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Side Hustles
Records & GST/HST0/3 questions
In this lesson
  1. Introduction
  2. Track gross income
  3. Track expenses
  4. GST/HST basics
  5. Put it into practice
  6. Check your understanding
  7. Official sources
  8. In short
Side Hustles

Track Income, Expenses and GST/HST

Build a simple record system and understand when GST/HST may matter.

8 minutesIntermediateReviewed July 23, 2026Lesson 14 of 15
By the end of this lesson, you will be able to…
  • Build a simple system for tracking income and expenses.
  • Recognize the $30,000 small-supplier threshold for GST/HST.
  • Prepare simple records for filing or review.

Track every sale and expense as they happen instead of rebuilding records months later.

Key takeaway

Record date, customer or platform, description, amount, and payment method for every sale.

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.

Canada-specific

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.

Key terms in this lesson
Gross income

Total business income before subtracting any expenses.

Small-supplier threshold

The $30,000 taxable-revenue mark that generally triggers GST/HST registration.

Quick check

What should you record for every sale?

Put it into practice

0/4 done
  1. Open the Side Hustle Tracker tool.Open the Side Hustle Tracker
  2. Log each income entry as it happens.
  3. Log each business expense with a note.
  4. Export a CSV before filing time or for parent review.
Check your understanding

3 questions

Progress is saved in this browser

Questions completed: 0 of 3

Question 1 of 3
What is the main purpose of keeping receipts for business expenses?
Question 2 of 3
What best describes GST/HST registration for a very small side hustle?
Question 3 of 3
Why should side-hustle money be separated from personal spending money?

In short

  • Record date, customer or platform, description, amount, and payment method for every sale.
  • Keep receipts and note the business purpose of every expense.
  • GST/HST registration generally becomes required above the $30,000 small-supplier threshold.
  • Confirm your specific situation with the CRA — this site doesn't calculate thresholds for you.
Educational content only. TaxLoophole.ca provides general educational information and does not provide personalized tax, legal or financial advice. Rules may change and may differ based on your province, territory and circumstances. Verify important decisions with the Canada Revenue Agency, another appropriate government source or a qualified professional.

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