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
|
||
|
||
|
||
Use the search feature to quickly find the
information you're looking for.
Click on image above to read the chat.
Join Me On Facebook
Help support this site by "liking" me! Here's where I post current information.
Listed Under Websites NOT Local Business.
This website is NOT associated with the business operating in Bonnyville AB.