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GST/HST Filing Services

Our primary objective is to assist you in adhering to the CRA guidelines for your particular industry, including meeting the HST filing deadline. 

By availing our GST/HST filing services, you can avoid any potential penalties resulting from missed or delayed filings. 

What is HST/GST Filing?

HST filing is an essential requirement for businesses. If you anticipate earning more than $30,000 per year as a business owner, it is crucial to register for HST and diligently follow the necessary steps to collect this revenue without tax.

Is Filing HST/GST Is Important?

  • HST filing is crucial for every business, ensuring compliance with the law and fostering a positive relationship with the Canada Revenue Agency (CRA).
  • ¬†It is essential to accurately and promptly charge and file HST to meet regulatory requirements. The HST rate varies by province, ranging from 13% as the lowest rate to 15% as the highest rate.

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Fulfilling HST/GST Obligations

  • When a business collects HST from customers, it is essential to fulfill its tax obligations by filing an HST return with the CRA.
  • ¬†Registering for HST becomes mandatory once you begin collecting it. The CRA assigns a reporting period based on your business’s annual taxable supplies, typically quarterly for most businesses. However, if your annual taxable supplies exceed $6 million, monthly reporting is required.
  • As a small business, you enjoy the flexibility to choose between filing quarterly, semi-annually, or monthly, depending on your specific needs and preferences.

How to File GST/HST Return

When it comes to HST filing, there are two primary methods to consider: 

The Quick Method and the Standard Method. 

At Veracity Accounting, we carefully assess your business to determine the most suitable method that helps you maximize tax savings. 

Opting for online/NETFILE HST/GST filing enables a fast and efficient processing of your file with the Canada Revenue Agency (CRA). Our team selects the appropriate HST filing method based on your unique financial situation and transactions, ensuring we optimize your savings

HST/GST Return filing services in canada

Get all the Help you need to file HST/GST

  • As a business, it’s important to remit HST even if the amount is zero. If you expect refunds, you can adjust your remittance period.¬†
  • We will help you file your HST returns online, making the process easier. Certain expenses qualify for input tax credits and we will identify those credits to help you save more on taxes.¬†
  • If you’re facing any challenges with HST filing, we can develop strategies to address them. Contact us to explore your options.

Frequently Asked Questions

  • The Harmonized Sales Tax (HST) is a value-added sales tax paid by customers across Canada. It merges the federal goods and services tax with the regional provincial sales tax, streamlining the taxation process. In Ontario, the HST rate stands at 13%.
  • Businesses are responsible for collecting HST on sales and remitting it to the CRA, while accounting for the HST paid on expenses.
  • HST returns can be filed on a monthly, quarterly, or yearly basis, providing flexibility for businesses to choose a reporting frequency that suits their needs.
  • GST/HST payments are typically due on a quarterly basis, but the exact schedule may vary depending on business reporting period.¬† Breakdown of the payment due dates : Click Here
  • Current HST rate in Ontario, Canada is 13%. This rate includes both the federal portion (GST) and the provincial portion (PST).
  • HST, as a consumption tax, is paid by the end consumer at the Point of Sale.¬†
  • Registered businesses incorporate the applicable HST rate into the price of goods or services and collect it from their customers.¬†
  • Subsequently, businesses deduct their expenses and remit the total amount of HST collected to the CRA.¬†
  • This process ensures compliance with tax regulations and facilitates the proper management of HST funds.

HST is a consumption tax applicable in Canada, specifically in provinces where the federal GST and regional Provincial Sales Tax (PST) have been consolidated into a unified value-added sales tax.

HST rate is 13% in Ontario and for 14.975% in Qubec.

 
  • Businesses collect HST from customers and subsequently remit it to the CRA after deducting the HST paid on expenses.¬†
  • HST returns are filed on a monthly, quarterly, or yearly basis.¬†
  • It’s important to note that HST is a tax paid by the end consumer and is not considered income or an expense for the business.¬†
  • Business income and expenses are reported net of HST. Registered businesses have the opportunity to recover the HST paid to the CRA.
  • Canada has certain supplies that are exempt from the HST.¬†
  • Registered businesses are prohibited from charging HST on these specific supplies, and generally, they are unable to claim input tax credits for them.
  • Zero-rated HST goods and services encompass items that are exempt from the Harmonized Sales Tax.¬†
  • This category includes essential groceries like meat, fish, eggs, cereals, poultry, vegetables (fresh, frozen, canned), coffee, tea, and dairy products. When purchased, these items are not subject to HST.
  • An HST Number is a 9-digit identifier assigned by CRA to businesses, including companies, partnerships, or sole proprietorships.
  • It is equivalent to a Federal BN (Business Number), and a valid HST number concludes with RT0001. For example, HST# 987654321 RT0001.
  • Including the HST number on all invoices is crucial for businesses. This practice ensures accurate identification and compliance with tax regulations.
  • Small businesses should obtain a GST/HST number once their business revenue exceeds $30,000.¬†
  • Failure to register for an HST number results in an obligation to remit 13% of their sales to CRA, even if the tax was not collected from customers.
  • This can lead to a loss of 13% of their sales. Registering for an HST number is essential to avoid such losses and ensure compliance with tax obligations.