Thanks Naomi your video saved me as the Canadian Revenue Agency web-site is absolutely piss poor in fact it looks like a HTML website from the 90's with NO proper searchable help nor FAQ's etc for anything even HOW TO PAY it is almost like they are hoping people will fail ironically they are on strike for more $$$ ... I could not believe How bad their my business account etc was it did NOT even mention you need a business account to pay ones GST/BN acct online ie add payee it embarrassing again thanks keep up good work ... & humor which is always needed .. lol Cheers Steve 😁
Thanks so much for the positive feedback! I am currently creating a course for tax preparers that should be completed in December. It focuses on the finding and fixing the common errors that DIY bookkeepers make, mainly because of the Bank Feed! (Powerful and Perilous!). So it will dig into that bank feed quite a bit. It covers a few QBO basics too, including the Bank Deposit Screen and Undeposited Funds which people find tricky. I'll comment again with a link to the preview once it's out! Thanks for asking! After that I think I'll do a course called "QBO Bank Feed Masterclass" because it really is key as to why QBO is one of the best, but also one of the most deceptive!!! I say the QBO bank feed like Gandalf the Wizard's staff... Powerful in the right hands, chaos in the wrong hands! LOL!
Naomi great video, love the way you teach, thanks so much for share your knowledge. I was looking for some video teaching how to file hst and yours it is the best so far. Do you have some course or do you teach how to file personal tax and business tax ? Again Thanks lot
Thank you so much for you positive comments!! It made my day! :D I am more comfortable with bookkeeping and sales tax, so I don't have any courses on income taxes. I know my lane! Thanks again for your comment!
Thank you for your sharing. It really helpful! I would like to know how to calculate gst ? I just open a small studio and I don't really understand how to use return working copy.
Hi there! I'm unable to give QBO HST Training in a comment... but, I do have some notes for you that may help: Your GST/HST Return is just these three totals for the period: Total Sales (before HST) (Line 101) Total HST collected. (Line 105) Total HST paid on expenses. (Line 108) Line 105 minus line 108 is what you owe for HST. If you're not using QBO, you just need to add up your sales for the period (before GST/HST). Add up the GST/HST you collected on those sales. And then add up all the HST you paid on expenses for the period. That's all you need to file the GST/HST return. I hope this helps!
@@NaomiWilkins HI Naomi, coiuld you please clarify what do you mean by Total HST paid on expenses. (Line 108), please give me an example? thanks very much
Hi There! Nope, bookkeeping is a taxable services. Financial services is more regarding investing and banking. Here's CRA's webpage with examples: www.canada.ca/en/revenue-agency/services/forms-publications/publications/b-105/changes-definition-financial-service.html
Hi, I cant change the start day of my filing period? I filed a few months without using the prepare ministere return form. But now I cant continue from where I am now.
Hi Naomi, help is required. It's my first Gst filing. My business account page does not look like that. With the GST tab page, the options I get are 'Message Centre, filing a balance confirmation, direct deposit transaction, audit enquiries, manage pre-authorized debit'. I do not see options like the ones I see in your video like 'View expected and filing returns, view and pay account balance, file a return etc'
You are looking at the Business Overview Page (default on login). To see all of the GST options, you need to go the GST Overview page. Get there from the navigation menu on the left, expand "GST/HST" and click on the RT 0001 option. (See 5:46 of the video above). Hope this helps!
And.... when would you file a nil return? Is that for businesses that do not have a full year to report, and under $30k, for their first calendar year of business?
If the business is registered for GST/HST they need to file every period whether they have sales or not. So, say a seasonal business that is registered for GST/HST only operates in the summer, and shuts down for the winter. They need to report that they had no sales and no expenses. (Of course, if they have operating expenses with HST they wouldn't need to claim a nil return, they would file for the HST Refund). But if there is a filing period that a registered business has no Incomes or Expenses, all the lines are zero, and filing a nil return saves 60 seconds and just puts zero in all the boxes for you.
Hi. I don't have enough daily transaction limit. So can I make 2 payments (eg. If I want to return 4000 cad then can I make 2000 today and another 2000 cad transaction on next day using above steps)? Will that work?
Hi There! Yes you can do that... but, you will have a little bit of interest if it's due today. If you have a business bank account, your bank's online banking may have a "pay tax" option that will allow you to spend more than your limit to pay the tax on time.
