HST Filings Hamilton

We help you meet the guidelines and regulations framed by the Canadian Revenue Agency to help you achieve your goals and avoid any penalties for any delay in filing the taxes.

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If you are trading in Canada’s services that are taxable and you are earning a good revenue higher than $30,000, you should file Harmonized Sales Tax (HST). It is a regional sales tax that is combined with GST. Filing Taxes is a professional accounting firm in Hamilton that offers specialized services for filing HST and assisting the residents and non-resident Canadians in recording and reporting the sales tax for their business corporation.

We know that small businesses require the filing of HST without considering the amount of revenue earned. Our main aim is to help you meet the requirements of CRA for the entire industry and also avoid the penalties payable for filing the taxes after the due date.

File The HST Returns Timely

The filing of HST usually differs from other tax returns and has different deadlines as well, depending on the business model and type of product and services that the business deals in. These different methods of filing the HST returns benefits you in different ways. Our professional tax advisors Hamilton are experienced with the skills and expert knowledge that will help you save the amount of sales tax as much as possible. They are familiar with the fact that not all the goods and services traded in Canada are applicable for HST in their respective province that they are relevant for paying sales tax. Some businesses are exempt from HST, such as bread and milk. These items are zero-rated, and so they must be excluded from any tax charges. Also, HST must not be applicable for some specific group of services. Some more examples of tax exemption include child care services, medical and educational services. You need a trustworthy accounting firm that will help you in identifying the zero-rated items exempted and taxable items. It will help you in reducing your tax liability to the minimum level.

Get Full Guidance In Filing HST Returns

When HST is collected from the customers by a business, it becomes liable to pay a part of that tax to the Federal government and file the document in the form of HST Returns showing the statement to the revenue agency of Canada. Generally, a business corporation has to register for HST filing when it begins the collection of tax from its customers. When the business owner registers with CRA, the agency assigns a stipulated time for reporting HST for the particular business. This reporting time is based on the annual supplies of taxable goods and services by the company. Many companies file their HST tax returns quarterly with the help of tax accounting firms Hamilton. However, if the yearly tax supplies exceed 6 million dollars for the business, the tax file must be reported every month. The business owner can choose among the different periods that suit the best for the small business, like monthly, quarterly or annually.

Complete Assistance In Filing HST Returns

As a business in Canada, you can also cancel the reporting period if the annual taxable supplies are zero. In any situation where you expect any refunds, you can choose to increase the tax payment period. It simply means that the tax filing period is fully flexible based on business performance. In any situation, we will make the tax return filing process very easy for you with e-filing. Many business expenses qualify for tax credits in business inputs. We will help you determine the tax credits allowed to your business and enable you to minimize your tax liability and save more. Are you facing hardships in filing your HST Returns? Don't fret and stress yourself with this. We will help you in structured and strategic tax planning for filing HST Returns Ontario. Connect with the professionals at Filing Taxes. We are always there to address your problems.

Foreign Tax Deductions and Rebates (FBAR)

For the filing and payment of taxes in Canada and the collection of the respective credits and deductions in U.S. Tax returns, you must require a bit of expert advice. If you’re a U.S. resident with a green card or self-employed citizen or an immigrant, you must fill your details in the form 1040 on an annual basis while earning a handsome income. Yet it can only be possible if you’re working with HST filing firms Hamilton. You can also benefit yourself with the social security agreement between the U.S. and Canada for more exemptions. But the possibility of availing these advantages will be provided only if you have fully disclosed the exemptions in the 1040 Form.

Other than these exemptions, you can file an additional tax report to claim these deductions if you’re entitled to do so, or you own mutual funds in Canada. These tax deductions and rebates can also be claimed if you’re eligible for any of these Canadian services:

  1. Registered Pension Plans (RPPs).
  2. Registered Retirement Savings Plan (RRSPs).
  3. Tax-Free Savings Account (TFAs).
  4. Registered Education Savings Plans (RESPs).
1What is the concept of HST?
HST is a harmonized sales tax that is payable in Canada. It is used as a consumption tax. It is paid to the businesses by their customers. It is a provincial tax where taxable goods and services are considered as a basis for tax calculation. It is combined with Regional Sales Tax GST to create a single taxable value for value-added products and services. The percentage of HST payable in Ontario estimates to 13%. The businesses have to collect the HST on sales and pay the HST received after subtracting their expenses according to the regulations framed by CRA. A company has to file the HST returns according to their choice on a monthly, quarterly, semi-annual or annual basis.
2Is HST a value-added tax?
The Canadian GST is somehow similar to the value-added tax applicable in other countries. Three Canadian provinces, namely Ontario New Brunswick and Newfoundland, comprise 13% of HST, which consists of 8% Sale Tax and 5% GST. in other countries.
3What is the Canadian HST?
HST is determined as 13% in Mississauga. The business receives HST and pays that collected HST to the Canadian Revenue Agency after the subtraction of HST payable on expenses. The filing of HST returns is flexible, as to be paid monthly, quarterly, semi-annually or annually. The business collects the Harmonized Sales Tax from the final customer. It is not an expense or an income for the company. In fact, it is a liability for the business. All the enterprises report the net value of HST.
4What is the objective of the Harmonized Sales Tax?
HST is a tax paid that shows the consumption in relation to the sales of a business. The seller collects HST from the consumers, which is calculated by adding the rate of HST to the cost of goods and services provided by them. This is remitted to CRA as the amount of tax collection exceeding the HST expenses by the business.
5Is it true that HST includes GST?
HST is a Canadian tax implied as a consumption tax in the provinces of the country. It is imposed on the taxable goods and services as the sum total of GST and the provincial sales tax.
6What is the rate of HST in Canada?
For Quebec, the rate of HST is 14.97%, and for Ontario, the HST is implied at the rate of 13%.
7 What are the exemptions of HST?
Exemptions of HST includes the supplies that are not included in the list of GST and HST implications. It means that the exempted goods are free from GST/HST collection and payment. So you cannot claim the tax credits implied on such products and service supplies.
8 Do I need an HST Number?
All small businesses depending on the particular business, must get a GST/HST number according to the norms of CRA.