Doing business in Quebec is exciting… but it also comes with tax obligations. Here are three practical reminders to help you avoid hassles:
1. Open your GST/QST account at the right time
As soon as your revenue exceeds $30,000 over three consecutive calendar quarters (or less), you must register for sales taxes. It’s better to do it before you hit that milestone than risk penalties.
2. Keep your personal and business finances separate
A separate bank account makes bookkeeping easier and avoids confusion. This is especially helpful if you’re self-employed.
3. Keep your receipts and invoices organized
Whether in paper or digital form, keep everything. Allowable deductions (e.g., mileage, supplies, business meals) depend on having clear proof.
💡Sentinelle Fiscale’s tip: Good daily organization not only reduces your taxes, but also your stress when tax season arrives.