GST – which stands for Goods and Sales Tax – is a 5 percent tax on goods and services that is produced by businesses and passed along to the consumer. In this article, we’ll step you through the ins and outs of GST, highlighting its key aspects, nuances, and regulations.
What is GST?
What is ITC?
Do I Need to Register My Business for GST?
Registering for GST
- By telephone
- By mail/fax
- Charge, collect, and remit the GST that applies to the goods and services you’ve sold
- File a GST/HST return based on your assigned reporting period and remit payment if you’re required to do so
- Stay registered for at least one year before you can cancel your registration
You can find more information on how to go about registering on the CRA website.
GST: The Importance of Proper Documentation
What GST Rate to Charge Customers
|Newfoundland and Labrador||15%|
|Prince Edward Island||15%|
If you’re selling services or goods across the country, things get a little more complicated. The rate you will charge depends on a few things:
- The type of supply
- Where the supply was made
- To whom the supply is made
The GST Filing Process
- In person at a participating financial institution or Post Office
- By mail to the address on the return
By When Do I Need to Submit My GST Return?
- If you’re a monthly filer, your return is due one month after the reporting period.
- Quarterly filers need to remit and pay one month after the reporting period.
- For annual filers, it isn’t quite as straightforward. If you have a December 31 year-end, your filing deadline is June 15, but your payment is due April 30. For all other year-ends, the filing and payment deadline is three months after the fiscal year-end.
How to Register for PST
How to Complete a PST Return
How to Report and Pay PST
- Online using eTaxBC
- Through your bank
- At a government office
- Via mail or courier