Frequently Asked Questions

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What are the requirements to the documents to keep?

You are required by law to keep records of all your transactions to support your income and expense claims.  Keep a record of your daily income and expenses. There are many record books and bookkeeping systems available. For example, you can use a book that has columns and separate pages for income and expenses.

Do I need to register for the GST?

If your gross revenue from your GST/HST taxable sales is more than $30,000 in a single calendar quarter or over four consecutive calendar quarters you have to register for the GST/HST. If you operate a taxi or limousine service, you have to register for the GST/HST regardless of your income.

As a self-employed do I need to pay installment payments?

As a self-employed individual, you may have to make installment payments. You have to pay your income tax by installments for the current year if your net tax owing is more than $3,000 for the previous tax year or a year before. Your installment payments are due on March 15, June 15, September 15, and December 15.