Okay, I spoke with my Business Coach and he let me know that it is better to register for your GST & PST registrations right off the hop for the following reasonsn (keep in mind some of this is BC stuff):
Yes that does mean that we have to start charging the taxes but in his opinion (He's a CMA Account type) it is in my best interest to register - I'll have that done by tomorrow. BTW if you don't register as a PST registratant you cannot claimn your PST in your taxes at all.
Just something to think about for those of us who are creating businesses in Canada.....
Cheers
Lindy
- - If you are not a GST registrant you can only claim back a portion of your GST not the full amount:
- If you are PST registered you DO NOT pay PST on your materials to make the product - you do however charge it to the end user - you DO NOT charge it to a business that is going to re-sell the product.
Yes that does mean that we have to start charging the taxes but in his opinion (He's a CMA Account type) it is in my best interest to register - I'll have that done by tomorrow. BTW if you don't register as a PST registratant you cannot claimn your PST in your taxes at all.
Just something to think about for those of us who are creating businesses in Canada.....
Cheers
Lindy
