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Help with Small Business Recovery Grand Entry into income

Not Sure if I have entered my Grant Correctly or if I need to take the taxable amount off first?? and place under GST on Revenu as the Grant is Taxable income? Please Help

Parents
  • Skye Newkirk, if you have a question about how to do something, you should enter it in the Support forum rather than the Ideas forum.  The Ideas forum is meant for requests for improvements to the program, and isn't checked nearly as often as the Support forum.

    That said....when you receive money from the government, you need to know what it's for.  Speaking very generally, and not knowing the specifics of what type of grant you have.... GRANTS (money that is simply handed out under a recovery program / economic stimulus program / whatever) are generally PURE REVENUE - NO GST COMPONENT.  PAYMENTS FOR GOODS OR SERVICES (for example, if you contract with the government to provide 100 widgets, or to do complete a particular task) MAY OR MAY NOT HAVE A GST COMPONENT, it depends on the specifics of the contract and exactly which government you're selling to.

Comment
  • Skye Newkirk, if you have a question about how to do something, you should enter it in the Support forum rather than the Ideas forum.  The Ideas forum is meant for requests for improvements to the program, and isn't checked nearly as often as the Support forum.

    That said....when you receive money from the government, you need to know what it's for.  Speaking very generally, and not knowing the specifics of what type of grant you have.... GRANTS (money that is simply handed out under a recovery program / economic stimulus program / whatever) are generally PURE REVENUE - NO GST COMPONENT.  PAYMENTS FOR GOODS OR SERVICES (for example, if you contract with the government to provide 100 widgets, or to do complete a particular task) MAY OR MAY NOT HAVE A GST COMPONENT, it depends on the specifics of the contract and exactly which government you're selling to.

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