Elise:

Self assessed works the same as what you mentioned above. You will need a separate journal entry or a/p entry for your self assessed GST if you have entered all of the GST collected and GST Paid whether it is personal and business. If you have excluded personal purchases in the business then self assessed GST is unnecessary.

I hope I answered your question!

Apologies, can you clarify? I'm not clear on the JE for the GST self assessed portion.

For example if my GST collected is $1500, GST paid is $700, Self Assessed GST is $200, Payment owed is $1000

What would the JE be?

Thank you

Does this example help?

Owner used $100.00 worth of supplies.  

  DR Shareholder account $113.00

  CR Supplies $100.00

  CR GST/HST Owed $13.00

The $13.00 GST/HST is added to the liability account and must be forwarded to CRA on the next remittance.

Sorry, no it doesn't. My items are not owner used supplies. These are items purchased from private individuals where no tax was paid and needs to be self assessed, as mentioned in my example above. The GST was missed at the time of purchase, so now I want to enter a JE as above. Please help.

I'm sorry, not sure I'm following you....if you purchased these items w/o GST/HST, then no GST/HST was paid and, therefore, does not need to be recorded nor submitted to CRA.

For example, if I purchase filing cabinets from a thrift store that does not charge GST. I have to self assess GST for the filing cabinets as I am using as an office expense.

I would call CRA 1-800-959-5525 Business Enquiries to put your mind at ease.  I do not believe you have to self-assess in this case.  You bought them from a company that does not charge GST/HST and, therefore, you just use the DR Expense, CR Cash entry...no GST/HST entry.  If they had charged it, it would have been an ITC, not a liability.

Elise W. - you can purchase all the supplies you need from any vendor and if the  vendor does not charge G/HST then you do not have to make a payment to the CRA. Self-assessing is for situations where you use some of your own products for company or personal use. If these products, when sold to customers, would attract G/HST then you would self-assess the taxes. One of the most common situations for this would be when you give samples to a customer to entice a sale. The samples are being used by you as the end-user and therefore are taxable. I usually have a customer set up as Sales Reps and record each time samples are taken from inventory. This helps to keep inventory under control and records the G/HST in the same manner as any other sale.

From the other side, if you are importing goods which normally have G/HST assigned then you may have to self-assess, however, this is most often done by the Customs Broker.