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Small business- charging taxes to consumers vs me paying taxes at the end of the year
Hi guys,
I run a small business in Ontario and sell my product to consumers at a flat rate of $10 per unit. I do not charge HST to consumers on sales. It is simply a straight $10 per unit. I expect my gross revenue for the year to be around $6k. Next year it will be closer to $25k+. Given this, when I file my taxes next month (for the 2023 calendar year), can I simply pay taxes (i.e. the HST I would have passed on to consumers) as part of my filing? Or going forward should I be charging HST on top of every unit sale?
‎January 4, 2024
12:49 PM