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 filing for most incorporated businesses. The process of filing quarterly triggers the need to keep bookkeeping up to date. Being up to date is one of the key factors in taking control of cash flow. To change the reporting period you can either call CRA 1-800-959-5525 or fill out and send in Form GST 20.
When the annual amount due exceeds $3,000, instalments are required. Once instalments are required, we generally recommend that the business changes to quarterly reporting.
The following are the due dates for G/HST returns and amounts due:
Monthly/Quarterly – One month after end of reporting period
Annual-Corporations – Three months after end of reporting period
Annual-Individuals – Payment is due April 30; however, the return may be filed June 15
If you require assistance with determining if changes should be made to your G/HST account, contact the office at 604.949.0992.