Who Should File an HST Return?
When you are running a business in Canada and have a revenue of more than $30,000, you have to file Harmonized sales tax (HST). HST is a combination of the federal and provincial taxes on goods and services in Canada. You are required to pay HST to the Canada Revenue Agency (CRA). If you fail to do so or have missed the deadline, you will have to pay hefty penalties. Compliance with the HST is critical for a company's financial success and growth.
We help companies, small enterprises, SMEs, and self-employed individuals with HST filing in Oakville and more. We recognize the significance of CRA HST deadlines and compliance, as well as the impact they have on your organization.
Avoid Penalties When Filing Your HST Return in Oakville
When filing the HST, you'd have to be careful with regulations, deadlines, and required documents. A minor miscalculation or any missing document, you may have to pay a fine. On the other hand, our accounting firm in Oakville can keep you at peace because you know we will handle the burden of filing the return.
Secondly, you'd also have to determine whether your business is applicable for the HST or not because some companies are exempt from the HST. For instance, in the service businesses, educational services, childcare services, and medical services are exempt from HST. Apart from that, the tax depends on the province and their sales tax regulations as well. At GTA Accounting Oakville, we help you to identify if your business is exempt or not. And some supplies are zero-rated, which means that 0% tax is applied, e.g., basic groceries.
At GTA accounting, We help our clients keep track of their HST records so that they may file them quickly at the end of their reporting period. In addition, we can assist you in gathering required documents and information, effectively preparing your HST return, and keeping track of your HST-related expenses.
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Meet Our CPA
Sohail Afzal, CPA is the founder of GTA Accounting, a Toronto based accounting firm with offices in Toronto, Mississauga and Oakville. 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 Sohail'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 annual gross revenue.
Featured in the Toronto Star, Sohail shares more about his accounting firm and what sets them apart.
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Why Hire GTA Accounting to File HST Returns in Oakville?
Filing taxes is not easy as it sounds, and not every business owner is an expert in Finances. That means if you want to do it by yourself, you'd have to put in extra effort and time to make a single financial report. As a result, you could lose your precious time, which you could have spent in the strategic growth of the business, which includes planning of the sales, inventory, customers, purchasing, and digital marketing, to name a few.
You could either hire an expert CPA and accountants or outsource the task to an experienced and result-oriented accounting firm in Oakville. The latter option would be best for the business owners as it would save your overhead cost and keep your business within the budget. At GTA Accounting, we ensure that all your taxes, including the HST, have been filed on time following the CRA's requirements. In addition to that, we also provide you with a report of the comparison between the current year and the previous year's taxes and see how it can be reduced where applicable.
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Complete Guidance In Filing HST Returns in Oakville
Our highly professional CPA and skilled accountants will guide you regarding the filing of the HST return in Oakville. In addition, we will present you with the financial reports, which are easy to read and understand so that you can make well-informed and timely decisions.
Here at GTA Accounting, we will act as your representative when you have to file your HST return and take care of every step with details. Our CPA and accountants know all the nitty-gritty details of filing HST so that you can trust us.
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:
Frequently Asked Questions About HST Returns in Oakville
When is an HST Return Due?
There is no specified date for filing and when it would be due. It depends on when you are filing it. Monthly and quarterly files are due one month after the end of the period. In contrast, an annual reporting period with a December 31st year-end is due June 15th and a payment deadline of April 30th.
How Do I File my HST Return?
First of all, you'd have to register for the HST number. Then, once you have got that and know about the reporting period and the deadline, you have to choose the method of accounting with CRA so that they will figure out the calculation regarding your HST remittances and expenses.
After that, by filing your HST return form, figure out how much you owe the government and if you are eligible for the HST refund. At GTA Accounting, we do it all for you so you can focus on your business.
Where Do I File My HST Return
You have two options: either file it through your bank or credit union, OR you can also do that by telephone with TELEFILE; it can also be done electronically via NETFILE on the CRA. Website.
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