Should You File an HST Return?
When you are a business owner in Canada and earn at least $30,000 as revenue, you have to file the Harmonized Sales tax (HST). HST has to be paid by the customers to the businesses. The two taxes combined make up the HST, and they are 1- Regional sales tax and 2-GST. GTA accounting provides professional HST return filing services in Mississauga. We have an expert CPA and accounting experts who will guide the Canadian and Non-Canadian residents about the taxes and handle all your tax filings.
People have to be very careful while filing taxes. Even one mistake can lead to problems. Tax filing is not an easy task. It is a complicated process. Whether you are a small or medium company or a large business, the tax system in Canada is very strict, and you may incur penalties if your tax filings get delayed or have any mistakes. We ensure that you meet the requirements of CRA for the tax filing to avoid any penalties due to delayed filing. W also make sure that your HST returns are planned and prepared so that there are no mistakes.
Minimize Your HST Payments
There is a difference between the filing deadlines of other taxes compared to HST. Also, the period to file HST returns is different. The reason for that is the HST return filing depends on the business model and what type of products and services the company is offering. The various methods of filing the HST returns could work in your favour.
Our team of experts at GTA Accounting helps the client minimize the amount of tax paid as much as possible. Many people are unaware of how the taxes work in Canada and whether the HST is applicable or not in their province. Our CPA will guide you regarding the products and services that do not apply to Canada's HST tax. A few of the businesses are exempt from tax charges, e.g., the essential grocery items. In addition to that, some services are also exempt from HST that includes child care services, medical and educational services. You have to partner with a reputable accounting firm to figure out the items, which are zero-rated, exempt, and taxable. We will guide you on how you save your money by minimizing your taxes. This will enable you to save money and invest in different projects.
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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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Complete Guidance In Filing HST Returns in Mississauga
When your business charges the HST from the customer, it becomes a liability for you to pay some of that tax to the Federal Government. Secondly, you have to show to HST return statement to the Canada Revenue Agency (CRA). Generally, a business owner starts to charge the HST from the customers; then, they have to register for the HST filing. The CRA would let the business owner know about the stipulated time for reporting HST for the business. This time is calculated based on the annual supplies of taxable goods and services of a company.
If you choose an accounting firm in Mississauga to assist you with your taxes and HST returns, you can be assured that your HST returns will be filed on time. They understand when and how to file a report. If your yearly tax supplies exceed $6 million, for example, you must file your taxes every month. You will never run out of time or face fines or interest with GTA Accounting on your side.
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Complete Assistance In Filing HST Returns
Many business owners are unaware that the tax filing deadline can be changed at any time. Your company's performance determines the degree of flexibility. If the taxable supplies are zero, they can, for example, cancel the reporting period. If they desire, they can also extend the payment time. However, when you work with a tax accounting firm in Mississauga, you gain access to their extensive knowledge and decades of experience. They will assist you with everything from tax collection to HST return filing in Mississauga.
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:
Foreign Tax Deductions and Rebates (FBAR)
If you are a foreigner living in Canada, filing taxes is a little different. Consider that you are a U.S. citizen with a green card or owns a business and fall under the self-employed category. In that situation, you can file Form 1040 every year while generating a substantial income. However, this isn't always feasible. It only applies if you work with a competent tax accounting firm in Mississauga. Our CPA and accountants in Mississauga will assist and guide you through the entire procedure.
You can also file an additional tax return and claim deductions if you hold mutual funds in Canada or if you are eligible.
If you have a dependable and trustworthy accounting firm in Mississauga as a partner like GTA Accounting, you may take advantage of additional deductions and refunds. The following refunds and tax deductions are available to you:
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