Personal Finance

Self Employed commmision sales

  • Last Updated:
  • Apr 29th, 2012 11:34 am
Apr 28, 2012
3 posts

Self Employed commmision sales

Iam self employed and work from home, on the road meet clients.
company advances mothly draw yr end send an invoice + hst 13% of income.
Can I cliam and recover any of this 13% before submitting to CRA??
2 replies
Aug 1, 2008
284 posts
Yes, if you have HST input tax credits.

If your annual revenue is less than $200K and you don't have many direct expenses (on which you pay HST), then you might be better off keeping about 1/3 of the HST you collect by registering for the Quick Method.
Deal Addict
Aug 31, 2010
2920 posts
Whoa, holy english Batman.

I would seek the advice of an accountant/business advisor. You should calculate both the quick method and the regular HST method, and see which one nets you the most. Keep in mind that the savings you keep from the Quick Method is recorded as Other Income and therefore taxable on your T2 return. I'm guessing it will still be more beneficial for you to use the Quick Method, but again, it depends on many other variables (Sales, ITCs, etc.)