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For those of you who are familiar with my “Stuff For The Taking” category .. you probably will note that I prefer to use EXCEL for Microsoft Windows 95 Version 7.0

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Businesses with sales over $30,000 CDN must register for a business number and charge 7% GST on their services or products, (6% beginning July 1, 2006). Just like the provincial retail sales tax (PST), to be compliant with the government, you must report and remit these collections over to the goverment. About this extra 7% money - it is “trust funds” - this money is not your extra profit. It’s money you collected as an agent or on behalf of the government and believe me .. they want it.

The good news, is that everybody else is also charging you GST, and you are allowed to deduct these GST payouts, or “Input Tax Credits” (GST ITC’s), to offset the amout that you have to remit. It is for this basic reason that bookkeepers (and business owners) and ME … are quite conscious to be sure to correctly separate the GST ITC from the expense amount, in order to maximize the refund or minimize how much Net GST the client has to pay.

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In the past year I have been engaged to do monthly accounting and bookkeeping for several clients. Although my rates are higher than a normal part-time bookkeeper that a company may hire, sometimes it makes sense to hire your accountant do also perform interim financial statements. Because I am familiar with the work and detail needed when comes time to perform the Year End Financial Statements and Income Tax Returns, it is “BETTER” and “EASIER” getting information while it is fresh in everybody’s head.

Overall, professional fees for the year might be a little highe, but some clients can appreciate the benefit of having their accountant “in the loop”. I make sure (or at least try to the best that I can) that the client is “COMPLIANT” with all reporting requirements. This would include reminders for:

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