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iLearn

join:2013-01-16
canada
reply to iLearn

Re: Square Users?

Square charges 2.75% per transaction and 3.15% if the credit card numbers are entered manually. There is no monthly fees, just pay per transaction. I have found that for a business that does a lot of small transactions, this works really great. But if you are processing bigger transaction then this might not be the best solution.

I have just started using it and had a few questions about whether they report our payments directly to CRA or not?


Gone
Premium
join:2011-01-24
Fort Erie, ON
kudos:4
I don't pay a monthly account fee, but I pay to rent a terminal. Our transaction fees, even when taking into account interchange fees and everything else still come out to less than 2.75%. Being a CFIB member helps a lot in that regard.

If you're not doing a lot of volume it might make sense, but it's still not something I would call ideal. Also, the lack of chip and pin opens you up to liability holes. Interac a non-starter, which is by far and away the most merchant-friendly way of accepting electronic payments.

It really looks like they have just taken their American product and are selling it in Canada, when our entire system of calculating fees and even taking payments (e.g. chip and pin) is entirely different.


donoreo
Premium
join:2002-05-30
North York, ON
reply to iLearn
said by iLearn:

I have just started using it and had a few questions about whether they report our payments directly to CRA or not?

That would be a question to ask them.


joeblow3

join:2000-12-27
London, ON
reply to iLearn
said by iLearn:

whether they report our payments directly to CRA or not?

Why the hell would they report the transactions to CRA? They don't know whether it's a sale or not. It's basically none of their business. Does Visa, MC, AMEX report it to CRA?

iLearn

join:2013-01-16
canada
@ joeblow3

I see your point but their website states:

"You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection your use of our software and services (“Taxes”). You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will we determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction.

We will report payments and other information to regulatory or government authorities as, if and when required by laws applicable to us."

First they say, we have to report our own and then in 2nd para they say they will report?


joeblow3

join:2000-12-27
London, ON
"when required by laws applicable to us"

IMHO it's not logical in Canada that they would be required to report it to CRA.

I know in the case of contractors working for and in USA companies, the company must report self employed persons payments, AKA 1099. But that is not the case in Canada.

More than likely a USA catch all just in case they would be required.

iLearn

join:2013-01-16
canada
I agree with you. I was thinking the same.

And the reason why they needed my HST # was because (I think) when I email a receipt to my client, the HST shows up on the receipt automatically.

Thanks