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Tip of the day #22 - Managing GST Payments

Barbara Steckly

Barbara Steckly

gst small business tips barbara steckly owner preferred client services edmonton Alberta

GST out of sight out of mind - in the bank

Ah the torture of GST tax time!

The pressure to pay back money you probably no longer have

Next year, why not get prepared?

Start a separate bank account for your GST  at another bank so you won’t be tempted to touch it. What you don’t use, you can’t lose.

Transfer the 5% you collect on every sale to this account before making any other outgoing payments. It quickly adds up!

At the end of the quarter, when you file your GST, you will benefit from those nice deductions youreceive based on the GST paid on your purchases, which will ultimately leave some of the tax money you collected still in the account.

 How handy to have that extra amount there building every quarter that you could use to pay your corporate taxes at the end of the year!

GST revenue - out of sight out of mind - in the bank!

What you can’t attain, …amasses more gains!

Preferred Client Services, professional bookkeepers in Edmonton, AB working as business partners to make a positive difference in your bottom Line.

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