We often find G/HST errors when working on the year end for businesses that process their own bookkeeping.  In many cases, G/HST paid on expenses (otherwise known as Input Tax Credits or ITC’s), have gone unclaimed.  There is a time limit to claiming the tax paid so try to avoid these common mistakes: 1.  Change in G/HST rate.  When the GST changed to HST over two years ago, the bookkeeping tax code was not changed to reflect the higher ITC.  To avoid unclaimed ITCs always check the amount refundable against the invoice and set up a new tax code in the ...

Knowing when your return is due is crucial to avoid non-deductible interest and penalty charges from Canada Revenue Agency (CRA). The due date will also affect the cash flow of your business. Taking control of these dates is possible by looking at a few factors: Business Year End Date Frequency of filing Amount due When the G/HST reporting period(s) coincide with the corporate year end it easily enables reconciliation to the financial reports. To change the G/HST filing date fill out and send in Form GST 70.   Options for filing include annual, quarterly, or monthly.  If applicable, we recommend quarterly ...