The yearly rhythm of a small business
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.
| 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 |
- 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.
- Open a calendar app (Google Calendar, Apple Calendar or paper).
- Create a calendar called "Business deadlines".
- Add a weekly 20-minute event: "Receipts and sales list".
- Add a monthly event: "Bank reconcile and numbers check".
- Leave room for the GST/HST, payroll and income tax dates you will learn in the next lessons.
- Check: you can see weekly and monthly reminders on next week's calendar.
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."
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
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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.
Sources
- Canada.ca, tax deadlines for businesses and self-employed individuals: www.canada.ca/en/services/taxes/resources-for-small-and-medium-busines
Collecting GST/HST and claiming input tax credits
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Filing your GST/HST return
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Hiring your first employee: the payroll account
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Remitting payroll and filing T4s
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Records that keep you safe
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Your 12-month calendar and when to call an accountant
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Final project
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Quiz
What is an input tax credit (ITC)?
A way to recover the GST/HST you paid on business purchases and expenses.
Net tax formula?
GST/HST collected minus ITCs.
Collected $1,300 HST, ITCs $260: what do you send?
$1,040.
Which GST/HST reporting period does the CRA usually assign if you have $1,500,000 or less in yearly taxable sales?
Annual.
Self-employed with a December 31 year-end and annual GST/HST: pay and file dates?
Pay by April 30; file by June 15.
How long do monthly and quarterly filers have after the period ends?
One month.
Which three things are deducted from an employee's pay?
CPP, EI and income tax.
How much EI does the employer pay compared with the employee?
1.4 times the employee's premium.
What is the 2026 CPP rate for each of employee and employer?
5.95%.
What is the late payroll remittance penalty if you are more than 7 days late?
10%.
When are T4 slips and the T4 summary due?
The last day of February of the next year.
How long should you keep business records?
At least six years from the end of the year they relate to.
Final exam
This lesson is part of full access: every course and every level for one payment.
Certificate
This lesson is part of full access: every course and every level for one payment.