The goods and services tax (GST) is a tax that applies to the supply of most goods and services in Canada. The harmonized sales tax (HST) applies to the same base of goods and services as the GST. HST is imposed in provinces that have harmonized their provincial sales tax with the GST.
You mustapply for a GST/HST account ifyou provide taxable sales and services in Canada andyou no longer qualify as a small supplier.You are considered a small supplier if your total worldwide taxable supplies of goods and services from all your businesses is less than $30,000. If you exceed that amount, you no longer qualify as a small supplier. Special rules apply for charities and public institutions and public service bodies that are not charities.
Once you have begun collecting GST/HST it is important to remember that GST/HST accounts are trust funds collected on behalf of Canada Revenue Agency. You must file your GST/HST returns at the times.
We at Your Tax Solutions Inc. are here to help you set up your GST/HST accounts and to prepare and file your GST/HST returns within the timeframe as set out by the Canada Revenue Agency.