u/cann26

I run a small franchise, and I feel like the majority of my money goes to royalty fees (10%) GST, tax, rent etc. I try not to spend too much money so I can save, but then I end up paying more in GST because I earned more GST than I spent. So the only way to not give the government a lot in GST is to spend more on my business. But then I can’t save!

I take money out of my business account for personal things, but those are counted as ‘owners drawings’ and not tax deductible/GST credits.

I am still learning about business and tax etc. so if there are any tips you have, ie. what the limit of things you can buy through the business account is, that would be great.

Thank you.