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PST - Small Seller

PST - Small Seller

What defines a small seller? You are a small seller if you meet all of the following criteria: ■ you are located in BC but do not maintain established business premises and do not regularly make retail sales from established commercial premises (see Established Commercial Premises or Established Business Premises below)

Discontinuing operations of a business

Discontinuing operations of a business

In case you are shutting down an unincorporated business, certain actions must be taken. However, the details provided below do not cover all aspects of business closure, therefore seeking expert assistance is recommended. Payroll In case you had hired employees, it is mandatory to submit all payroll withholding taxes, including

Summary of important dates for businesses

Summary of important dates for businesses

Running a business involves more than just making sales and generating revenue. It also requires staying on top of various dates and deadlines throughout the year. From tax deadlines to payroll remittance due dates, missing important dates can result in penalties and fees. As such, it is crucial for business

Maintaining documentation of Crypto Currency

Maintaining documentation of Crypto Currency

The Canada Revenue Agency (CRA) has recognized that digital currencies such as Bitcoin, Ethereum, Solona, and Ripple (XRP) are taxable assets, given that they are based on blockchain technology. This technology features a permanent and unalterable ledger that documents and stores all cryptocurrency transactions, obviating the requirement for financial institutions

House resold by renovator within a year, leads to capital gain

House resold by renovator within a year, leads to capital gain

One year of purchasing and reselling a house by a renovator resulted in a capital gain. A taxpayer and a friend purchased a Montreal house with the intention of renovating it and renting it out. However, due to rising renovation costs and inability to rent it out, they resold it

Airfares incurred for commuting to work cannot be claimed as deductible expenses

Airfares incurred for commuting to work cannot be claimed as deductible expenses

The Tax Court of Canada ruled that airfares for commuting to work were not an allowable deduction as employment expenses. The Tax Court of Canada ruled that the taxpayer's commuter airfares between his Ottawa home and his employer's Regina office were not tax-deductible. The taxpayer regularly commuted between the two

Register for a GST/HST account

Register for a GST/HST account

Generally, you will need to register for your business number (BN) before you can register for a GST/HST account. You may register for a BN by using the online service at Business Registration Online. This is the quickest way to register for a BN. Once you have obtained your