by Small Independent Contractor
(Alberta, Canada)
How To Prepare My GST Return
Good day. Hope you can help me with this. I'm a bit confused on how to do my returns.
I'm a small Alberta contractor in one company. I do charges for GST/HST on all my service.
My question is, do I have to less the amount of my expenses (without GST) to my total sales before getting the GST/HST that I have to pay? For example, I made $10,000 sales (with GST included) and I spent $1000 (without GST) and I transfer another $1000 to my personal account from my business bank account. Do I have to less the $2000 to $10,000 then get the GST of the remaining balance for my GST/HST return?
$10,000 (total sales with gst included)
-$2000 (expenses without gst and bank account transfer)
=$8000x0.05 (GST% in Alberta)
=$400 (reporting return)
or
$10,000 (total sales with gst included)
x 0.05 (GST% in Alberta)
=$500 (reporting return)
Please help.
Comments for Expenses Over Income
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