Tax set-aside
How much of this week's takings to move to your tax account for GST/HST, income tax and CPP. One tap logs it, so tax time holds no surprises.
Help and background Back to the tool
How it works
- 1 Pick your province, how you charge GST/HST, and how often you'll move money: each day, week, month or quarter.
- 2 Type what came in and what you spent since last time. A rough number is fine.
- 3 Three jars fill up: the sales tax that was never yours, the income tax and CPP that aren't yours yet, and what's left to spend.
- 4 Move the first two to a separate savings account, then tap “I’ve moved” to log it. “Your habit” ticks off each one, and the calendar file reminds you.
Free, with no account. Everything is worked out in your browser: your takings, costs and every figure stay on this device and are never sent to us. Remember is off unless you turn it on, and then keeps your setup, figures and log of moves on this device only. The made-up example is never kept.
Good to know
- Why a separate account?
- The GST/HST you charge belongs to CRA from the moment the customer pays. In the same account as the rent and the wages, it looks like money you can spend. Moved out each week, it's there when the return is due, and so is the income tax.
- Why does it lean high?
- It leaves out RRSP contributions, most credits and deductions, and the Quick Method's 1% credit, and it rounds the rule of thumb up. Finding money left over at tax time is better than coming up short. Your bookkeeper can give you your own rate to use instead.
- Sole proprietor or corporation?
- The income tax estimate is for a sole proprietor or partner, using this year's federal and provincial rates and CPP on self-employment. A corporation pays tax differently, so the tool asks for the rate your accountant uses.
- Quebec
- The GST and QST part works in Quebec. Quebec income tax and the QPP go through Revenu Québec and aren't worked out here, so type the rate you set aside for them.
- Instalments
- Once your income tax owing gets past a set amount, CRA may ask you to pay it in four instalments through the year. “Dates to pay” shows them when they're likely, and the money in the jar is ready for each one (verify with your reminder from CRA).
Guidance, not tax advice.
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