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Thread: Tax questions

  1. #1
    Curious Guest
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    Default Tax questions

    Hey everyone, new to the forums.

    I'm going to start camming (I live in canada). After reading threads on here, I incorporated a business. I went to the bank to set up a business account and they told me I needed to register for an HST account.

    After reading this ...
    It says

    "As a GST/HST registrant, you are responsible for collecting
    the GST/HST when you make taxable supplies (other
    than zero-rated supplies) of goods and services in Canada.
    You hold this tax in trust until you send it to us."

    So if I am getting paid via payoneer ect. .... how do i follow that rule :s And how do I keep receipts? I plan to file my taxes once/year.


    Thank you so much, I really appreciate it

  2. #2
    God/dess shanna dior's Avatar
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    Default Re: Tax questions

    I'd edit your subject line to say "Canada tax question" so other Canadians who might now will notice it. As I'm sure you've noticed, most of the tax talk on here is very US-centric, so this may get skipped over by Canadians.

    I believe you don't have to worry about charging GST/HST though, as you're not actually selling a service or product, and this charging tax on top of it. You're more like an independent contractor, paying taxes on your earnings from Payoneer. Of course, I'd still recommend asking your accountant to be sure. I'd also recommend hiring one to walk you through the process, at least for your first year, since it's not going to be as simple as just having a T4.

  3. #3
    Banned Melonie's Avatar
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    Default Re: Tax questions

    ^^^ I would atree with Shanna ... it is your webcam host who is selling the 'product or service' - it is your webcam host who is receiving customer payments - you are basically a subcontractor who is not directly involved in any retail transactions. As such, you have no mechanism for charging GST/HST. Additionally, since the webcam host's servers are most likely not located within Canadian borders, and the online credit card processors transacting customer payments are likely not located within Canadian borders either, it would appear that from a technical standpoint you are not actually operating a Canadian business involving Canadian customers.

  4. #4
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    Default Re: Tax questions

    notice it. As I'm sure you've noticed,




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