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:

image

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.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Canadian Income Taxation 2018-2019

ISBN: 9781259464294

21st Edition

Authors: William Buckwold, Joan Kitunen

Question Posted: