Year end deadlines are messy, if you need help the calculations, remit payments to the government, or behind on filing.
All monies are collected on behalf of the government, paid at the time filing the GST/HST or PST Returns.
These payments MUST be on time or you may receive fines, penalties and interest charges.
We help small supplier making under $500,000 in a calendar year or fiscal year.
If you are making over this amount this article may not apply to your business. You can find information relevant to your business here: Remitter Types and Due Dates
Here are the REMINDER you need to keep in mind:
GST/HST Deadlines
Depending on the amount of money you make in your business the GST/HST returns due date for filing and paying is due 30 day after end of the reporting period. *Quarterly, Monthly or Annually.
We calculate the GST/HST Return to be signed by the “owner” the payment due date is 30 days after the end of your reporting period.
(Do you need to register for GST? Find out when here: Do I need to register for GST?)
Payroll Remittance Deadlines
For regular files, payroll liabilities are due on the 15th following month end.
There are different reporting periods payroll amount is over $3000, the types are
- Quarterly
- Monthly
Once you register for a payroll number you will sent payroll reporting periods for the business.
(Need help with payroll? We provide that service: Payroll Services)
Workers Compensation
If your premiums are under/over $1,500 per year payments due by 20th day of the month following the quarter, month or year.
Requires filing of annual reports by February following calendar year – not limited to fiscal year end.
What happens if you don’t file on time?
Workers Compensation
If you don’t keep up-to-date, they can refuse you access to the job sites and stop your employees from working. They can also request the funds from your client behind on payments – failed to keep the premiums paid up to date.
GST/HST and Canada Revenue Agency
If you fail to meet these the remittances and/or payments, you will be personally responsible for taking care of the balance owed to the government. They will consider taking your personal assets.
Struggling with your finances and need help?
We suggestion an overview of your options to identify problem areas and create a recovery plan, so you can keep your business running.
Contact Ina for a free consultation.
