Alex, Brook, and Charlene each began their own sole proprietorship in a GST province on January 1,
Question:
Alex, Brook, and Charlene each began their own sole proprietorship in a GST province on January 1, 20X4. The following chart summarizes their revenue for the first two years of activity:
Additional information:
? Alex sold a piece of capital property on May 15, 20X6 for $8,000.
? Brook always invoices his work on the 28th day of the month. His sales for each quarter were earned equally over each month of the quarter.
? Charlene is a licensed optometrist; 60% of her revenue consists of eye exams, while the remaining 40% consists of sales of eyeglasses and contact lenses.
Required:
For each individual, determine when small supplier status is lost, the date on which they are each required to be registered for GST, and the date on which each individual should begin charging GST.
Alex Brook Charlene Quarter January-March, 20X6 April-June, 20X6 July-September, 20X6 October-December, 20X6 January-March, 20X7 April-June, 20X7 July-September, 20X7 October-December, 20X7 $ 3,000 2,000 $ 5,000 9,000 11,000 7,000 6,000 000,וו $35,000 25,000 40,000 35,000 50,000 45,000 49,000 53,000 4,000 5,500 7,000 13,000 32,000 28,000 22,000 31,000
Step by Step Answer:
Alex Sales of capital property are not included in determining whether the small supplier threshold of 30000 has been surpassed As a result the sales for the April to June 20X6 quarter should be reduc...View the full answer
Canadian Income Taxation 2018-2019
ISBN: 9781259464294
21st Edition
Authors: William Buckwold, Joan Kitunen
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