THE FUTURE MARKETACADEMY
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School of Business

Running Your Canadian Business: GST/HST filing, payroll and records

What you'll be able to do
  • Lay out the yearly rhythm of a small Canadian business on one calendar.
  • Work out the GST/HST you collected, the input tax credits (ITCs) you can claim, and the net amount to send in.
  • Know your GST/HST reporting period, the filing and payment due dates, and what a late return costs.
  • Explain what an employer must deduct, match and send to the CRA (CPP, EI and income tax) and when.
  • Keep records the way the CRA expects, for the right number of years.
  • Build a 12-month "business calendar" with deadlines and monthly habits.

This course is education only. It does not give tax, payroll or legal advice. Rules and rates change every year. Always check canada.ca and ontario.ca, and ask a licensed accountant about your own situation.

Words in this course 33Open the Vocabulary Hall
01

The yearly rhythm of a small business

In simple words

A garden has jobs that come back every season: planting, watering, picking. A business is the same. Some jobs come every week, some every month, some once a year. If you know the calendar, nothing surprises you.

Before this course: Start a Small Business in Canada: Registration, HST and Banking (course 2.1). You should already have a business structure, a Business Number (BN) and a basic record folder. If you cannot say what the $30,000 small supplier rule is, review course 2.1, Lesson 4 first.

Key facts
How oftenJobWhere it comes from in this course
Every saleCharge GST/HST if registered, keep the invoiceLesson 2
Every weekSave receipts, update your sales and expense listLesson 6
Every monthReconcile the bank account; remit payroll if you have staffLessons 5 and 6
Every GST/HST periodFile the return and pay what you oweLesson 3
Every FebruaryGive out and file T4 slips if you had employeesLesson 5
Once a yearIncome tax return for you or your corporationLesson 7
  • Deadlines move to the next business day if they fall on a weekend or holiday. Do not rely on that: aim to finish a few days early.
  • The CRA assigns your filing frequency. You can often choose a more frequent one (Lesson 3).
  • A calendar with reminders is the cheapest tool a business owner has.
Step by step
  1. Open a calendar app (Google Calendar, Apple Calendar or paper).
  2. Create a calendar called "Business deadlines".
  3. Add a weekly 20-minute event: "Receipts and sales list".
  4. Add a monthly event: "Bank reconcile and numbers check".
  5. Leave room for the GST/HST, payroll and income tax dates you will learn in the next lessons.
  6. Check: you can see weekly and monthly reminders on next week's calendar.
LESSON 01The yearly rhythm of a small business
LESSON 01 / ANIMATED LESSON / AI VOICE00:00 / 01:00
Read the video script
[Host] "A business has a rhythm. Learn it and tax time stops being scary."
[Text on screen: Weekly / Monthly / Per period / Yearly] "Some jobs are weekly, some monthly, some once a year."
[Screen: calendar with colored blocks] "Put every deadline on one calendar, with a reminder a week before."
[Text on screen: Do the small job on time] "Small jobs done on time are cheaper than big jobs done late."
[Host] "Today you build the calendar. The next lessons fill it in."
Try it now

Create the "Business deadlines" calendar and the weekly and monthly events. Write down your BN and which GST/HST reporting period you think you have (or "not registered yet").

ClaudeStuck? Copy a ready-made prompt for Claude

Copy this, open Claude, paste it, and Claude will walk you through the lesson step by step.

For a grown-up: Claude is for adults (18+). Copy this, paste it into Claude, and use the answer to explain the lesson to your child.

I'm learning "Running Your Canadian Business: GST/HST filing, payroll and records" on The Future Market. Lesson 1: "The yearly rhythm of a small business".

What the lesson teaches:
- How often - Job - Where it comes from in this course
- Every sale - Charge GST/HST if registered, keep the invoice - Lesson 2
- Every week - Save receipts, update your sales and expense list - Lesson 6
- Every month - Reconcile the bank account; remit payroll if you have staff - Lessons 5 and 6
- Every GST/HST period - File the return and pay what you owe - Lesson 3
- Every February - Give out and file T4 slips if you had employees - Lesson 5
- Once a year - Income tax return for you or your corporation - Lesson 7

The exercise I'm working on:
Create the "Business deadlines" calendar and the weekly and monthly events. Write down your BN and which GST/HST reporting period you think you have (or "not registered yet").

I'm stuck. Please:
1. Explain the main idea in plain, simple words with one everyday example.
2. Walk me through the exercise one small step at a time. Ask me what I've done so far before giving the next step.
3. Don't just give me the final answer. Help me do it myself, and check my work when I share it.
I'm a parent helping my child (about 8 years old) with a lesson called "The yearly rhythm of a small business" from the course "Running Your Canadian Business: GST/HST filing, payroll and records".

Here's what the lesson says:
A garden has jobs that come back every season: planting, watering, picking. A business is the same. Some jobs come every week, some every month, some once a year. If you know the calendar, nothing surprises you. Before this course: Start a Small Business in Canada: Registration, HST and Banking (course 2.1). You should already have a business structure, a Business Number (BN) and a basic record folder. If you cannot say what the $30,000 small supplier rule is, review course 2.1, Lesson 4 first.

The activity:
Create the "Business deadlines" calendar and the weekly and monthly events. Write down your BN and which GST/HST reporting period you think you have (or "not registered yet").

Please explain this so an 8-year-old understands: short sentences, a fun everyday example, and no hard words.
Then give me 3 simple questions I can ask my child to check they understood, and a way to do the activity together, one tiny step at a time.
Open Claude
Sources
My notes
02

Collecting GST/HST and claiming input tax credits

This lesson is part of full access: every course and every level for one payment.

03

Filing your GST/HST return

This lesson is part of full access: every course and every level for one payment.

04

Hiring your first employee: the payroll account

This lesson is part of full access: every course and every level for one payment.

05

Remitting payroll and filing T4s

This lesson is part of full access: every course and every level for one payment.

06

Records that keep you safe

This lesson is part of full access: every course and every level for one payment.

07

Your 12-month calendar and when to call an accountant

This lesson is part of full access: every course and every level for one payment.

++

Final project

This lesson is part of full access: every course and every level for one payment.

??

Quiz

  1. What is an input tax credit (ITC)?

  2. Net tax formula?

  3. Collected $1,300 HST, ITCs $260: what do you send?

  4. Which GST/HST reporting period does the CRA usually assign if you have $1,500,000 or less in yearly taxable sales?

  5. Self-employed with a December 31 year-end and annual GST/HST: pay and file dates?

  6. How long do monthly and quarterly filers have after the period ends?

  7. Which three things are deducted from an employee's pay?

  8. How much EI does the employer pay compared with the employee?

  9. What is the 2026 CPP rate for each of employee and employer?

  10. What is the late payroll remittance penalty if you are more than 7 days late?

  11. When are T4 slips and the T4 summary due?

  12. How long should you keep business records?

EX

Final exam

This lesson is part of full access: every course and every level for one payment.

CE

Certificate

This lesson is part of full access: every course and every level for one payment.