{"id":4624,"date":"2021-05-04T11:32:26","date_gmt":"2021-05-04T15:32:26","guid":{"rendered":"https:\/\/rpigroup.ca\/blog\/?p=4624"},"modified":"2021-05-04T11:44:02","modified_gmt":"2021-05-04T15:44:02","slug":"whats-the-biggest-benefit-to-collecting-gst-hst","status":"publish","type":"post","link":"https:\/\/rpigroup.ca\/blog\/news\/whats-the-biggest-benefit-to-collecting-gst-hst\/","title":{"rendered":"What\u2019s The Biggest Benefit To Collecting GST\/HST?"},"content":{"rendered":"<h2 id=\"E100\" class=\"x-scope qowt-word-para-0\"><span id=\"sole-proprietor-partnership-or-corporation-are-eligible\"><strong><span id=\"E101\">Sole Proprietor, Partnership, or Corporation Are Eligible<\/span><\/strong><\/span><\/h2>\n<p class=\"x-scope qowt-word-para-0\"><span id=\"E104\">Generally, whether you are a Pharmacist (<\/span><span id=\"E106\">Rph<\/span><span id=\"E108\">), Registered Pharmacy Technician (RPHT), Nurse Practitioner (NP), Registered Practical Nurse (RPN), or Personal Support Worker (PSW), whose total taxable revenues are $30,000 or less annually, you are eligible t<\/span><span id=\"E109\">o <span style=\"text-decoration: underline;\"><a href=\"https:\/\/rpigroup.ca\/blog\/news\/when-should-you-start-charging-gst-hst\/\">collect and remit GSH\/HST<\/a><\/span> to the government for business-related expenses. <\/span><\/p>\n<h2 id=\"how-it-works\">How It Works:<\/h2>\n<p><span id=\"E115\">You can claim <a href=\"https:\/\/www.forgov.qld.gov.au\/what-input-tax-credit\"><span style=\"text-decoration: underline;\">input tax credits (ITC)<\/span><\/a>\u00a0for the amount of GST\/HST you paid on business expenses. For example, <\/span><span id=\"E116\">if you purchase materials, laptops, cell phones, gas, vehicles, and even some food expenses from a vendor in the course of business, the government will provide you with credit for the amount of GST\/HST you paid on the purchase. Therefore, any GST\/HST you <\/span><span id=\"E117\">pay on qualifying business expenses does <\/span><span id=\"E119\">represent real costs to your business. If you do not register, you lose such benefits.<\/span><\/p>\n<h2 id=\"keep-track-of-your-expenses\">Keep Track Of Your Expenses<\/h2>\n<p id=\"E129\" class=\"x-scope qowt-word-para-0\"><span id=\"E130\">As previously mentioned, business expenses can be any number of goods and services purchased for any <\/span><span id=\"E133\">day-to-day necessities<\/span><span id=\"E135\"> related to running things smoothly. You can find some general information for GST\/HST <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/cra-canada.html?utm_campaign=not-applicable&amp;utm_medium=redirect&amp;utm_source=cra-arc.gc.ca_redirect\"><span style=\"text-decoration: underline;\">here<\/span>.<\/a><\/span><\/p>\n<p id=\"E141\" class=\"x-scope qowt-word-para-0\"><span id=\"E142\">Come tax season, you will be obligated to give the total amount to the government, so keeping track and stay<\/span><span id=\"E143\">ing organized is very important!<\/span><\/p>\n<h2 id=\"in-conclusion\">In Conclusion<\/h2>\n<p id=\"E148\" class=\"x-scope qowt-word-para-0\"><span id=\"E149\">The primary benefit of <span style=\"text-decoration: underline;\"><a href=\"https:\/\/rpigroup.ca\/blog\/blog\/should-i-charge-gst-hst-for-my-relief-pharmacy-services-when-i-work-through-rpi\/\">collecting HST\/GST<\/a><\/span> 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<\/span><span id=\"E150\"> 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!<\/span><\/p>\n<p><span id=\"E153\"><span style=\"text-decoration: underline;\"><a href=\"https:\/\/rpigroup.ca\/ContactUs.aspx\">Contact<\/a><\/span> your Account Manager<\/span><span id=\"E156\">\u00a0today and start saving!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Sole Proprietor, Partnership, or Corporation Are Eligible Generally, whether you are a Pharmacist (Rph), Registered Pharmacy Technician (RPHT),&hellip;\n","protected":false},"author":8,"featured_media":3098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[244,58,226,28,78,139,246,175,38],"_links":{"self":[{"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/posts\/4624"}],"collection":[{"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/comments?post=4624"}],"version-history":[{"count":3,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/posts\/4624\/revisions"}],"predecessor-version":[{"id":4627,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/posts\/4624\/revisions\/4627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/media\/3098"}],"wp:attachment":[{"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/media?parent=4624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/categories?post=4624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rpigroup.ca\/blog\/wp-json\/wp\/v2\/tags?post=4624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}