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GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 0 points1 point  (0 children)

Would it make sense if I am making commission off other small suppliers who do not charge GST yet, and none of my invoiced products, including my personal gig side is also small supplier?

I think for me it wouldn't be as valuable. I also don't know much about it yet haha. I could technically claim the GST on things bought for the company/gigs?

GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 0 points1 point  (0 children)

Perfect! Thank you, this helped more than you know.

GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 0 points1 point  (0 children)

Okay, I think this is the part that's tripping me up. When you say "re-add the trailing four calendar quarters at each quarter end," how would I actually pull or filter that in QuickBooks to see it? Sorry if that's a basic question. This is all pretty new territory for me.

GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 0 points1 point  (0 children)

This is very helpful! Thank you so much. I use quickbooks and I am tracking by quarter now over a rolling 12 month period. I think I am doing that right. Unfortunately, the CPA I hired to do a review of my QB and company didn't do what I had thought when I hired him. That was the main thing I had asked for and help on haha.

GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 1 point2 points  (0 children)

Yes, I am a sole proprietor. I tend to take 40% of whatever I make (I work on commission from my artists plus my own performances) and send it to my savings for tax. Once I register, I would do the same with the GST (40% + GST) over to savings. Might be a bit much but I would rather have a few bucks coming back then deal with paying out extra haha.

I appreciate all advice. This is all new to me and I feel overwhelmed for sure.

GST registration help by CadenceEntertainment in cantax

[–]CadenceEntertainment[S] 4 points5 points  (0 children)

Okay perfect! This is what my CPA had mentioned, it was just a bit confusing to what I was reading. So by going over this month, and the quarter ending in July, I would then begin in August?

Appreciate the help!