Argh! Those pesky GST returns…
Every year, all GST registrants have to file these returns, whether they like it or not. For many small businesses this filing is only done once a year. The threshold is at $1,500,000 in “taxable supplies” (what does that mean?) to remain an annual filer. This means that if you have sales in your business (or businesses, because if you have more than one business they are considered together for the threshold purposes) over $1.5 million you have to start filing on either a quarterly or monthly basis, depending on your next threshold. If it’s more than $6 million, then you must file monthly!
The returns are fairly straight-forward if your records are kept really well! You have to declare the gross revenue of your company for the period (how much you billed); how much you collected in GST, and how much you paid in GST. What gets complicated for people is knowing which items in their books include qualifying Input Tax Credits (ITCs), and which don’t. There are some things that have them, but are sort of hidden (like parking fees). And there are some items that exempt (like certain grocery items).
Now, if you are at all confused about this, speak to us! Ask questions… It’s our job to help you out with these kinds of things. The big issue will be whether your company’s books are in order or not. If they are and you’ve claimed everything correctly, then it shouldn’t take you very long to fill out the form and file your return. If they aren’t, talk to us. We’ll help!
And don’t forget the March 31 deadline!