The due dates for GST/HST payments in Canada depend on your business’s reporting period, which is determined by your revenue. Here’s a breakdown:
Reporting Periods:
- Annual Filers: Businesses with annual taxable sales of $1.5 million or less typically file and pay GST/HST annually.
- Quarterly Filers: Businesses with annual taxable sales exceeding $1.5 million but less than $6 million usually file and pay GST/HST quarterly.
- Monthly Filers: Businesses with annual taxable sales of $6 million or more are generally required to file and pay GST/HST monthly.
Due Dates:
- Annual Filers: Payment is due one month after the end of your fiscal year.
- Quarterly Filers: Payment is due one month after the end of each quarter (March 31, June 30, September 30, and December 31).
- Monthly Filers: Payment is due one month after the end of each month.
Example:
If your business is a quarterly filer and your fiscal year ends on December 31st, your GST/HST payment for the quarter ending September 30th would be due on October 31st.
Additional Considerations:
- New Businesses: When you first register for GST/HST, your reporting period may be different. The CRA will inform you of your specific filing and payment schedule.
- Payment Methods: You can pay your GST/HST online, at your financial institution, or by mail.
- Penalties and Interest: Late payments may incur penalties and interest charges.
Where to Find More Information:
- Canada Revenue Agency (CRA) Website: The CRA website provides comprehensive information on GST/HST, including reporting periods, due dates, and payment methods.
- CRA Business Enquiries Line: You can call the CRA Business Enquiries line for assistance with GST/HST related queries.
Remember:
Always stay informed about your specific GST/HST filing and payment obligations to avoid penalties and ensure your business remains compliant with tax regulations.
