If you’re starting your own business in Canada, you may have to register for a GST/HST account. Part of your duty as a GST/HST registrant is to collect and remit these taxes to the Canada Revenue Agency.
However, filing your GST/HST can be more time-consuming and complicated than filing your income tax. It’s crucial to hire an expert to deal with the requirements to keep your business compliant with Canadian tax law.
The Filing Taxes team of accountants in Toronto has the expertise to meet all your GST and HST returns needs. Our tax accountants in Toronto are ready to help you filter through your GST/HST tax statements and get the returns you are owed.
Filing an HST return as a business comes with many regulations, deadlines, and required documents. One miscalculation or missed document can lead to hefty fines and penalties. Our expert accountants in Toronto give you the ability to file your HST/GST returns easily and stress-free.
At Filing Taxes, we assist our clients in maintaining their HST records to allow for easy filing at the end of their reporting period, whether it be monthly, quarterly, or annually. Our accountants in Toronto help compile relevant documents and information, accurately prepare your HST return, and oversee your HST-related costs.
You can avoid the financial surprises and confusion that so often accompany filing HST returns when you work with our professional accountants in Toronto.
As a self-employed individual, filing your HST return can be complex. Self-employed individuals can benefit from working with a professional HST return filing service to navigate these complexities. Our expert team of accountants in Toronto works with self-employed workers across Canada to help them find the most suitable ways to report and record HST to the Canada Revenue Agency.
Our skilled accountants in Toronto offer the following services for business HST filings:
Our expert tax accountants in Toronto can assist you in registering for your HST number if you are a new business or have just crossed the threshold for remitting HST. Some products and services are not subject to HST. Our experts interpret the regulations to prepare accurate HST return forms.
We handle the electronic HST filing for you, so you can avoid the complex paperwork and better spend your time managing your business.
Our HST expert accountants in Toronto make sure that your HST filing is done on time and using the best possible method which can help you save maximum on your taxes.
Not adhering to HST filing deadlines risks incurring significant penalties which can impact your bottom line. Our accountants in Toronto ensure your HST filing is done correctly and on time, so you can avoid these harsh penalties and additional interest.
How do your HST expenses and sales relate to each other? Our adept accountants in Toronto can help find ways to maximize your HST expenses to mitigate your HST owing.
We represent your interests with the CRA to save you time. For your convenience, we handle all communication with the CRA on your behalf. With our help, you don't have to deal with the CRA yourself.
We navigate regulations that can impact your HST return forms, like non-resident filing, backfilling, and amalgamations.
CRA HST audits are our specialty. Our experienced accountants in Toronto help you prepare and comply with them.
Filing for Goods and Services Tax (GST) and Harmonized Sales Tax (HST) is often confusing for small business owners. It is important to understand when your business must charge GST/HST, in addition to all regulatory filings, reporting, and remitting requirements. Failing to meet tax deadlines may result in late penalties.
When you achieve sales over $30,000 in a single quarter, you cease to be a small supplier. When your cumulative revenues exceed $30,000 within the previous 12 months, then you also lose small supplier status and must register to collect and pay GST/HST amounts.
When you’re required to start collecting these amounts depends on how and when you cross the $30,000 threshold. Similarly, you are required to submit your registration application 30 days after the point when you lose your small supplier status.
When a business registers for GST/HST, it will be issued a Business Number (BN). The BN is used to identify the business for tax purposes and allows businesses to connect with other government programs and services.
To some extent, GST registrants (except for the largest businesses) have some choice in how often they will file GST/HST returns.
There are three levels of filing frequency depending on the amount of your taxable sales.
| Annual Taxable Sales | Filing Frequency |
|---|---|
| $1,500,000 or less | Annual (quarterly or monthly are optional) |
| $1,500,001 – $6,000,000 | Quarterly (monthly is optional) |
| Over $6,000,000 | Monthly |
The deadline for your HST filing will vary significantly depending on which method you use for filing. You can file monthly, quarterly, or annually.
With monthly and quarterly reporting, your HST quarterly filing dates are one month after the end of the reporting period. With annual reporting, your HST filing is due 3 months after the fiscal year-end in all cases except if you have a fiscal year-end of December 31.
Typically, the HST return due dates for corporations for different filing periods are as follows:
A monthly reporting period of July 1st to July 31st would have a filing and payment deadline of August 31st.
A quarterly reporting period of January 1st to March 31st would have a filing and payment deadline of April 30th.
A filing deadline of June 15th and a payment deadline of June 30th.
Three months following your fiscal year-end.
For more information, visit the Canada Revenue Agency.
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