- In Ontario, Canada Revenue Agency administers the GST/HST. Following is a glossary of the terms used.
- GST – tax on the products and services
- HST – Harmonized tax
- Input Tax Credits; the tax you pay on your purchases
- In Quebec, the management of GST and QST is done by Revenue Quebec. Following is a glossary of the terms used.
- GST tax on the product and service
- QST Quebec sales tax
- ITC Input Tax Credits
- ITR Input Tax Refund
- Register or not?
- Should you register for a tax account or not?
- This is a question that many small business owners and the self-employed often struggle with. You need to understand your obligations. Once you reach $30,000 in gross revenue in your last four quarters, you are required to register for a tax account.
- Some people choose to wait until they reach it before doing the registration and others do it right away.
- If you decide to wait until you reach $30,000, we created an easy to use tool to help you track your gross revenue.