GST/HST is part of business books, included with Thrive and Thrive Duo. It only shows once you say you're registered. Finly Money keeps the figures together for your return; it doesn't file it or give tax advice.
Set up GST/HST
Open Settings on the Business page
Go to Business and choose Settings.
Choose your province
Province or territory sets the rate the books use.
Answer Registered for GST/HST?
Choose Yes. If you choose No, the books leave GST/HST out entirely.
Say how you file
Under How often you file, choose Yearly, Quarterly or Monthly, as on your CRA registration. Then say whether your prices include the tax.
Save
The rate field is optional. Leave it empty to use your province's rate on the date of each sale, or type your own if you sell mostly into another province.
Tax on your costs
The GST/HST you pay on a business cost comes back as an input tax credit, but only once you record it. Finly Money never guesses it from the price.
Open the cost
From the Books tab, or open it on Transactions and choose Business.
Type the tax from the receipt
The field is named for your tax, such as HST on it or GST on it.
Save
On meals and entertainment, half of the GST/HST comes back. Some costs have none, such as insurance, bank fees and wages: leave those empty. The No GST/HST filter on the Books tab shows the costs with nothing recorded yet.
Tax on your sales
Your prices | What the books do |
|---|---|
Include GST/HST | The tax in each sale is worked out at your rate and marked as worked out. You can type the exact amount instead. |
Don't include it | Type the tax you charged on each sale, from your invoice. |
What you'll see
- Revenue and expenses are shown without the GST/HST.
- The Overview shows GST/HST to send, or GST/HST refund when your credits are larger.
- The Tax year tab has a GST/HST section: Collected on sales, Input tax credits on costs, and Net tax to send or Refund to claim.
- Receipts download by quarter to match quarterly returns. See the tax pack and receipts.
Return dates
Coming up on the Overview and the dates on the Tax year tab list your GST/HST due dates based on how often you file. Monthly and quarterly returns are due one month after the period ends. Yearly filers with a December 31 year-end pay by April 30 and file by June 15. A date that falls on a weekend moves to the Monday.
A corporation's dates follow its own year-end, so none are listed for corporations.