i live in ontario canada and i am starting out as a realtor now

if anyone could explain to me or provide some usefull information about the GST tax on commission or supplies and what needs to be done i would greatly appreciate it

thank you

If you are now licenced, your broker will have tons of information. RECO. OREA and the GST people have all published stuff.

Best advice is keep all receipts. You'll be surprised how quickly the "input" credits add up.

I have family in Kitchener and have done business with a number of KW realtors - what broker are you with?

Thanks for the advise, I will definitely ask my broker about those publications. I am with Roy Singh from Century 21 !

The GST situation can be summarized as follows:
1. The commission paid by the seller has 7% added to it and your share will be treated in the same way.
2. You are responsible for paying the GST portion of your commission cheque to the tax authorities.
3. The amount you owe can be reduced by whatever GST you pay on your board fees, course fees, the stationery and supplies that you buy, any printing you pay for, etc., etc. -- in other words all the expenses you incur in order to earn the commissions you get.
4. Once every quarter you have to remit the balance (or apply for a rebate if your GST expense exceeds your GST receipt).
5. All this is done with a form that you get every three months against the GST Registration Number that you need to have obtained.
6. Your broker may in fact have a system whereby they do all this for you. This means you have only to add up your expense side and let the office know, so they can then file on your behalf. What you need to do is ask your broker whether this is how the company handles GST for its agents.
7. If "you're on your own" in this regard, you need to contact the local GST office to get yourself signed up into their system.

Duncan