Novocastrian

If it's a personal company i.e. you'll effectively be a self employed consultant or whatever it's quarterly. Dunno for a limited liability company. JonboyE's yer man.

Good question. You tell me.

R I C H

I submit one tax return for my business each year, so submit a cheque for GST I owe at that time.

tinytears

because I don't believe in making things easy for myself!

The companies will be incorporated.

Thanks for your help!

tinytears

Thanks Rich, that is really helpful. What about the Provincial taxes, are they done annually as well? We will be going to Ontario so it could be different for you.

Novocastrian

OK. No idea then.

tinytears

No probs, thanks for your help though much appreciated.

R I C H

Everything's once a year.

tinytears

OK thank you that makes life a lot easier in some ways and means I can get this wrapped up tonight if I do an all nighter, thank you.

JonboyE

The CRA will tell you when you register. The current limits they are using is

- taxable sales/supplies up to $1,500,000 then file/pay once a year
- taxable sales/supplies between $1,500,000 and $6,000,000 then file quarterly
- taxable sales/supplies of over $6,000,000 then file monthly.

You will need to contact the Ontario Dept of Revenue (I am sure you can use Google as well as I can) to find out how often you need to file and pay your PST. Like BC, I am sure it will also be determined by your sales revenue, and like BC I expect the limits will be much lower.

tinytears

Thank you. Of course it is easy to Google if you know what you are googling, but, despite everything I have read, I didn't know it was the Dept of Revenue. Here we pay quarterly.

I appreciate your help, it is all a bit of a minefield when you are completely new to it all, I have been in touch with the enterprise department and am waiting for their response but I have a meeting lined up to finalise the accounts with my accountant and am working against the clock. Also when someone is already living and working within the system sometimes it is easier to explain it rather than some of the long winded things I've read on the official websites that have a hundreds of links and yet nothing gives a straight answer.

Thank you again.

JonboyE

Fair enough, and it is actually the Ministry of Revenue (not Department). Oops.

See here:http://www.rev.gov.on.ca/english/taxes/rst/remit.html. As it says, your reporting frequency will be based on revenues, but it doesn't say what renevue relates to which reporting period.

JonboyE

And to avoid confusion, PST or Provincial Sales Tax is a generic term. In Ontario it is called the Retail Sales Tax (RST). In BC it is called the Social Services Tax.

tinytears

Thank you, will read that link in a minute.

And most definately thank you for that because I was following links given from the enterprise centre who were talking to me about PST and yet the links were all talking about RST and I spent two hours going round and round and round in circles thinking I had missed something. Wouldn't have been so bad had their own people called it RST I may have had a hope in hell of working out it was the same thing!

Really appreciate the clarification. You have no idea how bad my head hurts with all this.

Second week I land I will be on a course it is already arranged pending WP being granted but in the meantime I needed this clarification and information for the business planning to get the WP.