Track Income, Expenses and GST/HST
Build a simple record system and understand when GST/HST may matter.
Track every sale and expense as they happen instead of rebuilding records months later.
Track gross income
Record: date, customer or platform, description, amount, payment method and invoice or reference number.
Track expenses
A business expense generally must be reasonable and connected with earning income.
Keep receipts and note the business purpose.
Do not claim every phone, vehicle, clothing or food purchase is deductible.
GST/HST basics
For most businesses, GST/HST registration generally becomes required when taxable revenues exceed the $30,000 small-supplier threshold under CRA rules.
Timing depends on whether the threshold is exceeded in one quarter or across four consecutive quarters — this is not simply after earning $30,000 in one year.
Confirm your specific situation with the CRA.
Try this
- 1Open the Side Hustle Tracker tool.
- 2Log each income entry as it happens.
- 3Log each business expense with a note.
- 4Export a CSV before filing time or for parent review.
3 questions
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Official sources
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