Hi! I don't know what software you are referring to. Line 101 is your total revenue before GST/HST and Line 105 is the total GST/HST you collected on those sales, and line 108 is the total GHT/HST you spent on business expenses. A smaller business can just add those up. A larger business will need to purchase bookkeeping software to help track those totals. Line 135 is for home builders. Hope this helps!
Hi There! Form for what? You can file online if you are in MyBusiness. You don't need a form to file. The returns used in the video above would be the same for a restaurant or bakery. :)
It depends on the situation and on which period the overpayment is applied to. But the over payment can be refunded to you or applied to another period owing.
@@NaomiWilkins My accountant won't be able to file my return before the deadline. Is there any way I can pay an estimated amount so I can avoid the late fees?
@@nathanboy1363 Absolutely! You will avoid interest this way. Most payment methods I discuss in the video ask for a period end date. Just specify the period end date of the period your payment is for. (Payment is due this Monday May 2nd for Jan to Dec 2021 annual filing, and also for Jan to Mar 2022 quarterly filing, so whichever period you are asking about, put that period end date in). You can choose "Interim payment", print the confirmation, and forward that to your accountant. (Side note, if the period is Jan to Mar 2022, then the filing due date is also Monday, and there will still be late filing penalties. But if the period is Jan to Dec 2021, then your filing due date *might* be June 15th 2022, and so might still avoid the late filing penalty. But it depends on your specific situation, so that would be a question for your accountant).
![ILLSLICK X YOUNGOHM - We're The same [Official Video]](http://i.ytimg.com/vi/yUJNkobYR0E/mqdefault.jpg)
Wow, I didn't expect I would loooove watching a video about accounting. You are amazing!!! 🤩
You are an excellent teacher. You have patience and clarity in your explanation. I love your videos.
Thank you so much for this comment! It made my day!! :D
Thanks Naomi your video saved me as the Canadian Revenue Agency web-site is absolutely piss poor in fact it looks like a HTML website from the 90's with NO proper searchable help nor FAQ's etc for anything even HOW TO PAY it is almost like they are hoping people will fail ironically they are on strike for more $$$ ... I could not believe How bad their my business account etc was it did NOT even mention you need a business account to pay ones GST/BN acct online ie add payee it embarrassing again thanks keep up good work ... & humor which is always needed .. lol Cheers Steve 😁
I'm so glad you found my video helpful!
This was so organized and comprehensive, thank you. Also love how your sense of humour pops out in your explanations 😁
Thanks so much for your lovely comment!!! It made my day!
Thank you so much for this video!!! You are amazing for helping us understand these steps!
Sometimes it just helps to see it! Glad I could share this!
Amazing video Naomi! Do you offer any courses for bookkeepers? Thank you.
Thanks so much for the positive feedback!
I am currently creating a course for tax preparers that should be completed in December. It focuses on the finding and fixing the common errors that DIY bookkeepers make, mainly because of the Bank Feed! (Powerful and Perilous!). So it will dig into that bank feed quite a bit. It covers a few QBO basics too, including the Bank Deposit Screen and Undeposited Funds which people find tricky. I'll comment again with a link to the preview once it's out! Thanks for asking!
After that I think I'll do a course called "QBO Bank Feed Masterclass" because it really is key as to why QBO is one of the best, but also one of the most deceptive!!! I say the QBO bank feed like Gandalf the Wizard's staff... Powerful in the right hands, chaos in the wrong hands! LOL!
Naomi great video, love the way you teach, thanks so much for share your knowledge. I was looking for some video teaching how to file hst and yours it is the best so far. Do you have some course or do you teach how to file personal tax and business tax ?
Again Thanks lot
Thank you so much for you positive comments!! It made my day! :D
I am more comfortable with bookkeeping and sales tax, so I don't have any courses on income taxes. I know my lane!
Thanks again for your comment!
Thank you for your sharing. It really helpful! I would like to know how to calculate gst ? I just open a small studio and I don't really understand how to use return working copy.
Hi there! I'm unable to give QBO HST Training in a comment... but, I do have some notes for you that may help:
Your GST/HST Return is just these three totals for the period:
Total Sales (before HST) (Line 101)
Total HST collected. (Line 105)
Total HST paid on expenses. (Line 108)
Line 105 minus line 108 is what you owe for HST.
If you're not using QBO, you just need to add up your sales for the period (before GST/HST). Add up the GST/HST you collected on those sales. And then add up all the HST you paid on expenses for the period. That's all you need to file the GST/HST return.
