Personal Finances
A financial plan to help you track your expenses and meet your financial goals and responsibilities
What is a budget
This agency collects income tax at a federal level
What is the CRA
Is an ‘indirect tax’ in the amount of 9.975% of the purchase price
QST Quebec Sales Tax
Is the organization responsible for registering businesses in Quebec
What is the Registraire des Entreprises
Are 3 examples of the fixed cost of doing an artistic business
Studio Rent, Utilities, Proffessional Dues, Accounting Fees, Education, R&D, etc
Are terms in your budget meaning the amount of money you make vs the amount you spend
revenue vs expenses
This agency collects provincial income tax in Quebec
What is Revenu Quebec
Is an ‘indirect tax’ in the amount of 5% of the purchase price
GST Goods and Services Tax
Is a registered business made up of a single individual
Sole Proprietorship
Are 3 examples of the 'variable costs' of doing business
What is direct labour costs (your salary, assistant salaries), materials for a project (canvas, paint, etc)
Is a priority to pay this off before saving and investing
what is credit
Is the amount of net income below which you are not required to declare income
What is $3500
Is the name of consumption taxes in most Canadian Provinces other than Quebec
HST Harmonized Sales Tax
Is a registered business made up of multiple individuals
Partnership
Are 3 essential elements that should be included on an invoice
What are date, invoice number, supplier, bill to, etc
Are the two Canadian credit bureaus responsible for tracking your credit score and history
What is Equifax and Transunion
Are the two slips you receive from your employer when you are in a contract OF services (employee) as a record of deductions which are submitted when you file your taxes
T4 and R1
Is the amount of sales in a year or given quarter beyond which you must collect GST/QST
what is $30,000
Is a business which constitutes a legal entity separate from the people who own it and work for it
Corporation
Is a basic formula to calculate your ‘break-even price’ for your product
(Variable Costs + Fixed Costs) / Number of Units Sold
Is the financial consequences of choosing one option over another
what is opportunity cost
Are 3 common refundable benefits and credits you can receive when you file your taxes
What is Basic Income Benefit, Solidarity tax Credit, GST Credit
Numbers that must be included on your invoice when you charge your clients sales tax
Supplier's GST and QST registration numbers
Is the name of the unique number given to you when you register a business
NEQ Numero D'entreprise du Quebec
Is an example of small business bookeeping software
What is Quickbooks, Wave