GST Preparation And Filing services in Canada- Top 4 FAQs Answered
Goods and Services Tax, better known as GST, is nothing but the applied tax amount on most services and goods. Like many countries, the Canadian government also levies a certain tax amount on different commodities. The GST rules may vary from one to another province. When some of them impose HST (Harmonized Sales Tax), the other ones charge the GST amount differently.
Anyway, there’s no denying that opting for the right GST Preparation and Filing service in Canada is the key to your business growth. And before you select an accounting company for this filing, you need to come with the proper understanding of this filing process. Get the answers to some relevant questions regarding it from the upcoming segment of today’s blog.
FAQS About GST Preparation and Filing services & Relevant Answers!
Keep on reading and gather more relevant information in this regard.
Question #1- How Can I File GST?
Well, this process starts with selecting the suitable accounting method. Amid different ways, the standard method is a common one that requires paying the difference between HST and GST.
The quick technique needs calculating owed GST and HST by tax multiplication. And the simplified way makes use of a single rule for return.
After selecting the aptest way, other steps you should follow are filling out the return form and complete your return.
Question #2- What About The GST Filing Deadlines?
The filing of the company remains in direct correspondence with the filing period. The GST return received from CRA shows the filing deadline on the top place. Small business owners and corporations are allowed to file monthly, quarterly, or annually.
A question might lurk into your mind what amid them should you choose? Well, it depends on your needs. For instance- if you want to avoid the lump sum payment, go for the quarterly payment options.
And to get the required assistance, feel free to deal with an accounting company offering this service for a long.
Question #3 – When GST Filing Is Due?
In the case of quarterly or monthly filings, the due remains one month after the ending of the period. For example- when the filing at December end is due on June 15, the payment deadline is 30th April.
And in case the annual period does not get ended on the last day of December, GST filing will remain due 3 months after the end of the financial year.
# Question #4- Who Has To File A GST Return?
There’s no need to file a GST return mandatorily. You require to filing this return if your business provides taxable commodities or services in Canada. Also, the revenue amount determines whether you need to file it or not. You should file your GST if your business gets more than $30 000 in revenue.
Conclusion
Hopefully, now there will be no complexity in understanding the GST Preparation and Filing services in Canada. And in case you want to file this return quickly and flawlessly, feel free to book your appointment with a trusted accounting firm. Our trusted and reliable accounting experts won’t give you any chance to get disappointed.