• Home
  • About Us
  • Bookkeeping
  • Payroll
  • Tax Returns
  • Blog
    • Referral
  • FAQ
  • Contact
  • Appointment

December 7, 2021 by Ina Turner

Do I need to register for GST?

Share on Facebook Share
Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share

Portrait Of Female Designer Working At Desk In Modern OfficeIt depends.

GST/HST registration is mandatory in some cases. It is voluntary in others.

You don’t have to register for GST/HST if:

Your revenue does not exceed $30,000 in a single year. If you are a “public service body” the threshold amount is $50,000.

In this case you are considered a “small supplier” and do not need to register.

Keep in mind that a “single year” is any 4 consecutive quarters. You will need to calculate this amount at the end of each quarter to ensure that you haven’t crossed the threshold.

If you are not registered for GST/HST, you don’t charge it to your customers. You also cannot claim back any “Input Tax Credits” on your purchases.

You may choose to register for GST/HST if you want to – but it is not mandatory in this situation.

You MUST register for GST if:

Your revenue exceeds the threshold amount in a single year – defined as 4 consecutive quarters.

Once you cross the threshold, you will have 29 days to register and begin collecting GST/HST.

After you register for GST/HST, you must collect it on all taxable sales. You are also eligible to claim “Input Tax Credits” for any GST/HST you pay on your business purchases.

You will also need to file a GST/HST return – monthly, quarterly or annually.

You must wait one year before unregistering theĀ GST/HST account if you are no longer using the account.

Have any more questions? Need help with your GST/HST?

We can help you keep your books up to date and file your GST/HST Tax Returns for you.

Contact Ina for a free consultation.

More information about GST is available from the CRA website

 

 

 

Share on Facebook Share
Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share

Filed Under: Small Business

HOURS

  • Monday to Thursday 10 a.m. to 8 p.m.
  • Saturday 12 noon to 5 p.m.
  • Open on Sundays during tax season

 

Contact Us

Box 51362 Cameron Rd PO
Burnaby, BC V3J 0C9
Phone: (604) 314-8395

Email: Click here

GET YOUR FREE SPREADSHEET!

Sign up below to get your free spreadsheet. You'll also get our latest blog posts via email.

© 2022 · Hands on Accounting