Are you baffled by GST filing requirements? Did you know that you have to file your GST?
Filing your GST can be a confusing ordeal if you have never dealt with it before. It can also be a time-consuming process if you have not kept precise records throughout the fiscal year.
Cut the confusion by speaking to one of our certified and registered financial planners. Liu & Associates can make keeping up-to-date GST amounts easy for regular access and for GST filing at tax time.
what is gst?
GST (Goods and Services Tax) is a federal tax placed on most Canadian goods and services. If you make taxable sales or leases in Canada, you are required to register for GST.
A GST number is a number that is assigned to your business in order to track the collection and remittance of GST.
However, if you are a small supplier, you are exempt from requiring a GST number. Small suppliers are those who make less than $30,000 in taxable leases, sales, or other supplies during any four consecutive quarters.
Otherwise, you will have to register your business for GST, which you can do online, by mail, or by phone through the Canada Revenue Agency (CRA).
Feel free to contact our expert team at Liu & Associates to find out if you qualify for a GST number. We can also help you with the registration process.
how to file gst
Once your business is registered for a GST account, you are required to calculate how much GST you collected for each reporting period and file it on a return.
Even if you didn’t make any Canadian sales, you still need to file a nil return.
In order to file your GST return, you need to know all of your taxable and non-taxable sales, the amount of GST you collected, and the total amount of GST you paid on qualifying expenses.
Collecting and filing GST can be a complicated process for new businesses. That is why it is beneficial to seek the services of a small business tax accountant.
Liu & Associates can help organize your financial records and create a plan to ensure that your GST is filed correctly.
The Canada Revenue Agency may select your business for a GST audit if they feel you are at risk for non-compliance.
Thankfully, if you do get caught for non-compliance when it comes to your GST, it does not necessarily mean that an audit will be conducted in other tax areas of your business.
Even if you have done nothing wrong or made an innocent mistake, undergoing an audit by the CRA can be a stressful situation.
If you are facing a GST audit, or do not agree with the CRA’s assessment of your situation, Liu & Associates can step in and take charge!
gst filing for edmonton and calgary businesses
Liu & Associates is dedicated to providing GST support for businesses great and small!
Whether you are starting a new business or looking to expand the business you have, our reliable financial information can be essential to your business’s stability – especially when GST returns are due.
Don’t put your business at risk by taking chances on your GST registration and record keeping.
Contact Liu & Associates today for more information on navigating the process and maintaining organized and precise records!