Wednesday, September 15, 2010

Bookkeeping Tip of the week

Do you have to charge and collect GST/HST
Do you follow this routine?  Collet GST/HST, put it in your regular bank account, spend it as if it's part of your income, scramble to pay the remittance when it's due.

Most self employed people must charge and collect GST/HST and have to submit reports and remittances quarterly or yearly.  Many people 'forget' that they have to save the taxes they collect and then are dismayed when they must pay Revenue Canada.

TIP:  Open up an ING bank account and transfer all GST/HST you collect into that account on a regular basis (monthly/quarterly).  When the remittance is due to Revenue Canada you will always have the full amount due.  Not only that but because you will have Input Tax Credits, you will have a little extra for saving!

If you want information on ING Bank accounts, I can direct you to my financial advisor - Scot Sinden - who is an authorized representative and get you on your way


Welcome to my blog.  This is my first attempt at blogging so please do forgive me if you find errors or if I just make no sense for a while.

I intend to post notes about Reiki sessions I have conducted, or new information I have learned during the sessions I conduct.

Once a week I will post a bookkeeping or tax tip that you can use in your day to day business or personal finances.

I hope that you will join me on this incredible journey.  To get started I will post a bookkeeping tip and then two updates on recent reiki sessions.