T2125 & GST-HST Worksheet

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1 T2125 & GSTHST Worksheet This worksheet supports the integrated completion of the T2125 Statement of Business or Professional Activities, and GSTHST return using the Simplified or Quick methods. Your client s situation: Tax year ended Dec 31, 2015 GSTHST method Simplified method HST rate 13% Income and general expenses o Professional income 113,000 o Advertising 4,520 o M&E 1,808 o Fees and dues 1,000 (no HST included) o Interest USD Automobile expenses o Fuel and oil 2,825 o Insurance 1,200 o Parking 904 o Business use, and maintenance receipts about 70% (total km unknown) Mar 12, ,000 km Nov 18, ,000 km Home office expenses o Electricity 3,390 o Insurance 800 o Business use 600 / 4,000 Other information o Computer purchase 2,486 o CCA per T2125 4,200 (including assets carried forward) Calculate the amounts to be reported on your client s T2125 and GSTHST return. TTI helps you provide quick and effective tax planning and tax accounting solutions for your clients

2 CMr. A T2125 and GSTHST Worksheet Tax year ended Dec 31, 2015 YouTube example PDF example Worksheet support Updated April 2016 Andrew May 1, 2016 GST / HST calculation Calculation method Simplified method Period or region Condition 1 Condition 2 Proportion HST rate % 13.00% GST rate PST rate 2015 income and sales expenses include sales taxes Tabulations Sales tax content Condition 1 Condition 2 Business or professional income 113, , HST or GST 13, Inclusion from quick method O Other income HST or GST O Other deductions HST or GST Adjusted gross income 8299 / , Advertising 4, , HST or GST Meals and entertainment gross 1, , HST or GST Bad debts HST or GST Insurance No excise taxes Interest No excise taxes Business fees, licences, etc. 1, , No Excise Taxes Office expenses HST or GST Supplies HST or GST Professional fees HST or GST Management and administration HST or GST Rent HST or GST Maintenance and repairs HST or GST Salaries, wages, and benefits No excise taxes Property taxes No excise taxes Travel HST or GST Telephone and utilities HST or GST Fuel costs not for motor vehicles HST or GST Delivery, freight, and express HST or GST Motor vehicle expenses , Details below CCA / ECP claimed on T , Details below P Private health plan premiums No excise taxes O Other expenses with tabulations O Other expenses with tabulations O Other expenses O Other expenses O Other expenses O Other expenses O Other expenses O Other expenses Net income (loss) for T , Sales expenses ITCs

3 CMr. A T2125 and GSTHST Worksheet Tax year ended Dec 31, 2015 YouTube example PDF example Worksheet support Updated April 2016 Andrew May 1, 2016 GST / HST calculation Calculation method Simplified method Period or region Condition 1 Condition 2 Proportion HST rate % 13.00% GST rate PST rate V Vehicle motor vehicle expenses Vehicle 1 include sales taxes Tabulations Sales tax content Condition 1 Condition 2 Fuel and oil 2, , HST or GST Interest No excise taxes Insurance 1, , No excise taxes Licensing and registration No excise taxes Maintenance and repairs HST or GST Leasing HST or GST O Other expenses with tabulations O Other expenses Business use percentage Business kilometres 10,139 Total kilometres 14, % Business use percentage 70.00% Parking HST or GST O Other expenses Total 3, Vehicle 1 ITCs By maintenance records By fuel expense 2015 mileage reasonability Vehicle 1 Earliest date Odometer Latest date Odometer km / day Days Total km Mar 12, ,000 Nov 18, , ,484 Region Fuel type Fuel and oil $ Average $ / L Litres L L / 100 km Total km 2015 Motor vehicle expenses Vehicle 2 include sales taxes V Vehicle Sales tax content Condition 1 Condition 2 Fuel and oil HST or GST Interest No excise taxes Insurance No excise taxes Licensing and registration No excise taxes Maintenance and repairs HST or GST Leasing HST or GST O Other expenses O Other expenses Business use percentage Business kilometres Total kilometres Business use percentage Parking HST or GST O Other expenses Total Vehicle 2 ITCs 2015 mileage reasonability Vehicle 2 By maintenance records Earliest date Odometer Latest date Odometer km / day Days Total km By fuel expense Region Fuel type Fuel and oil $ Average $ / L Litres L L / 100 km Total km

