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Should I register for GST HST?
09-13-2013, 01:21 PM
Post: #1
Should I register for GST HST?
I have a business start up and sales is less than $10,000 for the first year. Mainly export sales. Should I register for GST or HST? If so, what are the benefits.
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09-13-2013, 01:23 PM
Post: #2
RE: Should I register for GST HST?
If your taxable sales do not exceed $30,000 in a taxation year, GST/HST registration is optional. You will have to decide whether or not to register GST/HST voluntarily.

The advantage of registering GST/HST is that, as a registrant, you will be eligible for input tax credit. This means the GST/HST you were charged on your purchases will be refunded to you. This can be a significant cost saving for your business operation. Registering for GST/HST will lower your operating costs and make you more competitive.
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09-25-2013, 12:42 AM
Post: #3
RE: Should I register for GST HST?
(09-13-2013 01:21 PM)Android4 Wrote:  I have a business start up and sales is less than $10,000 for the first year. Mainly export sales. Should I register for GST or HST? If so, what are the benefits.

If your worldwide income is $30,000 or less, you are not required to register for GST/HST. However, you may want to register voluntarily in order to claim input tax credits (ITCs) that you paid on purchases for your business.

If you do choose to register voluntarily, you will have to charge, collect and remit GST/HST on your sales, and file GST/HST returns regularly.

A method which involves little paperwork and makes it easy to calculate GST/HST remittances and file GST/HST returns is the Quick Method of accounting. You can learn more about this at http://madanca.com/Frequently-Asked-Ques...can-use-it

Regards,
Allan Madan, CPA, CA
http://www.madanca.com
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