The Goods and Services Tax (GST) is a value-added tax applied to most supplies of goods and services in Canada. The standard rates are 5%, 13%, and 15%, depending on the province. In some provinces—Newfoundland, New Brunswick, Nova Scotia, British Columbia, and Manitoba—Harmonized Sales Tax (HST) is applicable, combining both GST and provincial sales tax.

Below is a table showing the 2023 GST/HST rates across Canada:

If your business has an annual revenue exceeding $30,000 CAD, it is mandatory to register for a GST number with the Canada Revenue Agency (CRA). Once registered, you are required to file GST returns regularly, even if you have no taxable sales during that period.

Expert GST Filing Services in Canada

If your business collects GST on goods and services, it’s essential to understand the processes and deadlines for remitting these taxes to the Canada Revenue Agency (CRA). Failure to comply with regulations can lead to penalties and interest charges.

At ghumans, we specialize in professional GST filing to ensure your returns are accurate, timely, and optimized for your business. Our team identifies eligible expenses and tax credits to minimize your GST liability, ensuring you only pay what’s necessary.

Our GST Filing Services Include:

• GST Registration
  Whether you’re a new business or recently met the GST remitting threshold, we guide you through the registration process to get your GST number efficiently.

• Comprehensive GST Filing
  We help you navigate which products and services are GST-eligible, ensuring your return is complete and compliant.

• GST Advisory
  Our experts look for ways to reduce your GST liability, identifying strategies to optimize your tax situation.

• Hassle-Free Filing
  Let us handle the complex filing process for you, saving you time and ensuring your return is submitted on time.

• CRA Representation
  We act as your liaison with the CRA, managing all communication and resolving any issues on your behalf.

• Navigating Tax Regulations
  From non-resident filing requirements to backfilling prior filings, we help you understand and meet all obligations under GST laws.

• Audit Assistance
  If your business is audited, we’re here to support you in preparing and navigating the CRA audit process, ensuring you stay compliant.

• File GST Returns Online

  Filing GST returns can be done through several methods, depending on your preference and CRA requirements. Options include mailing a cheque, using a bank or credit institution, or TELEFILE.

  At ghumans, we simplify the process by offering online filing for GST returns. Our easy-to-use online calculators reduce risks and ensure full use of expense reporting and tax credits that apply to you.

  The key advantage of filing GST online is receiving immediate confirmation that your return has been processed. If you’re eligible for a GST refund, this means faster access to your funds. If you owe GST, payments can be made securely online, ensuring compliance and easy budgeting without the hassle of mailing cheques or visiting the bank.

Important CRA GST Filing Deadlines

The GST filing deadline is based on your GST filing period. Once you file, the CRA (via Form GST34) issues a confirmation detailing the deadlines for your business. Most small businesses can file annually, though quarterly and monthly filing options are also available.

Here’s a breakdown of the filing periods and deadlines:

Monthly Filing:

• Due Date: One month after the end of the reporting period.
• Example: For July 1st–31st, the filing and payment are due on August 31st.

Quarterly Filing:

• Due Date: One month after the end of the reporting period.
• Example: For January 1st–March 31st, the filing and payment are due on April 30th.

Annual Filing (Year-end with December 31st):

• Due Date: Three months following your fiscal year-end.

• Example: A fiscal year-end of August 31st has a payment and filing deadline of November 30th.

• Custom Year-end Filing Deadline: Filing is due three months after the fiscal year-end. For example, if your year-end is August 31st, the filing deadline will be November 30th. With a December 31st year-end, filings are due by June 15th, with payments required by June 30th

Monthly vs. Annual GST Return Filing – Which Is Best for You?

When starting a business, the CRA assigns a monthly reporting period for GST filings. However, as your business grows, the CRA allows for adjustments to your filing frequency. You can opt to file GST returns monthly, quarterly, or annually, depending on your revenue and tax reporting preferences.

For businesses generating over $6 million in annual taxable supplies, monthly GST reporting is required. On the other hand, smaller businesses with less revenue may benefit from less frequent filing (quarterly or annually). If your business’s revenue increases or decreases significantly, you can also request a change in filing frequency to better suit your financial needs.

Not sure which option is best for your business? ghumans can help you choose the most tax-efficient approach, ensuring compliance while minimizing administrative burdens.

GST Late Filing Penalty

If you miss the deadline for filing your GST return, the CRA will impose penalties and interest. This includes holding any rebates you may be entitled to until all outstanding returns and amounts are settled.

These penalties and interest charges can significantly affect your business’s profitability. At ghumans, we help ensure your GST returns are filed accurately and on time, no matter your filing frequency, to avoid these costly penalties.

Breakdown of GST Late Filing Penalties:

Simplified GST Filing with ghumans

Ensure timely and accurate GST return filing with ghumans’s comprehensive services.

Filing your GST return involves more than just submitting paperwork. It includes gathering necessary documents, calculating GST amounts, and ensuring compliance with all regulations. Our experienced CPAs not only handle the complexities of GST filing but also integrate it into your broader financial strategy to maximize benefits and streamline your business operations.

Take control of your GST filing today! Contact us for a customized quote.

Frequently Asked Questions

What is GST Return Filing?

Goods and Services Tax (GST) is collected by businesses on applicable sales and services. It is paid by consumers and remitted to the Canada Revenue Agency (CRA). Businesses subtract the GST they paid on their expenses before remitting the final amount. The three methods for filing GST returns are the Standard Method, the Quick Method, and the Simplified Method.

Who Can Do GST Filing?

Businesses can handle their own GST filing or designate a qualified CPA to do it on their behalf. Having a CPA with expertise in GST filing ensures compliance and maximizes financial benefits.

Where Can I Learn About GST Filing?

The Canada Revenue Agency provides guidelines on how to file GST returns. While this gives an overview of the process, consulting a professional accountant is recommended to fully understand the complexities and take advantage of all available tax credits and benefits.

Who Needs to File a GST Return?

Any business that provides taxable goods or services in Canada and has an annual revenue exceeding $30,000 CAD must file GST returns.

When is GST Filing Due?

• Monthly and Quarterly Filers: File within one month after the end of the reporting period.
• Annual Filers: The deadline is June 15th, with a payment deadline of April 30th. If your business does not end on December 31st, GST filing is due three months after your fiscal year-end.

Maximize Your Tax Benefits with Professional GST Filing Assistance.
Get in touch with ghumans today to ensure your business stays compliant and benefits from expert financial planning.