GST is Due July 31st.

GST Quarterly Filers

Your GST return for April/May/June 2008 is due July 31, 2008.

How do I know if I’m a Quarterly Filer?

Get out your GST form named “Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants”. The essential pieces of information you need are the three boxes at the top right-hand corner on Page 1. The first box shows the due date of your remittance, the second box shows your business account number and the third box shows the reporting period.

Or you might be an annual filer. The reporting period box will tell you the date range for your remitting period.

How Much Do I Have to Pay?

Organize your Sales receipts to calculate the GST collected on sales.
Beginning January 1, 2008 the GST rate is 5%.

Collect and organize your business receipts to calculate the GST paid out on purchases.

Subtract GST/Purchases from GST/Sales and remit the difference to the Receiver General. (I’m assuming that sales were greater than purchases.)

If your GST/Purchases is greater than GST/Sales you may have a refund, but it all depends. There are always exceptions to the rule.

Nowadays there are lots of ways to make your payment.

You can-
-snail mail a cheque
-visit your local bank
-online banking
-GST Netfile http://www.cra-arc.gc.ca/menu-e.html
-GST Telefile http://www.cra-arc.gc.ca/menu-e.html

Send your payment on time. The Receiver General is very unforgiving of lateness and will apply penalties and interest charges compounding daily.

Click on this link to the Canada Revenue Agency site for everything you ever wanted to know about GST. http://www.cra-arc.gc.ca/tax/business/topics/gst/menu-e.html

1 comment so far

  1. Mike Harmon July 4, 2008 7:00 am

    I must say this is a great article i enjoyed reading it keep the good work :)

Leave a comment

Please be polite and on topic. Your e-mail will never be published.