In this video tutorial, I show you exactly how to file your GST/HST return online to the CRA (and pay it). It's actually a super simple process, but can be intimidating if you've never done it before. That's why I wanted to show you how I do it.
The key things to remember is it's super important to keep organized with your accounting. That could mean using a spreadsheet or using accounting software (I show you my Freshbooks account), or both.
Then, really the only info you need in order to file your GST/HST return is your total business revenue (from within Canada and outside of Canada) not including GST/HST. Then the total amount of GST/HST you've collected on top of that business revenue. Then the total amount of GST/HST you've paid on business expenses that can be used for input tax credits. You would do this for your particular reporting period, for me it's quarterly, but for you, it might be annually or monthly.
Once you've done it a few times, you'll realize how easy it is. If you have any questions, make sure to leave them in the comments!
RESOURCES
➡️ Sales Tax in Canada (HST, GST, PST) When You’re Self-Employed https://jessicamoorhouse.com/sales-tax-in-canada-hst-gst-pst-self-employed/
➡️ Self-Employed Taxes in Canada: How Much to Set Aside for CPP, EI & Income Tax https://jessicamoorhouse.com/self-employed-taxes-in-canada/
➡️ Try Freshbooks 30-Day FREE Trial https://bit.ly/3lDehBy
➡️ GST/HST Working Copy https://www.canada.ca/content/dam/cra-arc/migration/cra-arc/tx/bsnss/tpcs/gst-tps/bspsbch/rtrns/wrkngcp-eng.pdf
CHAPTERS
00:00 Introduction
00:57 Accounting Software
3:00 Sales Tax Summary
8:24 GST/HST Return Working Copy
11:31 Logging into Your CRA My Business Account
11:54 Steps to Filing Your GST/HST Return
15:58 Confirming Your GST/HST Return & How to Pay
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ABOUT ME
I'm Jessica Moorhouse, a money expert, Accredited Financial Counsellor Canada, speaker, blogger, YouTuber, and host of the More Money Podcast. I'm based out of Toronto, ON, Canada and turned my personal finance blogging side hustle into my full-time business so I could spend all my time teaching others how they can take control of their lives by taking control of their money. To learn more, check out my website https://jessicamoorhouse.com
#gst #hst #salestax #filegsthst
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DISCLAIMER & DISCLOSURE
The content I produce is for education and entertainment purposes only. Nothing on this YouTube channel, my website or affiliated channels should be considered financial, investment or legal advice, or an endorsement for any type of service, product, or brand. Some links in this description may be affiliate links in which I may earn a commission at no extra cost to you. Please read my disclaimer to learn more: https://jessicamoorhouse.com/disclaimer/
