Tax Considerations
What you need to know about your Young Living Commissions
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It is an incredible accomplishment to be earning a commission, and you should be proud of yourself. There is so much opportunity for whole-life wellness with Young Living, and we couldn’t be happier that you and your family are experiencing the added benefits that comes with sharing Young Living essential oils.
Please know that having earned a commission from Young Living, you may have certain tax obligations that need to be reviewed. Please consult with a qualified tax professional to help you determine the necessary steps to comply with Canada Revenue Agency (CRA) tax rules and regulations. Questions to consider with your tax advisor include but are not limited to:
Please know that having earned a commission from Young Living, you may have certain tax obligations that need to be reviewed. Please consult with a qualified tax professional to help you determine the necessary steps to comply with Canada Revenue Agency (CRA) tax rules and regulations. Questions to consider with your tax advisor include but are not limited to:
Should I obtain a GST/HST number?
Should I incorporate as a business?
Do I owe GST/HST?
Based on those decisions, you may also need to update your Young Living member account information.
Incorporating Your Business?
If based on the advice of competent tax and legal counsel you elect to incorporate, please provide the following information to Young Living so your member account can be updated properly:
1.
Complete the
Name Change Request Form
in its entirety.
2.
Complete a new
Distributor Agreement
in the name of your business.
3.
Provide the businesses’ Articles of Incorporation or a signed letter from CRA to verify the name on your account matches your tax information.
Email the required form to accountupdates@youngliving.com from the email address associated with your Young Living account. Please note that due to the high volume of submissions, the account update process may take several weeks.
For more information regarding CRA requirements for business, visit www.cra-arc.gc.ca.
Owe GST/HST?
If your tax advisor determines you owe GST/HST, and your Young Living Canada account name matches your GST/HST number, you may complete the
GST Commissions Payment Request Form
to invoice Young Living Canada for GST/HST on your commissions, and we will pay you that amount. Once complete, submit the form to
taxCanada@youngliving.com. You may also email
taxCanada@youngliving.com
with questions about the GST Commission Payment Request Form. Any other questions should be directed to your tax advisor.
Here's what you'll need to complete the form:
Here's what you'll need to complete the form:
1.
Your
Young Living member number.
2.
Your
Business Name: Your Business Name must be registered with the CRA. Please note, the business name registered with CRA must match the business name on Young Living Canada’s records.
3.
Your
GST number: Your GST number must be registered with CRA. Young Living Canada will pay GST/HST payments on commission earned from the date your GST number is registered with the CRA. Without a valid GST number, Young Living will not be able to issue your GST/HST payment.
4.
Total commission
received: View your commissions in the Virtual Office (VO) under My Account, My Commissions. Or, you may wait for your T4A form which will be issued in late February 2017.
5.
Your
GST/HST rate
and the
total GST/HST you owe: Please work with a qualified tax professional to determine your tax rate and amount owed.
For more information regarding GST/HST, incorporating your business, and more visit
www.cra-arc.gc.ca.
Other Considerations
NOTE:
Young Living does not provide tax or legal advice, and any information provided here is not considered a suitable substitute for working with qualified tax professionals.
