Updated on 29 July 2024

As a small business owner, it can be difficult to navigate the complex GST / HST payment regulations and schedules. With changes in federal legislation, payment options, new credits, and updated requirements, it can start to seem like you are always playing catch up with your GST / HST payment and return filing.

Once your business has more than $30 000 in earnings in goods and services in four consecutive quarters in Canada, you must apply for a GST / HST number with the CRA (Canada Revenue Agency). You can then begin collecting GST / HST from your customers and in turn remit it to the CRA on a predetermined GST / HST payment schedule.

Businesses can offset the GST / HST they must remit to the government by using input tax credits (ITCs) on your GST / HST return. The amount of GST / HST payable that you must remit to the government when you file your HST tax return is net of any input tax credits for amounts of HST that you have paid on your purchases.

After filing a GST / HST return, most small businesses will have to make a GST / HST payment. It is imperative that business owners pay the balance within the designated GST / HST payment timetable or risk paying hefty penalties and interest on top of your balance.

What is the best way to make your GST / HST payment by the deadlines? There are multiple options provided by the CRA to suit your business operations.

The team of tax experts at Accountor CPA has all you need to know about making your GST / HST payment, where to send it, and how to easily pay online.

GST / HST Payment Dates in 2024

It is important to know your GST / HST payment schedule and stick to the payment dates to avoid penalties and interest.

When you sign up for GST / HST, there are four options for filing periods and corresponding GST / HST payment dates that your business may choose to use, depending on its business operations and size. These are monthly, quarterly, annually (December 31st year-end), and annually (custom year-end). Your GST / HST payment schedule is determined by which of these filing periods you follow.

These GST / HST payment dates in the four filing periods are as follows:

1. Monthly: one month after the end of the reporting period

   A monthly reporting period of July 1st to July 31st would have a filing and payment deadline of August 31st.

2. Quarterly: one month after the end of the reporting period

   A quarterly reporting period of January 1st to March 31st would have a filing and payment deadline of April 30th.

3. Annually with a December 31st year-end: A filing deadline of June 15th and a payment deadline of June 30th.
4. Annually with a year-end other than December 31st: three months following your fiscal year-end.

   A custom year-end of August 31st would have a filing and payment deadline of November 30th.

If your due date is a weekend or public holiday recognized by the CRA, your payment is considered on time if it is received on the next business day.

As a corporation, you can choose which filing and GST / HST payment date is suitable for your company. Most businesses choose to file and make HST payments on an annual or quarterly basis. If your corporation has a significant monthly revenue, it is often easier to pay monthly. If you are a sole proprietor, your GST / HST payment deadline will be in line with your personal income tax.

Where to Send GST / HST Payment

There are a few options for where to send GST / HST payments for your business. Please note, payments of $50,000 or more must be paid electronically or at your financial institution. You are not eligible for the other possible options no matter how you choose to file.

Electronically

The CRA’s My Payment application allows you to use Interac Online to pay your business’ GST / HST owing. The payment goes directly to the CRA from your online banking account. Note: your financial institution must have Interac Online for this option.

Phone

You can use your bank or credit union’s telephone banking services to pay GST / HST. You will require your remittance voucher.

Pre-Authorization

You can authorize the CRA to automatically debit an HST payment amount from your bank on a specified date. This can be set up in your CRA My Business Account.

In Person

You can pay in person at your financial institution if you use HST payment form RC158, GST / HST Netfile/Telefile Remittance Voucher.

By Mail

Complete the personalized GST / HST Return the CRA mailed to you and mail the form's remittance voucher with a cheque or money order made payable to the Receiver General to the address on the back of the voucher. Write your 15-character business number on the back of the cheque or money order.

How to Pay GST / HST Online in 2024

At Accountor CPA, we always recommend paying GST / HST online, as it is a simple, straightforward process and your payment is received immediately. You can get peace of mind that you are meeting your GST / HST payment deadline when you use online payments.

Access the CRA’s My Payment electronic payment service online. Use Interact Online to make your GST / HST payment directly to the CRA from your online business banking account. You are immediately provided with a receipt to print or email for your records.

You can also pay online directly through your online banking service. Set up a payee by looking for “Federal – GST/HST Payment – GST-P (GST-P)” in the payee list. Use your 15-digit business number as your CRA account number. Make the payment the same way you would pay any other bill through your online bank.

What is GST / HST Netfile?

GST / HST Netfile is a web-based filing service offered by the CRA to all GST / HST registrants in Canada, excluding Quebec.

With GST / HST Netfile, you complete your GST / HST return virtually and send it to the CRA directly. To do this, you will need a GST / HST Netfile access code. The CRA sends these via the mail directly to your registered business address. Once you receive your access code, you can easily file your GST / HST return through Netfile. If you have a GST / HST balance, you can pay it using one of the options outlined above.

Similarly, the CRA offers Telefile services for individuals who want to file over the phone. To make your GST / HST payment after filing with Telefile, you must mail it, pay through your financial institution, or use the CRA’s My Payment electronic service.

Make your GST / HST Payment On Time with Accountor CPA

Making your GST / HST payment can be a difficult process to navigate for many small business owners or self-employed individuals. The team at Accountor CPA is dedicated to ensuring your GST / HST payments are made accurately and on time to eliminate penalties and hefty interest payments, so you can keep more of your wages and earnings.

We help small businesses, SMEs, and large corporations across Canada file their tax returns and make accurate GST / HST payments to the CRA. Our tax planning and other accounting services ensure you are prepared for all your financial obligations, year round.

Contact us today for a free consultation to learn how we can help with your GST / HST payments.

FAQ

What is the difference between GST and HST?

GST is a federal tax of 5%, while HST combines GST with provincial sales tax, varying from 13% to 15% depending on the province.

When do I need to register for GST/HST?

You must register if your total taxable revenues exceed $30,000 in a single calendar quarter or over four consecutive quarters.

Can I claim input tax credits (ITCs) on GST/HST paid for business expenses?

Yes, you can claim ITCs for GST/HST paid on purchases used for commercial activities, but not for exempt supplies.

How do I file GST/HST returns?

You can file online via the CRA website, by mail, or through authorized financial institutions.

What are zero-rated and exempt supplies?

Zero-rated supplies are taxable at 0% (e.g., groceries, prescription drugs), while exempt supplies are not subject to GST/HST (e.g., residential rent, medical care).

How does GST/HST apply to imports and exports?

GST/HST applies to most goods and services imported into Canada but not to those exported. Export-oriented businesses may participate in programs to remove GST/HST on domestic purchases and importations.

What happens if I don’t charge or remit GST/HST correctly?

Failure to comply can result in fines, penalties, and interest on unpaid amounts. It’s crucial to maintain accurate records and understand applicable rules.