I have registered a business # and I got to report my taxes every 3 months was wondering...?

Question

if I loss $500 in the 1st quarter but made $200 in the second quarter, do I still have to pay the taxes I made from the 2nd quarter of $200? Or can I deduct it from the loss in the previous quarter?

Answer 1

You can carry forward the loss.

Answer 2

..I assume you're talking about GST.   If you filed the 1st qtr return on time, you should have received your refund in time to use it towards the GST you owed in the second quarter.  If you haven't filed your returns on time, you still have to pay the 2nd qtr GST owing by its due date otherwise interest charges will apply.    Refunds will be applied to any balances owing but any interest charges on late payments won't be reversed.

Answer 3

Is the taxes you need to report GST & PST ?  This report has nothing to do with the actual profit/loss of your company.

Every quarter you need to fill out the GST report.  On it you show all the GST you charged to customers (GST Charged) and all the GST you paid to suppliers (ITC's).  The NET amount you either pay to the Government or ask for a refund.