As a locum pharmacist, determine whether you should charge HST/GST for the work we provide you. As a pharmacy job recruiter, we want you to know all of the key facts.
As mentioned in another article, RPI Consulting Group Inc. provides pharmacists access to an online profile, through which candidates can invoice us for their services. Candidates have the ability to invoice RPI as a sole proprietor or corporation. Each billing route provides candidates various financial benefits. In addition to having a choice in their way of billing, candidates can also collect HST/GST through our Easy Bill process. But is collecting HST/GST right for you?
The Financial Benefits
Collecting HST/GST has several financial benefits. Candidates who work as a sole proprietor or corporation can take advantage of these benefits. Collecting HST/GST is a decision that candidates can make, depending on the volume of relief/locum pharmacy work that they choose to do during the year.
In the event that candidates choose to work a moderate to high volume of relief/locum assignments, candidates should opt in to collect HST/GST during their invoicing of RPI for their services through Easy Bill. When collecting HST/GST throughout the year, candidates are obligated to give the total amount to the government during tax season.
Keeping Track of Expenses
The primary benefit of collecting HST/GST is that candidates can keep an account of expenses they have incurred, specifically the HST/GST they have paid. Candidates have the ability to use this expense as an input tax credit to their total GST/HST owing. This lowers the total amount of GST/HST that candidates end up providing to the government, which in turn makes the candidates more money. Yes, you read that correctly, you will end up earning more money. Being organized has numerous benefits!
Most candidates that work with RPI collect HST/GST and heavily benefit from this decision. If you are looking to work with RPI on a semi-regular or regular basis, I would highly recommend candidates to get an HST/GST number registered. It won’t take long for you to see the positive repercussions of your decision and a bit of extra effort.