If you don’t keep on top of your payments and/or remittances to the government, you may find that you have difficulty catching up on the arrears. The money you collect on behalf of the government are to be held in trust (HIT).
If you don’t make the payments on time, you may also receive fines, penalties and interest charges.
The following information was created for the Small Supplier or Business that makes less than $500,000 in a calendar 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 deadlines you need to keep in mind:
Depending on the amount of money you make in your business, your GST returns will be due Quarterly, Monthly or Annually.
Your GST/HST payment due date is 30 days after the end of your reporting period.
If you file quarterly this means:
- March 31
- June 30
- September 30
- December 31
If you file monthly, it’s due 30 days after the month end.
(Do you need to register for GST? Find out when here: Do I need to register for GST?)
Payroll Remittance Deadlines
If you are a new remitter or your payroll liabilities are less than $3,000 you will be a quarterly filer.
For quarterly filers, payroll liabilities are due on the 15th day following each quarter.
If your payroll liabilities are more than $3,000 and your payroll is $25,000 or less, you will be a Regular filer.
For regular filers, payroll liabilities are due on the 15th following the month end.
(Need help with payroll? We provide that service: Payroll Services)
If your premiums are under $1,500 per year, you will be an annual filer. Your payment will be due on the 20th day of the month following the calendar year.
If your premiums are over $1,500, you will be a quarterly filer. Your due date will be the 20th of the month following each quarter.
What happens if you don’t file on time?
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 if you are many months in arrears and fail 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 can help you identify problem areas and create a recovery plan. We can also provide suggestions and an overview of your options so you can keep your business running.
Contact Ina for a free consultation.