T2125 and GST-HST Worksheet
T2125 & GST-HST Worksheet This worksheet supports the integrated completion of the T2125 – Statement of Business or Professional Activities, and GST-HST return using the Simplified or Quick methods. Your client’s situation: • Tax year ended Dec 31, 2013 • GST-HST 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 80 + 130 + 220 USD + 370 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, 2013 12,000 km Nov 18, 2013 22,000 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 GST-HST return. 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We’re happy to arrange a presentation or provide cloud access. www.taxtemplates.ca | [email protected] | 1-800-501-8159 Mr. A Prepared Template support T2125 and GST / HST Worksheet Tax year ended December 31, 2013 Andrew Oct 1, 2014 GST / HST calculation Reviewed Calculation method Approved Period or region Simplified method Condition 1 Proportion - Condition 2 100.00% HST rate 13.00% GST rate PST rate December 31, 2013 Tax year ended 2013 Income and sales expenses (include any sales taxes) 1 Business or professional income 113,000.00 2 3 4 GST / HST amounts 5 T2125 total Tabulations ∞ - Inclusion from quick method 100,000.00 Sales tax content Condition 1 Condition 2 - 13,000.00 HST or GST - Other income ∞ - - HST or GST - - Other deductions ∞ - - HST or GST - - 8299 / 8519 Adjusted gross income 100,000.00 Advertising 4,520.00 ∞ - 4,000.00 HST or GST - 520.00 Meals and entertainment (gross) 1,808.00 ∞ - 1,600.00 HST or GST - 104.00 ∞ - ∞ 806.58 806.58 No Excise Taxes ∞ - 1,000.00 No Excise Taxes Bad debts Insurance Interest Business fees, licenses, etc. 1,000.00 - HST or GST - - - No Excise Taxes - - o - - - - 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 ∞ - Property taxes - No Excise Taxes - - - No Excise Taxes - - Travel ∞ - - HST or GST - - Telephone and utilities ∞ - - HST or GST - - - HST or GST - - ∞ - - HST or GST - - 9935 + 9936 4,200.00 Fuel costs (not for motor vehicles) Delivery, freight, and express 9281 Motor vehicle expenses CCA / ECP claimed on T2125 3,390.00 ∞ Private health plan premiums Other expenses (with tabulations) ∞ - Other expenses (with tabulations) ∞ - Other expenses Details below - No Excise Taxes - - - No Excise Taxes - - - No Excise Taxes - - - No Excise Taxes - - Other expenses - No Excise Taxes - - Other expenses - No Excise Taxes - - Other expenses - No Excise Taxes - - Other expenses - No Excise Taxes - - - No Excise Taxes - Other expenses Net income (loss) Tax Templates Inc. 9369 85,803.42 Sales expenses ITCs 624.00 2014-10-27 12:20 Mr. A Andrew Prepared Template support T2125 and GST / HST Worksheet Tax year ended December 31, 2013 Oct 1, 2014 GST / HST calculation Reviewed Calculation method Approved Period or region Simplified method Condition 1 Proportion - Condition 2 100.00% HST rate 13.00% GST rate PST rate December 31, 2013 Tax year ended Vehicle 1 Fuel and oil GST / HST amounts 2013 Motor vehicle expenses - Vehicle 1 (include any sales taxes) Description 1 3 2 4 5 T2125 total Tabulations 2,825.00 ∞ - Condition 1 Condition 2 HST or GST - 325.00 - No Excise Taxes - - 1,200.00 No Excise Taxes - - - No Excise Taxes - - - HST or GST - - 2,500.00 Interest Insurance 1,200.00 Licensing and registration Maintenance and repairs ∞ - ∞ - Leasing Other expenses (with tabulations) Sales tax content Other expenses - HST or GST - - - No Excise Taxes - - No Excise Taxes - Business kilometres Business use percentage Parking Total kilometres 10,139 14,484 904.00 ∞ m 70.00% - m 800.00 Other expenses Total 3,390.00 Business use percentage 70.00% HST or GST - No Excise Taxes - 104.00 - Vehicle 1 ITCs 331.50 2013 Mileage reasonability - Vehicle 1 By maintenance records By fuel expense Earliest date Mar 12, 2013 Region Odometer 12,000 Fuel type KM / day Odometer 39.68 22,000 Fuel and oil ($) Average $ / L - Litres - Days 365 L / 100km Total KM 14,484.13 m Total KM - GST / HST amounts 2013 Motor vehicle expenses - Vehicle 2 (include any sales taxes) Description Vehicle 2 Latest date Nov 18, 2013 2 1 3 5 4 6 T2125 total 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 - - Other expenses - No Excise Taxes - - Other expenses - No Excise Taxes - - Parking - HST or GST - - Other expenses - No Excise Taxes - - Business use percentage Business kilometres Total kilometres Business use percentage - Total - Days Total KM L / 100km Total KM Vehicle 2 ITCs - - 2013 Mileage reasonability - Vehicle 2 By maintenance records By fuel expense Tax Templates Inc. Earliest date Odometer Latest date Odometer KM / day - Region Fuel type Average $ / L Litres Fuel and oil ($) - - - - 2014-10-27 12:20 Mr. A Andrew Prepared Template support T2125 and GST / HST Worksheet Tax year ended December 31, 2013 Oct 1, 2014 GST / HST calculation Reviewed Calculation method Approved Period or region Proportion