HST Bonus from Revenue Canada

by Judy

Our company received a $1,000.00 from the government to help with the HST transition.

We deposited this 'free money' in the bank, so I know I debit the bank account, but what account do I credit?

Thanks for helping. Judy

image of fancy scroll lines

Hi Judy,

I would credit "Other Income".

P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.

Comments for HST Bonus from Revenue Canada

Click here to add your own comments

Feb 22, 2011
I agree
by: judy, Ontario

Yes, Other Income was my thought, too. Would that have any effect on corporate taxes?

Judy, It is my understanding that the "bonus" is taxable income.

Feb 23, 2011
I guess that figures...
by: judy

The proverbial "one hand gives, while the other takes away"? It does answer the original question, though. I was looking for a way to make it non-taxable.

Feb 17, 2012
Incentive from Bank
by: Sharon, Calgary, AB, Canada

One of my client's signed up for a new credit card to take advantage of a bank promotion. How I understand this promotion to work is if you signed up and purchased up to a certain dollar amount before the deadline you would qualify for a bonus pay out. In doing so my client was been paid out a bonus. The bank statement shows this bonus as a deposit/credit.

I am struggling with where to record this type of transaction. I don't think it should be recorded as other income. Would you have any suggestions?

section divider


Other income works for me.

Click here to add your own comments

Return to GST HST.

Enjoy A Tea Break With
Me Today. Let's Chat!

Use the search feature to quickly find the
information you're looking for.

Your Learning Curve!


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.

A Handy Reference