Finance Canada Imam

Hi, it's Kathy from FitKittyTries! Today, I'm bringing you a detailed webinar-style video on preparing to file your GST/HST return for your registered Canadian business. Remember, this isn't about your income tax, which is due on April 30th; this is specifically for your GST/HST return, which is due on June 15th. Understanding Your GST/HST Obligations If you're uncertain about your GST/HST registration status or whether you need to register, visit my blog for detailed guides on registration requirements and processes. Preparing for Your GST/HST Return Regardless of whether you have a bookkeeper, accountant, or you're doing it yourself, you need to: 1. Organize Receipts: Gather all receipts and sales reports. 2. Track Revenue: Keep track of all sales and the GST/HST collected. Tip: Regularly updating your records monthly or quarterly can ease the workload significantly. Reporting GST/HST Collected The first part of your GST/HST return involves reporting t

Hi, I'm Kathy. If you're new here, welcome! Today, we're diving into one of my favorite topics: making money by scanning your receipts. While there's no such thing as truly "free money," this method comes pretty close. I'm not a fan of time-consuming tasks like surveys or cashback offers that require a lot of effort. I prefer quick and easy ways to earn, like snapping photos of receipts. Let's explore how you can do this, especially if you're in Canada, where some popular apps aren't available. Best Receipt Scanning Apps for Canadians 1. Caddle Caddle is my top pick because it's the highest-paying app. Here's why I love it: - Sign-Up Bonus: Get $1 just for signing up using the link below. - Daily Surveys: Earn 5 to 25 cents per survey, which takes about 5 seconds to complete. On average, I make 10 cents per survey. - Receipt Scanning: Earn 10 to 50 cents per receipt. It takes just 5 seconds to snap a picture and upload it. N

Hey, it's Kathy from FitKitty Tries! Today, I’m addressing a common question: Should you sell to both Canadian and US customers for your print-on-demand store? As a Canadian, this question frequently arises, especially after tax season. Let's delve into the considerations, including tax obligations and how to manage your settings on Etsy to cater to specific regions. Selling to Canadian vs. US Customers: Key Considerations Tax Obligations In Canada, if you have a registered business with a GST/HST number, you must charge GST/HST on sales. Etsy expects these taxes to be included in your item prices, which can be tricky since tax rates vary from 5% to 15%. After tax season, many sellers realize they need to account for these taxes correctly. I’ve created a spreadsheet to simplify this process—just download your Etsy report and copy-paste it into the spreadsheet to sort your taxes effortlessly. Shipping Costs and Providers Shipping to Canada can be expensive, particula

Hello, it's Orit here! Welcome back to the channel with another valuable Etsy tip, specifically for Canadian sellers. Recently, one of our viewers asked about Etsy's currency conversion fees when selling in a different currency than your bank account's currency. This reminded me of our own experience when setting up our Etsy store in Canada. Our Initial Setup and the Currency Dilemma Initially, we set up our store in US Dollars, thinking it would be advantageous since the US Dollar is stronger than the Canadian Dollar. However, we soon realized the implications of this decision and decided to switch our shop currency back to Canadian Dollars. Here's why: Avoiding Etsy's 2.5% Currency Conversion Fee If your shop's currency differs from your bank account's currency, Etsy charges a 2.5% currency conversion fee on the sale amount, on top of the exchange rate. For example, if you sell in US Dollars but have a Canadian bank account, Etsy converts the c

Hello everyone and welcome back to my channel! Today, we're diving into a crucial topic for all Etsy sellers: filing your income taxes. Since 2020, I have filed my taxes using both professional tax services and platforms like QuickBooks Self-Employed and TurboTax. Filing taxes as an Etsy seller, especially if you’re involved in print-on-demand, can seem intimidating, but it’s simpler than you might think. Understanding Business Structures In my first year, I was unsure about how to prepare for taxes, whether I needed to form an LLC or could operate as a sole proprietor. In this video, I’ll address whether you need an LLC and walk you through preparing to file your income taxes. Plus, I’ve created a free tax preparation PDF checklist for you to follow along, linked in the description below. Disclaimer I’m not a tax expert. This video is for informational purposes only. I recommend consulting with a tax professional, CPA, or accountant, especially in your first year, to e

Hey, kittens! It's Cat from FitKitty Tries, and today we’re diving into a crucial topic: Canadian taxes, specifically for Etsy sellers. I live in British Columbia, and with my fiscal year ending in August, it’s time to prepare my GST return for the first time. If you're a Canadian small business owner navigating Etsy's tax policies, this guide is for you. Overview of GST Returns for Canadian Etsy Sellers Running an Etsy store in Canada can be confusing, especially when it comes to taxes. Etsy made significant changes to its tax collection policies in July 2022, complicating the process for Canadian sellers. Here’s a detailed breakdown to help you understand your tax obligations and streamline your GST return preparation. Key Changes and Requirements 1. Who Needs to Report GST?    - If your small business earns less than $30,000 in revenue annually, you don't need to collect or remit GST.    - Once your revenue exceeds $30,000, you must register for a GST num