Has GST got you baffled?

Now sure how, when, or what to file for GST?

Did you even know that you had to file?

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. We can make
keeping up-to-date GST amounts easy for regular access and for filing at tax time.

What is GST?

GST (Goods and Services Tax) is a federal tax that equals 5% on most Canadian goods and services. It
was established in 1991 to replace the Manufacturer’s Sales Tax.

You are required to register for GST if you make taxable sales, leases or other supplies in Canada and
you are not a small supplier.

If you make less than $30 000 in taxable sales, leases or other supplies during any consecutive four
quarters, you are considered a small supplier.

Otherwise, you will need to register your business for GST.

Not sure if your business qualifies for GST? Contact us today for more information!

Starting a New Business?

Our experts can help establish your GST requirements. We can also place your finances on solid ground
by designing a corporate GST plan with clear guidelines and simple processes.

Registering for GST is a simple and straightforward process – you can register online to attain your GST
number or over the phone by calling the CRA.

Once the registration for GST is complete, you can begin collecting and remitting the GST.

Ensure your business is ready and GST compliant by having Liu & Associates look after your GST
registration and provide you with consultation about GST filings.

GST Audits

The Canada Revenue Agency (CRA) may select your business for a GST audit if they feel you are at risk
for non-compliance.

Thankfully, non-compliance in one tax area (such as GST, for example) does not necessarily mean that
an audit will be conducted in other tax areas of your business.

However, undergoing a GST audit by the CRA, or any audit, can be a stressful situation.

If you are facing an audit, or do not agree with the CRA’s assessment of your situation, Liu & Associates
can step in and take charge to help you through this process.

GST Aid for Businesses Great and Small

Whether you are starting a small business, or looking to expand the business you have, the reliable financial information provided by Liu & Associates can be essential to your business’ stability – especially
when taxes are due.

Don’t put your business at risk by approaching your GST registration and record keeping.

Contact Liu & Associates today for more information on navigating the process and maintaining
organized and precise records!

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