Simplified method Condition 1 - Condition 2 100.00% HST rate 13.00% GST rate PST rate December 31, 2013 Tax year ended 2013 Business use of home expenses (include any sales taxes) Description 1 2 3 4 5 Heat Electricity 3,390.00 Insurance 800.00 GST / HST amounts Tabulations T2125 total Condition 1 Condition 2 ∞ - - HST or GST - - ∞ - 3,000.00 HST or GST - 390.00 No Excise Taxes - - ∞ - HST or GST - - 800.00 Maintenance Sales tax content - Mortgage interest - No Excise Taxes - - Property taxes - No Excise Taxes - - - No Excise Taxes - Other expenses (with tabulations) Business use percentage ∞ Business area Total area 600 4,000 Total Business use percentage 15.00% 570.00 Business use of home ITCs Asset Description Class 58.50 GST / HST amounts 2013 Capital assets (include any sales taxes) Acquisition (disposition) value 15.00% Sales tax period or region Business use percentage T2125 total Sales tax content Condition 1 Condition 2 Furniture and fixtures 8 100.00% Condition 2 - HST or GST - - Office equipment 8 100.00% Condition 2 - HST or GST - - Small tools 12 100.00% Condition 2 - HST or GST - - Machinery 43 100.00% Condition 2 - HST or GST - - 100.00% Condition 2 - HST or GST - - 100.00% Condition 2 2,200.00 HST or GST - 286.00 Network equipment 46 Computer equipment 50 2,486.00 2013 Allowable motor vehicle ITCs based on CCA (include any sales taxes) Asset Vehicle 1 Vehicle 2 Tax Templates Inc. Description Class GST / HST amounts Business portion of CCA (from T1) Business use percentage 70.00% - Sales tax content ∞ HST or GST ∞ No Excise Taxes Applicable HST or GST rate 13.00% - ITCs - 2014-10-27 12:20 2013 annual forex rates Mr. A T2125 and GST / HST Worksheet - Tabulations USD 1.0299148 HKD Tax year ended December 31, 2013 AUD 0.9966104 JPY 0.1327785 0.0105662 EUR 1.3681316 GBP 1.6112656 2013 Income and sales expenses (include any sales taxes) Business or professional income - ∞ Other income - Other deductions ∞ - ∞ Meals and entertainment (gross) Advertising - ∞ - Insurance ∞ - Interest ∞ 806.58 ∞ Business fees, licenses, etc. - Office expenses ∞ - Supplies ∞ Maintenance and repairs Rent - ∞ - ∞ - ∞ Salaries, wages, and benefits - ∞ 80.00 130.00 226.58 370.00 Tax Templates Inc. 2014-10-27 12:20 2013 Income and sales expenses (include any sales taxes) Telephone and utilities Travel - Tax Templates Inc. ∞ - Delivery, freight, and express ∞ - ∞ Other expenses (with tabulations) - ∞ 2013 Motor vehicle expenses - Vehicle 1 (include any sales taxes) Other expenses (with tabulations) - ∞ Maintenance and repairs Fuel and oil - ∞ - ∞ Other expenses (with tabulations) - ∞ 2013 Business use of home expenses (include any sales taxes) Parking Heat - ∞ Electricity - ∞ - Other expenses (with tabulations) Maintenance ∞ - ∞ - ∞ 2014-10-27 12:20 Mr. A Prepared GST / HST Return Reviewed Tax year ended December 31, 2013 Approved Andrew Oct 1, 2014 T2125 Reconciliation Business or Professional Income - 100,000.00 Inclusion from quick method - - Other income - - (Other deductions) - Adjusted Gross Income 8299 / 8519 (Sales Expenses) 8521 - 9275 (6,606.58) 9281 (3,390.00) (Motor Vehicle Expenses) (CCA / ECP Claimed on T2125) 100,000.00 9935 - 9936 (4,200.00) 9369 85,803.42 Net Income (Loss) Before Adjustments (Other Adjustments) - (Business Use of Home Expenses) 9945 Net Income (Loss) 9946 (570.00) 85,233.42 Quick method calculations GST / HST on sales Sales Rate Amount Sales during 2013 - Condition 1 - - Sales during 2013 - Condition 2 - - - - Total Credit on eligible supplies Sales Sales during 2013 Rate Amount - - Sales during 2013 - Condition 1 - - - Sales during 2013 - Condition 2 - - - Credit on 0% remittance rate Total Sales Rate - Amount Notes Tax Templates Inc. 2014-10-27 12:20 Mr. A Prepared GST / HST Return Reviewed Tax year ended December 31, 2013 Approved Andrew Oct 1, 2014 2013 Goods and Services Tax / Harmonized Sales Tax (GST / HST) Return Business number Name From 00000 0000 RT0001 Mr. A 2013 - 01 - 01 To Calculation used 2013 - 12 - 31 Simplified method Sales and other revenue Business / professional income 100,000.00 Adjustments Sales and other revenue 101 100,000.00 103 13,000.00 Net tax calculation GST / HST amounts collected or collectible Adjustments 104 Total GST / HST and adjustments for period 105 Input tax credits - ITCs Adjustments 13,000.00 106 1,300.00 107 - Other adjustments Total ITCs and adjustments 108 1,300.00 Net tax 109 11,700.00 112 - Other credits Instalment and other annual filer payments 110 GST / HST rebates 111 Total other credits Balance 113 A 11,700.00 Total other debits 113 B - Balance 113 C 11,700.00 Other debits GST / HST due on acquisition of taxable real property 205 Other GST / HST to be self-assessed 405 Refund Claimed 114 Tax Templates Inc. Payment Enclosed - 115 11,700.00 2014-10-27 12:20
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