Who Should File HST?
If you are a business in Canada and offer products or services that are taxable and earn more than $30,000, you have to file Harmonized Sales Tax (HST). It is a combined regional sales tax. GTA Accounting is a reliable and professional accounting firm in downtown Toronto that provides expert consultants and CPAs who assist you with all your sales tax recording and reporting needs.
Filing taxes is a complicated matter as it is. On top of that, not every business owner is a finance professional. This means that you either have to spend countless hours pouring over the reports and records, or you have to hire someone full-time who will do it for you. So, on the one hand, you are losing precious hours, and on the other hand, you might be running outside your budget after hiring a finance team.
As a small to medium entity (SME), your best option is to hire a professional accounting firm in downtown Toronto. At GTA Accounting, our goal is to help you meet the CRA’s requirements for your specific industry. This ensures that you not only file your taxes on time but also avoid any penalties.
Complete Assistance In Filing HST Returns
Many business owners do not know that the tax filing period is entirely flexible. The flexibility is based on your business performance. For example, they can cancel the reporting period if the taxable supplies are zero. They can also increase the payment period if they want. But when you partner with a tax accounting firm in downtown Toronto, you get the benefit of their vast knowledge as well as their decades’ worth of experience. They will help you out with everything from collecting taxes to the filing of the HST Returns in Downtown Toronto.
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Meet Our CPA
Steven Matos is a Chartered Professional Accountant at GTA Accounting, a Toronto-based accounting firm with offices in Toronto, and Mississauga. The firm touts a high 5-star Google rating and has been selected by Clutch for service awards two years in a row.
Because of Steve's business background, he is able to pair bookkeeping and tax services with management consulting providing an edge over other similar accounting firms. Offering affordable rates, GTA Accounting works with small business owners and large companies with over $40 million in annual gross revenue.
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Get HST Returns Filed in a Timely Manner
Filing HST is not the same as filing any other type of tax returns. Everything is different, as the deadlines and more. It all comes down to the kind of business you have, the type of products and services you offer, and your business model. This difference provides you, a small to medium business entity, lots of opportunities and benefits. But if you are not well-versed in HST processes, you might not know about them. Our professional tax accountants in downtown Toronto have spent their entire professional lives dealing with HST and its processes. They have the experience, the up to date knowledge, and the skills to help you out with sales tax and save as much money as possible.
You also have to realize that not all products and services are applicable for HST. It depends on the provinces and their sales tax regulations. For example, some businesses are exempt from HST. Also, some service groups are exempt from HST too. These include educational services, childcare services, and medical services. To find out whether you are exempt from HST, you need a professional accounting service to help you find out the zero-rated items. This will help you lower your tax liability and save that money. Once you have that, you can spend it on marketing, operations, R&D, and more.
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Complete Guidance In Filing HST Returns in Downtown Toronto
When you pay HST as a business owner, you have to pay a part of that as taxes to the Federal Government. You also have to file the proper documents in the form of HST Returns. This shows the Canadian Revenue Agency that you have filed your taxes. This entire process starts when you start collecting HST tax from your customers.
As soon as you register your business with CRA for HST, it gives you a limited period of time to submit the HST report. When you have an accounting firm in downtown Toronto helping you with your taxes and HST returns, you can be sure that they will always file your HST returns on time. They know when to file a report and how to do it. For example, if your yearly tax supplies go beyond the $6 million limits, you have to file the taxes on a monthly basis. With GTA Accounting by your side, you will never fall short of time or incur penalties or interest.
Foreign Tax Deductions and Rebates (FBAR)
Filing taxes is a little bit different if you are a foreigner living in Canada. For example, suppose you are a U.S. citizen who holds a green card or has your own business and comes under the umbrella of self-employed. In that case, you can file a 1040 form annually while earning a handsome amount. But this is not always possible. It is only applicable if you are working with a professional tax accounting firm in Downtown Toronto. Our Downtown Toronto CPAs and accountants will help you and guide you throughout the entire process.
Furthermore, if you own mutual funds in Canada or if you are entitled, you can file an additional tax report and claim deductions. You can take advantage of other deductions and rebates if you have a reliable and trustworthy accounting firm in Downtown Toronto as a partner.
Why Choose GTA Accounting?
Every year in Canada, legislators tweak and twist financial laws, leaving the average individual and business owner at a loss when faced with making financial decisions. We stay on top of new financial and tax laws on your behalf and offer custom made tax accounting and financial advice to help you and your business develop budgets and set financial goals. Still not convinced about what makes us a professional accounting firm? Read further below:
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If you're ready to find out how an Accounting firm in Downtown Toronto can help your HST Returns, contact us for a Free Consultation.