I am registered for HST.
When entering sales it asks me to include the hst.
the question is in expenses, when entering purchases and sub contractors, do i include Hst there as well?
Do you have a GST number and claim a GST rebate? You will then enter the amount of the expense minus the GST you paid if you are claiming a rebate for it. If you are not claiming a rebate on the tax, you will enter the expense amount plus the tax you paid in the column according to the tax you paid and are not claiming a rebate.
Thank you for choosing TurboTax.
Thank you for this information, most helpful! I just wanted to confirm/clarify something ... I understand that in PART4 of the T2125 for business expenses, things like Advertising, Office Expenses, etc. , we are to enter the expense amount only, less the GST/HST we paid if we are registered. Which I am, and I do claim ITC.
My question is : Does the same apply to Part 3D - Cost of goods sold? For lines - Opening Inventory and Purchases During the Year - Would I include or exclude the GST/HST that I paid on my purchases of raw materials?
You would exclude the hst as it will be done with your hst return.
when you enter your revenue with hst, after a few screens it will ask you to enter hst collected. On the business statement the software will deduct hst. Everything else entered should be without hst.
I was wondering if you figured out where to enter 'QST collected' for the 2023 return? I can't find it and I'm sure this is affecting my income tax owed since 'total income' includes GST and QST/PST.
Thanks!
Hi,
I was wondering if you found where to enter QST/PST collected, in Turbotax? This is driving me a bit crazy!
Thanks!
J
Hi @MTLfreelancer, I ended up including the provincial sale tax (PST) in line 3A, together with the GST that I had collected. I found this was reasonable since the form T2125 takes 3A minus 3B to obtain cell 3C, and since 3B explicitly indicates that it should include PST (as far as I undertand, QST is one of the PST's).
This is how I submitted it, although I am not an accountant or a tax consultant so please do not consider this as a professional advice.
Thank you!
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.