If you’re thinking of starting your own small business, you may have heard that the first thing you need to do is register for a GST or HST number. Registering is the easy part, but what exactly is a GST/HST number and when do you actually need to get one?
What is a GST/HST number?
The GST/HST is a tax we pay on most goods and services, excluding basic food items, public transit and some real estate services. It’s part of your business number, which also includes your payroll, corporate income tax and your import and export account. Canadian businesses apply to the Canada Revenue Agency for a business number, says Jerry Paskowitz, a Chartered Professional Accountant and partner at Sloan Partners, LLP.
Jerry Paskowitz is a Partner with Sloan Partners with over 30 years’ experience in all tax and financial matters. Get in touch with Jerry by email (email@example.com) or phone (416-649-7702) for an appointment to discuss tax savings opportunities and financial strategy for your business.