Comments for Green Toronto

Comment on CRA puts microFIT HST credits on hold by Superuser

Superuser — Wed, 17 Apr 2013 16:15:40 +0000

As an HST registrant myself, I am not eligible for quick method because of some of the limitations that CRA places on it (I have other business activities, not just microFIT). So unfortunately I am not the best person to give you that advice. Let’s hope that someone else on this thread will chime in and share their personal experience.

Comment on CRA puts microFIT HST credits on hold by May

May — Wed, 17 Apr 2013 16:09:52 +0000

Hi Superuser

Thank you very much for your prompt reply.

For Microfit system, I think we collect more HST from Hydro than we pay out (e.g. maintenance fee or additional panels etc.). So do you mean that I better off to have quick method of accounting?

Is quick method more complicate to file? I have no accountant,please explain Quick Method in more details. Appreciate it.

Comment on CRA puts microFIT HST credits on hold by Superuser

Superuser — Wed, 17 Apr 2013 15:58:45 +0000

Hi May,

You can read more about it here http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-e.html
Basically you have to make an election (send a form to CRA) to get their approval to file using quick method. It does not work for everyone; for example if you have a lot of HST-taxable expenses you are better off without quick method, so it’s always best to check with your accountant, if you have one.

Comment on CRA puts microFIT HST credits on hold by May

May — Wed, 17 Apr 2013 15:48:26 +0000

Hi All

Can anyone explain to me what is “Quick Method of Accounting for HST”?
Why is it I only need to remit 8.8% if I have Quick Method?
I do not have Quick Method. What is the difference between Quick Method and no Quick Method?
Should I get one? Please advise.

Thank you very much.

Comment on CRA puts microFIT HST credits on hold by DC

DC — Wed, 17 Apr 2013 01:11:47 +0000

Thanks guys! Thanks was the answer I was looking for!

Comment on CRA puts microFIT HST credits on hold by HutchiSun

HutchiSun — Wed, 17 Apr 2013 00:04:44 +0000

That is true.

However, if you sign up for the “Quick Method of Accounting for HST” throught the CRA, you only need to remit 8.8% of the HST you collect, allowing you to keep 4.2% of it!

Check out http://www.cra-arc.gc.ca/E/pub/gp/rc4058/rc4058-03-13e.pdf for more info.

Comment on CRA puts microFIT HST credits on hold by Superuser

Superuser — Tue, 16 Apr 2013 23:59:17 +0000

Yes this is correct, HST is a “pass-through” tax that taxes consumption and has nothing to do with CCA or your income statement. If you collect HST, you have to remit it in full no matter what, unless you also pay HST, in which case the amount you have to remit can be reduced by the amount you paid out (assuming that it was paid out on expenses related to the business activity in question).

To put it another way, HST isn’t your income and therefore has nothing to do with CCA and income write-offs.

Hope this helps,
Dennis

Comment on CRA puts microFIT HST credits on hold by DC

DC — Tue, 16 Apr 2013 23:07:16 +0000

Hi all,

Just a quick question that I’m hoping you can help with. For the HST you have to remit back to government on your sales, is it correct that you will have to pay this HST regardless of how much income you write off against the CCA? In other words, even though you reduce your income to zero after taking into account the depreciation, do you still have to remit the HST on the power you sold back to the gov’t?

Thx
D

Comment on Is microFIT officially dead now? by Jack

Jack — Mon, 15 Apr 2013 18:28:32 +0000

Though the MicroFIT is not dead yet, the market is very cold at this moment.(Globe warming is a joke). There are around 200 contractors/installers in Ontario according to ontarisolarguide.com. I guess half of them will get out of the business next year. Anyway, this is a great blog. Hope the owner continue to share yours or other people’s experience.

Comment on Another Enbridge scam – estimated gas charges by Jennifer Temple

Jennifer Temple — Sat, 24 Nov 2012 19:16:44 +0000

I am still livid about the last gas bill it MAKES NO SENSE given weather/lifestyle conditions! My meter appears to go nuts! My Nov usage 489 near as high as a year ago at 561!?
What makes me angrier still, is Customer Service simple broken record, “estimated reading”, “colder weather”, you used more hot water, you changed something in life style. We are right you are wrong, period. Yes I did make changes. I keep lowering the thermostat (65 Mondays, Wednesdays, Fridays and every night, in Aug. got a new HE Boiler, No hot water tank, No pilots of any kind, no heat storage of any kind. My usage Aug/Sept 12, Sept/Oct 12, Oct5/Nov 489 suggesting that suddenly I used at least 20 times more gas with no dramatic shift in temperature and it looks more like 40 times! HOW!! Explain, PLEASE
No one there is willing to help explore wild anomalies.

I am doing daily meter readings and recording average daily temperatures now because I am on my own to figure out what is up with my gas. I started on November 19 and already have raised eyebrows! 22nd and 24th readings are the same BUT YESTERDAY WAS THE DEEPEST COLD YET, the 21st was a reasonably mild day.

Worst of all EVERYBODY ON LINE / ON THE WEB HAS THIS VERY SAME COMPLAINT! What happened in OCTOBER?????