Tax return

I need a little bit help. Now I just set up a company. Of course I need some office supply,such as printer,paper etc. When I buy these things, can I get tax free instantly?

No not instantly. You have to pay for the entire amount at the time of purchase. You should get a GST number if you don't already have one. You can get your GST back when you remit your GST. These items will become business expense and that's done when you file your return.

This is a good time to find yourself an accountant and follow his/her adivce.

If you're not familiar with all the tax implications of what you're getting into, you might be in for some rather nasty surprises next year.

--Pete

Originally Posted by finddeals

I need a little bit help. Now I just set up a company. Of course I need some office supply,such as printer,paper etc. When I buy these things, can I get tax free instantly?

Word of advice: when you are puchasing fixed assets (As opposed to day to day supplies), you need to classify them into asset pools called CCA pools, different assets goes into different pools and have different depreciate rates. For instance, a building depreciates at much slower rate than lets say your printer which could be in CCA class 45 - at 45% (it is just a coincident that class # and rate is the same), and half-yr rule apples to that so, lets say its $100, your CCA depreciation on first yr is (1/2 x $100 x 45%) = $22.5. You can claim this against your income. Accounting income is very different than taxable income.

I agree with the other guy, if it gets too complex, perhaps you should consult an accountant. CRA's penalties and interest is pretty steep, you don't want to be penalized for past amounts - especially since they tack on interest in arrears etc. on top of the amounts you underpaid.

My 2 cents.

Originally Posted by G-Unit!!

I agree with the other guy, if it gets too complex, perhaps you should consult an accountant.

judging by the OP's final sentence ("When I buy these things, can I get tax free instantly?")

i think its already too complex