Services
TBJ can assist you with all aspects of GST/HST, from registering to filing your returns. For your information, we have complied a list of commonly asked questions with the appropriate links to the CRA website. If you have a specific GST/HST questions, please contact us
GST/HST FAQ:
Who has to register?
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. Exception: Taxi and limousine operators and non-resident performers selling admissions to seminars and other events have to register for GST/HST, even if their revenues do not exceed $30,000.
How do I register?
You can register in person at any Canada Revenue Agency (CRA) office, by phone, mail, or online. For complete information on GST/HST registration and a link to online registration, go to the CRA website at: http://www.cra-arc.gc.ca/tax/business/topics/gst/menu-e.html
Can I file my GST/HST return online?
You can file online using CRA's Netfile if you have a nil return or if you have a refund coming. To Net-file, go to: http://www.cra-arc.gc.ca/gsthst-netfile/ Most financial institutions now offer online filing and payment of GST/HST returns. Contact your financial institution for details. You can also file by telephone using the number on the back of your return.
How do I calculate my return?
There are step-by-step instructions on the CRA website that explain how to complete your return. They can be found at: http://www.cra-arc.gc.ca/E/pub/gp/rc4022/rc4022-29-e.html
What is the Quick Method of Accounting for GST/HST?
The quick method is a simplified accounting option to help small businesses calculate their net tax for GST/HST purposes. CRA has a booklet available to help you determine if you are eligible to use the Quick Method. The booklet can be found at:
http://www.cra-arc.gc.ca/E/pub/gp/rc4058/README.html
GST/HST Tips:
Keep your invoices.
One of the major reasons for GST/HST reassessments is improper input tax credit documentation. CRA GST/HST auditors require proper invoices to support input tax credits. For example, if the input tax credit is supported merely by credit card slip, and not the invoice, it may not be allowed. The source document should show the supplier's GST/HST registration number. This is not available on credit card receipts, bank statements, and cancelled cheques, which some businesses attempt to use as substantiation for their input tax credits.
Remitting GST/HST on taxable benefits.
GST/HST must be remitted on an employee taxable benefit unless the benefit is zero-rated or tax-exempt, such as the benefit on low-interest loans. Taxable benefits that are not exempt include automobile standby charges and operating expense benefits.
Sale of Passenger and Motor Vehicles.
Individuals or partnerships that are registered for GST/HST must collect GST/HST on the value of a passenger vehicle traded in when the passenger vehicle was used 90% or more in commercial activities. When trading in a motor vehicle, if it has been used greater than 50% in commercial activities, it is also subject to GST/HST. Corporations registered for GST/HST must collect GST/HST on the value of passenger vehicles or motor vehicles traded in where the commercial use was greater than 50%.
