GST and the Small Business Owner

Hi Peoples

I would like to suggest that if you are a small business not making the required $30,000.00 to register that you rethink your options.

I recently took the cra's GST/PST seminar and I found a whole bunch of interesting information. If you are collecting GST you can ask for a refund of the GST you pay on items that you buy for your business. So there is a possibility that you could receive a refund. For example, you collected $100.00 in GST from your clients/customers and you purchased items and the amount of GST you paid out was $200.00 you would be entitled to a rebate of $100.00 or if you paid $50.00 you would just have to submit $50.00. Either way it is found money.

The bad news is that there are a few business that are not allowed to collect GST so you won't be able to get the refund. For more information you can e-mail or go to the Revenue Canada website at www.cra-grc.ca