Thursday, 1 May 2014

Real Estate Agents! Are You or is Your Corporation Paying too Much HST? Quick Method Might be the Answer!

If your taxable supplies per your fiscal year or your corporation's fiscal year does not exceed $400,000 and you are not one of the exceptions (see link below) you can do away with the tedious task of calculating your input tax credits and HST collected.  You may also be entitled to a $300 credit (1% of your first $30,000 of sales).  The question is whether it is beneficial for you to select the quick methed.  Rule of thumb calculation shows that if you are providing a service and your expenses subject to HST is less than 24% of your revenue you should elect to use the the quick method.  The election form is GST74

As invariably real estate agents' expenses subject to HST is less than 24% of their revenue they can benefit.  Other businesses may also benefit.

For more information on this option click on the link below.

http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-03-13e.pdf

for more information on taxation visit my website.

www.tavana.ca


This blog is for general information only and cannot replace professional advice.
The reader is invited to contact the writer to discuss the contents of the newsletter.
Readers are advised to seek professional advice before acting on the material
in this newsletter

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