I hope this helps!
@@NaomiWilkins HI Naomi, coiuld you please clarify what do you mean by Total HST paid on expenses. (Line 108), please give me an example? thanks very much
Are book-keeping services (i.e. book-keeping firm) considered "financial services" for the section: "select the following if they apply"?
Hi There! Nope, bookkeeping is a taxable services. Financial services is more regarding investing and banking. Here's CRA's webpage with examples: www.canada.ca/en/revenue-agency/services/forms-publications/publications/b-105/changes-definition-financial-service.html
@@NaomiWilkins thanks for clearing that up. 💖💖 your videos.
Thanks so much! I'm so glad you find them helpful!
Thank you for a great refresher
Thanks so much for your comment!
Hi, I cant change the start day of my filing period? I filed a few months without using the prepare ministere return form. But now I cant continue from where I am now.
Thank you for this!!!!!
I'm so glad you found this helpful!
@@NaomiWilkins Very helpful! I've used it two years in a row now! Thanks again!
Hi Naomi, help is required. It's my first Gst filing. My business account page does not look like that. With the GST tab page, the options I get are 'Message Centre, filing a balance confirmation, direct deposit transaction, audit enquiries, manage pre-authorized debit'. I do not see options like the ones I see in your video like 'View expected and filing returns, view and pay account balance, file a return etc'
You are looking at the Business Overview Page (default on login). To see all of the GST options, you need to go the GST Overview page. Get there from the navigation menu on the left, expand "GST/HST" and click on the RT 0001 option. (See 5:46 of the video above). Hope this helps!
And.... when would you file a nil return? Is that for businesses that do not have a full year to report, and under $30k, for their first calendar year of business?
If the business is registered for GST/HST they need to file every period whether they have sales or not. So, say a seasonal business that is registered for GST/HST only operates in the summer, and shuts down for the winter. They need to report that they had no sales and no expenses. (Of course, if they have operating expenses with HST they wouldn't need to claim a nil return, they would file for the HST Refund). But if there is a filing period that a registered business has no Incomes or Expenses, all the lines are zero, and filing a nil return saves 60 seconds and just puts zero in all the boxes for you.
@@NaomiWilkins thank you 💕
Hi. I don't have enough daily transaction limit. So can I make 2 payments (eg. If I want to return 4000 cad then can I make 2000 today and another 2000 cad transaction on next day using above steps)? Will that work?
Hi There! Yes you can do that... but, you will have a little bit of interest if it's due today. If you have a business bank account, your bank's online banking may have a "pay tax" option that will allow you to spend more than your limit to pay the tax on time.
@@NaomiWilkins thank you for quick response
Hoping to work there in Canada for any office related jobs.
Is their any other way i can find linr 101 and other line like 105 135. The software u r using is told me to pay a premium to fetch that information 😢
Hi! I don't know what software you are referring to. Line 101 is your total revenue before GST/HST and Line 105 is the total GST/HST you collected on those sales, and line 108 is the total GHT/HST you spent on business expenses. A smaller business can just add those up. A larger business will need to purchase bookkeeping software to help track those totals. Line 135 is for home builders.
Hope this helps!
You are busy I'm sure, question, restaurant and bakery, what HST form do I choose in MyBuisness
Hi There! Form for what? You can file online if you are in MyBusiness. You don't need a form to file. The returns used in the video above would be the same for a restaurant or bakery. :)
What happens if you over pay your gst/hst?
It depends on the situation and on which period the overpayment is applied to. But the over payment can be refunded to you or applied to another period owing.
@@NaomiWilkins My accountant won't be able to file my return before the deadline. Is there any way I can pay an estimated amount so I can avoid the late fees?
@@nathanboy1363 Absolutely! You will avoid interest this way. Most payment methods I discuss in the video ask for a period end date. Just specify the period end date of the period your payment is for. (Payment is due this Monday May 2nd for Jan to Dec 2021 annual filing, and also for Jan to Mar 2022 quarterly filing, so whichever period you are asking about, put that period end date in). You can choose "Interim payment", print the confirmation, and forward that to your accountant. (Side note, if the period is Jan to Mar 2022, then the filing due date is also Monday, and there will still be late filing penalties. But if the period is Jan to Dec 2021, then your filing due date *might* be June 15th 2022, and so might still avoid the late filing penalty. But it depends on your specific situation, so that would be a question for your accountant).
THANKS ALOT
Glad you found it helpfu!