How do you pay the taxes on a small cleaning business?
I've went to "cra" and other websites but am having trouble understanding.
Can you make money all year, then pay taxes at tax time.(not charging gst as making under $30,00).?
If not how do you calculate how much taxes will be paid. Where do you go to set this up? Do you pay weekly, monthly? I would work alone.
- Barb GLv 51 decade agoFavorite Answer
Any money you make you must declare on your tax return.
Since you haven't been paying tax, you will be now. You will also have to pay provincial tax.
As far as GST goes, since you are providing a service, you must charge GST. You need to apply for a business number and register.
You will owe this year. It would be wise to go to a professional and have them complete your first return correctly. Later, you can try to do it yourself.
- CHARLES RLv 61 decade ago
You can do this in the first year of self-employment. Then the CRA will ask for taxes to be paid in quarterly installments. You'll need a BN (business number) in order to pay taxes.
- 4 years ago
record as rapidly as available. An extension would be denied until you will finally end up truthful reason. in case you owe better than you will pay unexpectedly, there is an determination for an installment settlement.