HST Filings Toronto

Our goal is to help you meet the CRA guidelines for your industry and
avoid penalties due to missed or late filings.

If your business provides taxable goods or services in Canada and earns a revenue of more than $30,000, you must file HST returns. Harmonized Sales Tax (HST) is a provincial sales tax that is harmonized with GST. GTA Accounting Professional Corporation is a Toronto accounting firm that offers HST filing assistance to residents and non-residents of Canada.
We know there are small businesses that are required to register for HST regardless of the amount of revenue they earn. Our goal is to help you meet the CRA guidelines for your industry and avoid penalties due to missed or late filings.

File your HST Returns on Time

HST filings usually have different deadlines depending on the type of business you are conducting as well as the options you’ve taken. There are also different filing methods to choose from depending on what’s beneficial to you. Our tax advisor Toronto comes with the skill and expertise to help you save as much as possible on HST. Not all goods are subject to HST of the province for which they are applied. Some businesses may not charge HST on certain goods such as milk and bread. These zero-rated items need to be excluded from your charge. HST may also not apply to a specific group of services. For instance, if you are offering child care, medical or educational costs, HST may not be charged on these items. You need to consult a reliable accounting firm to help you identify which items are zero-rated, exempt and taxable. This will allow you to save the most on HST charges.

Get Help Filing HST Returns

When a business collects HST from its customers, it remits the tax to the federal government by filing a document known as the HST return to the CRA. Usually, you have to register for HST when you start collecting this form of tax from your customers. When you register the CRA assigns a reporting period that will apply to your business. This reporting period is going to be determined by the business’s annual taxable supplies. For most businesses, reporting is done quarterly. However, if your business makes more than 6 million dollars in annual taxable supplies, you are going to be required to report on a monthly basis. However, you can choose to file quarterly, semi-annually or on monthly basis, whichever works for you as a small business.

Get all the Help You Need in HST Filings

As a business, you must remit on the reporting period even if your remittance is zero. In a situation where you are expecting refunds, you have the option to increase your remittance period. We will make the process easier for you by filing your HST returns electronically. There are certain expenses that qualify as input tax credits. We will determine the input tax credits that your business qualified for allowing you to save a lot more on your taxes. Are you currently experiencing any challenges filing your HST? We’ll come up with just the right strategies to address them. Get in touch with us to discover your options.

FBAR (Foreign Tax Credits Or Deductions)

For all the taxes you paid in Canada, you can make a claim for foreign tax credit on your United States tax returns. If you are a green card holder or a U.S. citizen, you must file the 1040 form on yearly basis if you meet a certain income threshold. You may be subject to S.E. tax exemption if you reside in Canada and you are exempted by the Canadian U.S. social security agreement. You will have to file disclosure to this exemption with the 1040 Form.

Other than filing the 1040 Form every year, you may be subject to additional tax reporting. Additional tax reporting may apply if you are a beneficiary or if you own Canadian Mutual Funds. You are also subject to additional U.S. tax reporting if you own or are a beneficiary of Canadian RPPs, RESPs, RRSPs, and TFSAs.

What is HST?

The Harmonized Sales Tax is a consumption tax in Canada. This tax is paid by the customers of the business. It is used in provinces where both the federal goods and services tax and the regional provincial sales tax have been combined into a single value added sales tax. The HST in Ontario is 13%.

Businesses collect HST on sales and remit the HST collected to CRA after subtracting the HST paid on expenses. HST return is filed as monthly, quarterly and yearly.

Is HST a VAT?

The Canadian federal GST is like VAT in other countries. The three provinces of Ontario, New Brunswick and Newfoundland and Labrador harmonize the 8% sales tax with the 5% GST, creating a 13% harmonized sales tax, HST.

What is HST in Ontario?

The Harmonized Sales Tax (HST) is 13% in Ontario. Businesses collect HST on sales and remit the HST collected to CRA after subtracting the HST paid on expenses. HST return is filed as monthly, quarterly and yearly.

HST is a tax on the final consumer, it is neither an income nor an expense but rather a liability for the business.  All of business income and expenses are reported net of HST.

What is the purpose of HST?

HST is a consumption tax paid by the consumer at the point of sale (POS). The vendor or seller collects the tax proceeds from consumers by adding the HST rate to the cost of goods and services. They then remit the total collected tax minus the HST paid on expenses by the business to the CRA.

Does HST include GST?

The harmonized sales tax (HST) is a consumption tax in Canada. It is used in provinces where both the federal goods and services tax (GST) and the regional provincial sales tax (PST) have been combined into a single value added sales tax.

What is Canadian HST rate?

For Ontario, HST rate is 13% and for Quebec it is 14.975%.

Is HST tax deductible?

Businesses collect HST on sales and remit the HST collected to CRA after subtracting the HST paid on expenses. HST return is filed as monthly, quarterly and yearly. 

HST is a tax on the final consumer, it is neither an income nor an expense but rather a liability for the business.  All of business income and expenses are reported net of HST. In simple terms, any HST paid by the business is recoverable.

What is exempt from HST?

Some supplies are exempt from the GST/HST – that is, no GST/HST applies to them. This means that you do not charge the GST/HST on these supplies and you are generally not entitled to claim input tax credits on such supplies.

What items are not taxed in Canada?

Some examples of GST/HST zero-rated goods and services are:

Basic groceries - This category includes meat, fish, poultry, cereals, dairy products, eggs, vegetables (fresh, frozen, canned), coffee, tea, etc.

What is HST Number?

HST Number is a 9-digit number and it is the same as of a Federal Business Number (BN) which Revenue Canada Agency assigns to a business such as a corporation, a sole proprietorship or a partnership in Canada. An HST number ends with RT0001. Sample HST#  123456789 RT0001. The HST number must be mentioned on all the invoices.

What items are HST exempt in Ontario?

Consumers do not have to pay HST on exempt items including: Qualifying food and beverages, including basic groceries but not alcoholic beverages, soft drinks, candy, snack foods, etc.

Do I need to have HST Number?

It may seem that all small businesses should immediately get a GST/HST number, but it really depends on the business. If your business has revenue in excess of $30,000 then you must register for a GST/HST number.

If you fail to register for the HST then you are still responsible to remit 13% of your sales to CRA even though there is no collection from the customers. This means that you will lose 13% of your sales to HST. 

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