Etsy Canada GST HST Return How to Prepare for Tax Season Canadian Etsy Sellers

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Get ready for tax time with me! In this webinar style video, I'll show you how to prepare your GST/HST return for Canadian Etsy Sellers, the tools I use and what information you need to gather to do your taxes as an Etsy seller with a registered business in Canada
Tools Used
Canadian Expense Tracker: etsy.me/3Uz2oAp
GST/HST Remittance Calculator: etsy.me/3Wiqzo5
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Опубликовано:

13 сен 2024

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Комментарии : 12

@carolharrington4745 4 месяца назад

Thanks a bunch Kat. This is a video I am book marking to refer to each time I am calculating my monthly taxes.

@moonovernight9834 2 месяца назад

you are literally an angel. this gives me so much anixety and why I haven't opened a shop yet.

@lovassion 2 месяца назад

Hi Kathy! Thank you so much for your video! I am doing my taxes late, and was wondering if you combine all your income from multiple websites eg. I have a shopify and etsy site into a total gross income, so not separate but everything is added together??

@marybutler5854 4 месяца назад

Thanks so much . do you have a video on step by step listing product for POD in Esty for Canadian selling in USA and Canada

@fitkittytries 4 месяца назад

Not yet but I’m always looking for new video ideas!

@SadieChalmers-ce6ec 4 месяца назад

Hello! for the "tax Etsy remits" for that $43.88 that Etsy remits to the authorities (CRA correct?) do we report that $43.88 in our taxes where it asks for us to enter the GST and do we have to pay that again or did Etsy cover that for us when remitting it to the CRA? Hope I wasn't confusing :)

@SadieChalmers-ce6ec 4 месяца назад

bumping just in case this was missed.

@fitkittytries 4 месяца назад

Hey! So the amount that Etsy remits (in my example) includes taxes remitted to other governments like US states. But you don’t report any tax that Etsy has collected and remitted for you! If you have your GST number on your Etsy account they will not collect GST in Canada (only PST). So for example, I’m registered for PST in BC but most months I submit a nil remittance because Etsy did that for me

@sherrypotter434 4 месяца назад

Hello! I have been paying GST for about 12 years on sales for my online store. I have provided my GST number to Etsy when they started collecting taxes on our behalf. I can see on Etsy how much has been collected, but I do not know where to find that amount on my CRA statements? I cannot see any amounts that Etsy has paid on my behalf on my CRA paperwork. Can you steer me in the right direction?

@fitkittytries 4 месяца назад

Hey! Unfortunately there is no way to see this on the CRA or really anywhere actually. It’s a bizarre situation where I’m submitting nil remittances for PST in BC because Etsy collects and remits it. In talking with my provinces tax office they said this is correct, I should report zero tax collected on my Etsy sales because they collected it for me.

@sherrypotter434 4 месяца назад

@@fitkittytries So Etsy is taking money for taxes from us, submitting it to CRA, but CRA isn't showing us that the money has been received? We sometimes get a refund for the taxes paid, so why doesn't it show on our statement somewhere? Somehow this doesn't make sense. This isn't how accounting works usually. We can see on paper money coming in and we should also see it on the other side money going out.

@sherrypotter434 4 месяца назад

@@fitkittytries and also, should it not go as a credit towards the money owing for GST/HST owing since the total I should pay includes sales taxes and I have already paid those taxes. Yet it doesn't show anywhere. I don't understand how this is right?