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December 15, 2022 by Ina Turner

Do I need to register for GST?

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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 the 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

 

 

 

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Filed Under: Tax Returns

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