What do I put in the "GST/HST Collected" Section?

[CarrieMac5]

why is that when i add the total collected it adds more tax  i thought GST collected was not taxed. My t4a does not include it in the total.  So when i put in collected it changes the amount owing

[Delphision]

Hi CarrieMac5:

If you are registered for GST, you would not include it on your income tax. You would be filing a separate GST return to report GST collected and paid.

If you are not registered for GST, you would not report it as GST, you would just include that amount as part of your income, not reported separately.  You would also report the full cost for expenses including GST, rather than separating the GST out.

[CarrieMac5]

Thank you, i wonder why they ask for your GST # etc and the amount collected if its not relevant.

[Delphision]

It is relevant to some who use the quick method of GST reporting.  These forms are one size fits all. You just have to be careful to fill in only what is relevant to you.

[stevejdale]

I'm in a similar situation as the OP and I'm finding the info provided in this thread a bit hard hard to understand. I am a newly registered HST filer. I will be using the quick method to file. 

My understanding is that I do not include HST collected in the total revenue box on the self-employment income page. Is this correct?

I also don't understand what to put in the first 2 boxes on the "Your GST/HST info" page. The boxes are

1. Total GST/HST collected or collectible

2. GST/HST collected or collectible on eligible sales income, commissions, and fees

3. GST/HST remitted

Any clarification on what I should do in my situation would be appreciated, thank you!

[TurboTax_Susan]

@stevejdale 

For #1, if you included the amount of GST/HST, or PST returns, allowances, discounts, and GST/HST adjustments and any WIP at the end of the year you elected to exclude in the Gross Sales/Fees/Commissions amount, enter the sales taxes received in this box.

For #2 Enter GST/HST collected or collectible on sales, commissions, and professional fees eligible for the Quick Method.

For #3 GST/HST remitted is your professional fees eligible for the quick method plus GST/HST collected or
collectible multiplied by the applicable quick method remittance rate. 

[stevejdale]

Thanks for your response @TurboTax_Susan !

So just to clarify, if no HST was reported on my T4As and I didn't include HST collected on my income in the  "total revenue box" on the self-employment income page, I should be putting all my HST collected in box #1? And the same figure would go in box #2?

Then in box #3 I would tax this figure and apply the correct rate (8.8 in my case, 7.8 for the first 30k). Would I also deduct eligible ITCs such as capital assets from this number?

[TurboTaxAniqua]

@stevejdale  Box #1 (Total GST/HST collected): Enter the actual 13% you charged your clients.

Box #2 (Eligible GST/HST): Usually the same as Box #1. This confirms how much of your income qualifies for the Quick Method.

Box #3 (GST/HST remitted): Enter the calculated amount you actually paid to the CRA (Gross Revenue × 8.8% minus the 1% credit).

Regarding ITCs: Do not deduct ITCs from these boxes. Under the Quick Method, you only claim ITCs for Capital Assets (e.g., equipment/laptops). These are claimed separately in the CCA (Capital Cost Allowance) section of TurboTax, not here.

 

Hope this helps!

[stevejdale]

Thanks so much @TurboTaxAniqua for the clarification!