GST (Goods and Services Tax) is a tax that applies to most supplies of goods and services in Canada at a rate of 5% across provinces. In some provinces, namely Ontario, British Columbia, Newfoundland, New Brunswick, and Nova Scotia, there is HST (Harmonized Sales Tax), while the remaining provinces still collect GST separately.
If you operate a small business with an annual revenue of $30 000 or higher, you must register for a GST number with the CRA (Canada Revenue Agency). Every GST registrant is required to file a GST return reporting taxable sales made during their assigned submission period.
GST filing is a key aspect of a business’ financial well-being and growth. At Accountor CPA, we assist corporations, small businesses, SMEs, and self employed individuals with GST filing. We understand the importance of CRA GST compliance and the impact penalties can have on your business operations and bottom line. With professional GST filing services, you can gain more financial control and engage in effective financial planning.
Professional GST Filing Services
If you collect GST from your customers on the goods and services you provide, it’s imperative that you understand how to remit this back to the government. There are many regulations, deadlines, and documents required for filing GST with the Canada Revenue Agency.
Professional GST filing with Accountor CPA ensures that your GST return form is completed correctly and provides you with the most financial benefit. We find expenses and tax credits applicable to your business situation so you don’t remit more GST than necessary.
The business GST filing services for Canada we offer include:
If you are a new business or have just reached the threshold for remitting GST, we help you register for your GST number.
Filling GST filing requirements
Not all products and services are eligible for GST. We make sense of the regulations to prepare an accurate GST return form.
We find ways to maximize your GST expenses to mitigate your GST owing.
We handle the online GST filing for you, so you can avoid the complex paperwork and time spent.
We act as your representative with the CRA.
We navigate regulations that can impact your GST return form, like non-resident filing, backfiling, and amalgamations.
We help you prepare for and comply with CRA GST audits.
File GST Return Online
GST returns can be filed a number of ways depending on your preferences and CRA requirements, including mailing a cheque, going through a bank or credit institution, and TELEFILE.
At Accountor CPA, we recommend filing business GST returns online. Online calculators minimize the risk of errors and allow you to fully take advantage of expense reporting and tax credits as relevant to you.
The biggest benefit of filing GST online is that it is received immediately and if you are entitled to a GST refund, you can receive it much more quickly. If you have to pay remittance, you can do this securely online and receive immediate confirmation that it has been received. You don’t need to wait for cheques to go through or arrive via mail, allowing you to better manage your cash flow and budgeting.
CRA GST Filing Deadlines
The GST filing deadline for your company directly corresponds to your GST filing period. The GST return form you receive from the CRA (Form GST34) indicates the filing deadline for your business at the top. Small businesses and corporations can file annually (with a December 31st year-end), quarterly, or monthly.
There are four reporting periods with corresponding GST filing deadlines:
- Monthly: one month after the end of the reporting period
A monthly reporting period of July 1st to July 31st has a filing and payment deadline of August 31st.
- Quarterly: one month after the end of the reporting period
A quarterly reporting period of January 1st to March 31st has a filing and payment deadline of April 30th.
- Annually with a year-end other than December 31st: three months following your fiscal year end.
A custom year-end of August 31st has a failing and payment deadline of November 30th. Annually with a December 31st year-end: A filing deadline of June 15th and a payment deadline of June 30th.
For more detailed information, visit the Canada Revenue Agency.
GST Quarterly Return Filing vs Monthly or Annual - Which is Right for You?
When starting a small business, the CRA typically assigns you an annual reporting period for GST filing. As your business grows, the CRA can impose different reporting periods on you, or you can opt to change your GST filing frequency yourself depending on your preference.
A corporation with more than 6 million dollars in annual taxable supplies must do monthly GST reporting. A business with 1.5 million to 6 million dollars in annual taxable supplies must report at least quarterly, but can opt for monthly. Businesses with 1.5 million dollars or less in annual taxable supplies, as well as charities and financial institutions, are automatically assigned an annual reporting period but can report quarterly or monthly. Are there benefits to quarterly return filing?
Many small businesses opt for a quarterly GST reporting period. This is helpful because you can avoid paying or receiving one large lump sum and can instead split your GST remittance or refund into quarterly payments. This helps to improve and manage cash flow.
An accountant providing GST filing services can advise if a quarterly GST reporting period is right for your business operations.
GST Late Filing Penalty
If the CRA does not receive your GST filing by the deadline, they will charge you penalties and interest. They will also hold any rebates you are owed until you provide outstanding returns and amounts owed.
These penalties and interest affect your business’ bottom line We ensure your GST filing is done correctly and on time, however frequent your return period may be, so you can avoid these harsh penalties and interest charges.
GST Late Filing Penalty
Failure to file on time
A + (B x C)
A is 1% of the amount owing
B is 25% of A
C is the number of months the return is overdue, to a maximum of 12 months
If you receive a Demand to File and do not do so
Failure to file electronically when required
$100 for the initial return not submitted electronically.
$250 for each following return not filed electronically.
Failure to accurately report information
5% of the amount plus 1% per month of the difference between what is reported and what should have been reported, until the amounts are corrected, to a maximum of 10%.
Business GST Filing Made Easy with Accountor CPA
File your GST return right and on time with Accountor CPA’s GST filing services.
GST return filing is more than just filling out paperwork. Gathering documents, filling GST forms, filing, and paying each return period take time that could be better spent growing your business. Our CPAs are dedicated not only to providing expert GST filing services, but also to incorporating your GST return into your overall business financial strategy and planning.
Gain control of your GST return filing. Contact us for a free quote.
Frequently Asked Questions
What is GST return filing?
GST is paid by consumers to a business on applicable goods and services. Businesses collect GST paid by consumers and remit it to the CRA in a specified time frame after subtracting the GST paid on their own expenses.
There are three accounting methods for remitting GST. The Standard Method is the most common, but there is also the Quick Method and the Simplified Method.
Who can do GST filing?
Anyone can do their own GST filing or you can designate an accountant to file them on your behalf. A GST filing accountant should be a qualified CPA with experience in tax filing within your province so you can enjoy the maximum financial benefits.
Where can I learn GST filing?
The Canada Revenue Agency has basic resources for how to file GST returns. This GST filing guide gives you an idea of the processes involved and documents required for filing. However, it is always recommended to consult with an accountant specializing in tax filing so you can navigate the complexities of the system and fully take advantage of the tax credits available to you.
Who has to file a GST return?
A business that provides taxable goods or services in Canada and earns a revenue of more than $30 000 must file GST returns.
When is GST filing due?
Monthly and quarterly filings are due one month after the period’s end, while a December 31st year-end annual filing period is due June 15th, with a payment deadline of April 30th. If your annual period does not end on December 31st, your GST filing is due 3 months after your fiscal year end.