GST is Due July 31st.

GST Quarterly Filers

Your GST return for April/May/June 2008 is due July 31, 2008.

How do I know if I’m a Quarterly Filer?

Get out your GST form named “Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants”. The essential pieces of information you need are the three boxes at the top right-hand corner on Page 1. The first box shows the due date of your remittance, the second box shows your business account number and the third box shows the reporting period.

Or you might be an annual filer. The reporting period box will tell you the date range for your remitting period.

How Much Do I Have to Pay?

Organize your Sales receipts to calculate the GST collected on sales.
Beginning January 1, 2008 the GST rate is 5%.

Collect and organize your business receipts to calculate the GST paid out on purchases.

Subtract GST/Purchases from GST/Sales and remit the difference to the Receiver General. (I’m assuming that sales were greater than purchases.)

If your GST/Purchases is greater than GST/Sales you may have a refund, but it all depends. There are always exceptions to the rule.

Nowadays there are lots of ways to make your payment.

You can-
-snail mail a cheque
-visit your local bank
-online banking
-GST Netfile http://www.cra-arc.gc.ca/menu-e.html
-GST Telefile http://www.cra-arc.gc.ca/menu-e.html

Send your payment on time. The Receiver General is very unforgiving of lateness and will apply penalties and interest charges compounding daily.

Click on this link to the Canada Revenue Agency site for everything you ever wanted to know about GST. http://www.cra-arc.gc.ca/tax/business/topics/gst/menu-e.html

What Are You Waiting For?

Raise Your Hand

Raise your hand if you’ve begun working on 2008 bookkeeping. Excellent! And the rest of you. What are you waiting for?

Why wait until April 30th to see the results of this years work. By starting now you can create a Profit & Loss statement that will show you whether you’ve made or lost money and how you spent it. This one report is a terrific piece of information that can help you more now than later.

Do you use the services of a bookkeeper or are you doing it yourself? We wear many hats while trying to run our business and maybe we’re wearing too many. If you struggle with the bookkeeping, and I know it’s not an enjoyable task, then perhaps you should consider getting some help. Most Professional Bookkeepers will provide outsourcing of the work; training in the use of the software; or help in figuring out what expense category to use.

Excerpt from a Home-based Business article-
Don’t overlook management/bookkeeping. Lack of managerial expertise is one of the single highest causes of business failure. Take courses, seek expert advice or hire help, but do learn basic management skills before you start.
http://www.canadabusiness.ca/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid=1081945277281?=en

Of course you need some type of system for recording everything. This could be an accounting program, spreadsheet or paper-based. In the comment box please let me know what kind of system you use for your bookkeeping. I’d really like to know. In a future article I’ll post my findings along with info on the various systems.

Canadian Bookkeepers Association

Canadian Bookkeepers Association

The Canadian Bookkeepers Association (CBA) is a national, not-for-profit organization committed to the advancement of professional bookkeepers. Membership in the CBA provides bookkeepers with the resources to succeed in an ever changing environment. Our association creates excellence through knowledge and is growing rapidly, representing a comprehensive financial management approach to business for any size company. Our Membership is growing rapidly each day and represents bookkeepers in the majority of Canada’s provinces and territories.

Our MISSION includes:

  • To Promote, Support, Provide for and Encourage Canadian Bookkeepers.
  • To promote and increase the awareness of Bookkeeping in Canada as a professional discipline.
  • To support national, regional and local networking among Canadian Bookkeepers.
  • To provide information on leading-edge procedures, education and technologies that enhance the industry, as well as, the Canadian bookkeeping professional.
  • To support and encourage responsible and accurate bookkeeping practices throughout Canada.

Future Goals

We are committed to growth that benefits our members and Bookkeeping in Canada as a professional discipline. Our goals include advances in Distance Education, Certification of Bookkeepers, and Regional Chapters. We appreciate suggestions that improve this website and the Association. We are listening and appreciate your input!

We are working towards designation of bookkeepers in Canada. The designation will be “Certified Professional Bookkeeperâ„¢”

History

The Canadian Bookkeepers Association was formally known as the Canadian Bookkeepers Alliance. CBA began accepting members in early 2003.

February 9, 2004 the Canadian Bookkeepers Association was incorporated as a not-for-profit association. Membership growth has far exceeded what was originally anticipated. We are thrilled with growth of the Association.

We have grown with each milestone into the National not-for-profit organization we are today with members in almost every province and territory.