As your business expands across multiple provinces, the GST HST filing obligations that you may face become increasingly more complex.
Failure to properly manage your company’s sales tax obligations can have severe consequences, ranging from assessments to potential overpayments or missed recoveries and overall exposure of sales tax. At NBG Chartered Professional Accountant, we can help you with the compilation and filing of your GST/HST returns, as well as handle any related audits. We offer a comprehensive solution that will help you manage your GST/HST compliance in an efficient and effective manner. We’ll ensure everything is filed correctly and on time – so you can focus on your business.
In addition to your GST HST filings, NBG can also help you with the application for the GST/HST new housing rebate. The HST housing rebate in Ontario and GST housing rebate in Ontario is a rebate provided to home buyers to apply for a refund on a portion of the GST/HST paid on their homes. The rebate is available to homeowners who have purchased a home from the builder or custom-built their own homes. Whether you purchased the property as your principal residence or a rental property, you may be eligible to recover a portion of the sales tax you paid.
If you have renovated over 90% of your house, you may also be eligible for the GST/HST new housing rebate. This would allow you to recover a portion of the GST/HST that was paid during the construction.
If you would like to learn more about how we can help you with your GST HST filings and rebates, please contact us today.
Filing GST/HST returns can be time-consuming and complex, especially if a business is not familiar with the GST/HST rules. There are many different GST/HST rates depending on the province where the sale takes place and the type of good or service sold. Also, there are special rules for GST/HST-exempt items and GST/HST-zero-rated items. As a result, it is often advisable for businesses to use a tax professional to file their GST/HST returns.
There are many benefits of outsourcing your GST/HST compliance to a professional. Here are just a few:
When you outsource your sales tax filings to a professional, you can be confident that your filings will be done accurately and on time – every time. This peace of mind is invaluable, particularly at tax time when you have enough to worry about already.
The cost of sales tax compliance can be significant, especially if you don’t have the internal resources to do it properly. When you outsource to a professional, you can be confident that your filings will be done accurately and on time – every time. This peace of mind is invaluable, particularly at tax time when you have enough to worry about already.
When you outsource your sales tax compliance to a professional, you gain access to their expertise and knowledge. This can be invaluable in ensuring that you are taking advantage of all the exemptions and rebates to which you may be entitled.
If you are looking for professional accountants in Hamilon that can provide reliable and cost-effective solution for your GST/HST compliance, contact NBG today. We would be happy to discuss how we can help you manage your sales taxes.
GST and HST are taxes charged on most goods and services sold or provided in Canada. GST is a federal tax and stands for goods and services tax. HST, or harmonized sales tax, is a sales tax applied in certain provinces. It’s a combination, or “harmonization,” of the GST and the province’s provincial sales tax (PST). Presently, HST applies in five of Canada’s provinces including New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario and Prince Edward Island.
Businesses registered for GST must collect and remit GST on selling taxable goods and services. They may also be required to file GST returns. GST/HST returns are generally filed quarterly, although businesses can file monthly or annually if they meet specific criteria. If a business is registered for both GST and HST, it must collect and remit both taxes on the sale of taxable goods and services.
You have to register for GST/HST if your total taxable revenues exceed $30,000 ($50,000 for public service bodies) in a single calendar quarter or in four consecutive calendar quarters. Even though it’s not a requirement, registering for GST/HST collection voluntarily has several benefits, such as the ability to claim input tax credits (ITCs) on the GST/HST you’ve paid while conducting business.
GST/HST is charged at the rate of the province where you are delivering your goods / services. For example, if your business operates in Prince Edward Island and sells a product online to a customer in Ontario. The HST you collect on sales within Prince Edward Island is 15 percent but your sale to the customer in Ontario gets charged 13 percent.
We recommend you keep track of how much GST/HST you collect during the year, so that you have an accurate record when you file your GST/HST return.
Some of the goods and services that fall under zero-rated include: basic groceries, farm livestock and equipment, prescription drugs and medical equipment, feminine hygiene products, and many freight transportation services where the destination is not Canada.
Exempt supplies include music lessons, medical and dental services, issuing insurance policies, educational services, certain day care services, legal aid services, and most goods and services provided by charities.
For a full list of zero-rated and exempt supplies, click here.
Individuals with business income – June 15th
Corporate annual filers – three months after the fiscal year end
Monthly and quarterly filers – one month after the end of the reporting period
For more details, refer to the CRA's website on GST/HST filing and payment deadlines.