4 CMr. A T2125 and GSTHST Worksheet Tax year ended Dec 31, 2015 YouTube example PDF example Worksheet support Updated April 2016 Andrew May 1, 2016 GST / HST calculation Calculation method Simplified method Period or region Condition 1 Condition 2 Proportion HST rate % 13.00% GST rate PST rate H Home office 2015 business use of home expenses include sales taxes Tabulations Heat HST or GST Electricity 3, , HST or GST Insurance No excise taxes Maintenance HST or GST Mortgage interest No excise taxes Property taxes No excise taxes O Other expenses with tabulations Business use percentage Business area 600 Total area 4, % Business use percentage 15.00% Total Sales tax content Condition 1 Condition Business use of home ITCs Asset 2015 capital assets include sales taxes Class Acquisition (disposition) value Sales tax period or region F Furniture and fixtures 8 100% Condition 2 HST or GST O Office equipment 8 100% Condition 2 HST or GST S Small tools % Condition 2 HST or GST M Machinery % Condition 2 HST or GST N Network equipment % Condition 2 HST or GST C Computer equipment 50 2, % Condition 2 2, HST or GST Business use percentage Sales tax content Condition 1 Condition 2 Asset 2015 allowable motor vehicle ITCs based on CCA Vehicle % HST or GST 13.00% Vehicle 2 No excise taxes Class Business use percentage Business portion of CCA from T2125 Sales tax content Applicable HST or GST rate ITCs

5 Mr. A GSTHST Return Andrew May 1, 2016 T2125 Reconciliation Business or Professional Income Inclusion from quick method Other income (Other deductions) Adjusted Gross Income (Sales Expenses) (Motor Vehicle Expenses) (CCA/ ECP Claimed on T2125) Net Income (Loss) Before Adjustments (Other Adjustments) (Business Use of Home Expenses) Net Income (Loss) 8299 / , , (6,661.32) (3,390.00) (4,200.00) 85, (570.00) 85, Sales during 2015 GST / HST on sales Sales during 2015 Condition 1 Sales during 2015 Condition 2 Total Total Quick method calculations Credit on eligible supplies Sales Rate Amount Sales during 2015 Condition 1 Sales during 2015 Condition 2 Sales Rate Amount Credit on 0% remittance rate Sales Rate Amount Notes

6 Mr. A GSTHST Return Andrew May 1, Goods and Services Tax / Harmonized Sales Tax (GST/ HST) Return Business number Name From To Calculation used RT0001 Mr. A Simplified method Sales and other revenue Business / professional income Adjustments Sales and other revenue Net tax calculation collected or collectible Adjustments Total GST / HST and adjustments for period Input tax credits ITCs Adjustments Other adjustments Total ITCs and adjustments Net tax Other credits Instalment and other annual filer payments GST / HST rebates Total other credits Balance Other debits GST / HST due on acquisition of taxable real property Other GST / HST to be selfassessed Total other debits Balance , , , , A 113 B 113 C 13, , , , , Refund Claimed Payment Enclosed ,

7 Mr. A T2125 Tabulations 2015 annual forex rates USD HKD AUD JPY EUR GBP Business or professional income Other income Other deductions Advertising Meals and entertainment gross 2015 income and sales expenses include sales taxes Insurance Jan Jan Jan Jan Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 Jan 27 Jan 28 Jan 29 Jan 30 Jan 31 Feb 01 Feb 02 Feb 03 Feb 04 Feb 05 Feb 06 Feb 07 Feb 08 Feb 09 Feb 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24 Feb 25 Feb 26 Feb 27 Feb 28 Feb 29 Interest Business fees, licences, etc. Office expenses Supplies Rent Maintenance and repairs Salaries, wages, and benefits

8 Mr. A T2125 Tabulations Tax year ended December 2015 income and sales expenses include sales taxes 2015 motor vehicle expenses Vehicle 1 include sales taxes 2015 business use of home expenses include sales taxes Travel Telephone and utilities Delivery, freight, and express Other expenses with tabulations Other expenses with tabulations Fuel and oil Maintenance and repairs Other expenses with tabulations Parking Heat Electricity Maintenance Other expenses with tabulations Jan 01 Jan 02 Jan 03 Jan 04 Jan 05 Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 Jan 27 Jan 28 Jan 29 Jan 30 Jan 31 Feb 01 Feb 02 Feb 03 Feb 04 Feb 05 Feb 06 Feb 07 Feb 08 Feb 09 Feb 10 Feb 11 Feb 12 Feb 13 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 Feb 20 Feb 21 Feb 22 Feb 23 Feb 24 Feb 25 Feb 26 Feb 27 Feb 28 Feb

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