Sunday, 18 November 2007

Ok, so the government ain't that bad

The least fun (and second most important) part of running a business is keeping within the laws of the land when it comes to operating and taxation.

Last year, you had to file PST in British Columbia every month and remit by the 15th of the next month. In addition to the GST and depending on revenue, it could add up to 25 units of paperwork per year just to keep the Government happy. In addition to your own return! That adds up to a lot of accountant fees and administrative overhead. For a small business with modest revenue, you would have to file 15 units of paperwork per year.

I was very happy to learn that the PST leashes have been loosened so for business with modest revenue, you have to file 4 units of paperwork:

  • 2 PST returns

  • 1 GST return

  • 1 annual return

Not bad! Just have to verify with my accountant that I am right first. I still wish it was just one unit of paperwork per year but I knew there would be some paperwork involved when I signed up!

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