Reporting HST on T2
(Canada)
When doing your business tax (on the short form) is revenue gross or net of HST?
I don't know why I would have to pay income tax on tax I collect, but I can't find anywhere on the T2 to report it. Help!
Hey there,
(1) This is a bookkeeping site, not a tax preparation site. I sometimes talk about tax because you need to have an understanding of the basic rules to do great bookkeeping.
(2) I specialize in sole proprietorships ... my corporate tax preparation is very limited. However, your question says to me that you are out of your depth and missing some basic accounting principles ... hire a tax professional to prepare your corporate tax return. It doesn't pay in the long run to skimp on tax preparation ... particularly for a CCPC.
I am fairly sure that you are good at other things in your business. It is important to know what you don't know ... and when it is time to contract out the work. Wouldn't you rather be spending your time on the other things you are good at and enjoy? :0)