by Dave
(Alberta)
T2125 Part 1 - Business Income - 2 reporting options
Hello all,
I am trying to get my 2010 taxes filed and am running into some confusion.
I am a computer consultant providing computer services strictly in Alberta.
I am using the Quick Method for GST and understand that line 101 needs to reflect the total amount of income INCLUDING the GST I charged.
So for simplicity lets say that is $100,000 in service + $5000 in GST.
So that goes on Line 101 of the GST return.
And then the amount I pay is calculated @ $105,000 * .036 = $3780 - $300 (1% of first $30,000)= $3480
The question I have is what amount do I put on my T2125 in the Gross Sales, Commissions or Fees box?
$100,000 or $105,000
Thanks.
Dave
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