If you have any other expenses incurred outside of Canada, please segment these items.