GST Filing
GST/HST registration, return preparation, input tax credit review and filing support for Calgary and Alberta businesses.
Most taxable supplies made in Alberta are subject to 5% GST. For most businesses, GST/HST registration becomes mandatory when taxable revenues exceed the $30,000 small-supplier threshold. The timing depends on how the threshold is exceeded. If the threshold is exceeded in a single calendar quarter, registration requirements can begin immediately. If it is exceeded over four consecutive calendar quarters, the effective registration date is determined under the CRA's small-supplier rules. Businesses below the threshold may also be able to register voluntarily.
Once registered, a business generally has to file GST/HST returns for each assigned reporting period. Reporting periods may be annual, quarterly or monthly depending on taxable revenue and available filing elections. A4SB can help prepare GST/HST returns, review eligible input tax credits, organize supporting records and identify transactions that may require different GST/HST treatment.
GST/HST treatment can become more complicated when selling goods or services to customers in other provinces. The applicable GST or HST rate is determined using CRA place-of-supply rules and depends on the type of supply and where the supply is considered to be made. Some supplies may also be zero-rated or exempt. Reviewing the transaction before invoicing can help ensure the appropriate GST/HST treatment is applied.
What's Included
- GST/HST registration support and review of applicable registration requirements
- Preparation and electronic filing of GST/HST returns
- Review of eligible input tax credits and supporting records
- Review of GST/HST reporting periods and filing deadlines
- Place-of-supply review for applicable out-of-province transactions
- Support with CRA GST/HST notices, reviews and prior-period adjustments
FAQ
Do I have to register for GST/HST if I am under $30,000?
For most businesses, you generally do not have to register while you qualify as a small supplier and remain at or below the $30,000 threshold, although exceptions apply to certain businesses. You may choose to register voluntarily if you make taxable supplies. Voluntary registration can allow you to claim eligible input tax credits, but whether registration makes sense depends on your circumstances.
What happens if I file my GST/HST return late?
GST/HST returns should still be filed by the applicable deadline even when no balance is owing. CRA's standard late-filing penalty generally applies when a return is filed late and there is an amount owing. CRA does not charge that particular late-filing penalty when the balance is zero or a refund is due. Interest may apply to overdue amounts, and other penalties can apply separately in certain circumstances.
How often do I have to file GST/HST returns?
GST/HST reporting periods may be annual, quarterly or monthly. CRA generally assigns a reporting period based on taxable revenue, although eligible registrants may be able to elect to file more frequently. Your filing and payment deadlines depend on your reporting period and circumstances.
Should I use the Quick Method for GST/HST?
The Quick Method is an optional GST/HST accounting method available to certain eligible businesses. Instead of calculating input tax credits on most operating expenses individually, eligible businesses remit GST/HST using prescribed remittance rates while following the Quick Method rules. Whether it is beneficial depends on your revenue, expenses, business type and other circumstances, so the regular and Quick Method results should be compared before making an election.
Need help with GST Filing?
Tell A4SB about your accounting needs and we can discuss the support that may be relevant to your situation.