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l 22 - “Alhflux ) CHRONICLE: IWednhday, \epletnher ID, 1001! 2 WWW-WWWâ€"WWWWâ€"Wâ€" B aki h ' f d ' b' ' d ' re 11g t e questron 0 taxes 0WD into lte-SlZe pieces In all the years i have been advls» Here is an example: 2. ‘ lected from your cus» arc.gc.ca or call 1800-9596525 to Revenue Canada you can deduct ing small business owners on You are selling wrist» ‘ l l S \( )1 J l ) tomers on an annual get the answers the five per cent (.iST you paid on their startup, the question of tax watches and you get l ' , T ‘ . ‘. basis to the Ontario The wayGSl‘ is administered is all your business purchases (office collection invariably will come up. your supply from a Bu 8] A #85 Ministry of Finance. completely different than the PST equipment, inventory. utilities). it is not usually the first or last wholesaler who ‘ Some good news W so don't get them mixed up. If you are not registered to col~ question one thinks to ask when imports from Switzer» you will receive a per» Remember PST is the provincial lect the GST. you can't claim the five starting a business, but somewhere land. Your wholesaler ‘ .2 ‘ centage of the monies govemment and GST is the federal per cent you paid on all your busi- along the way it does come up. so sells the watches to ‘3 . 3 you collected back as a govemment. No difierent govem- tress purchases. and that means it let‘s take a look at this often»misun» you, and you in turn " . collection fee. it is not merits. two different tax collection is costing you five per cent extra to derstood topic and break it down sell a watch to your \ ? ' l a big amount, but it is systems. run your business. into bite»size pieces that will help customer. it is your ‘ r - money in your pocket First of all, you only have to flag So, if you are making a lot of you not only understand it. but customer who pays the l 2;» . “ and that is always a ister and collect CST if your annual purchases or carry an inventory, actually apply it to your benefit in eight per cent PST. not A $& good thing. business income is over $30,000. register for CST right away. It does- running your business. you or your wholesaler. [ '2 let‘s take a look. You can voluntarily register to n't cost you to register and it will There are. essentially, mo levels You must register _ W ROY now. at the Goods and collect 081‘, however, right from the pay to do so. And that is always a of consumption taxes in Ontario. with the Ontario Min» l WEBER 1 Services Tax (CST). get-go of your business. good thing. the provincial sales tax (PST) of istry of Finance to i_..._,__ ,... ..-- 233» W» This is a five per cent if you are planning to purchase Next time we will take a look at eight per cent is levelled on most receive a vendor‘s per- federal consumption a lot of equipment or will have a some of the licences and permits goods and some services. mil. You will provide a copy of this tax on most goods and services. significant inventory of goods, it is you may require in the set up and if you're not sure it your goods register permit to your suppliers Unlike the PST you will notice advisable to register from the running of your business. or services are subject to the PST so that you will be exempt from that it is levied on services as well. i beginning of your business. ‘ you can call the local office of the paying the PST on your stock put» did say most goods and services. if Why do I say that?The way the ... Ministry of Finance at 5194376â€" chases. you are not clear if your goods or GST collection works is this: you Roy Weber is an advisor with the 8400 to get the answers. Once you are registered to col- services are subject to the GST you collect the five per cent CST from Waterloo Region Small Business The PST is paid by the end user lect the PST you will be required to can visit the Canada Revenue your customers. and when you Centre. Contact him at of the item and not you, the vendor. submit the amount you have col» Agency's website at www.cra~ submit your collection payment to rueberfilciry. waterlooonra , -' t y {9942' '32.‘“3:..33:..,~2:»:2 31 use .12: “:2“ eke’etfiee‘wifi?‘ *-i;-" . F . -\ 3 \ ”’ ‘23“: ”$3333E‘V‘ “3&2 ‘2 it ggg'm‘wefi‘ “‘3? . . , . .â€" “3“; u i?“" . : 5‘39”"K‘5 ;r...-.‘,..a,._ n... . ‘ .s.‘._.__ ‘1.'~""‘3'3 was§rgu 5&5.“ .Jw.__»..c. ’3': ;-»fzf3"f‘=.;c‘ jg“. ,_.3§E{z,“.§§:~33Â¥2 ‘3 J ‘(3 ”W”? ”‘13 E ; Ia 7" 3”! 5‘11; $.31...» 23. 3‘ 7’ 33%;: 3.2.. #212»? 2‘3. “$5 a‘fi/ . :23; so? 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