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GST RETURN

GST REGISTRATION?

You need to register for GST if:

  • You make taxable sales, leases, or other supplies in Canada exceeding $30k.
  • You are not a small supplier (i.e., you do not sell more than $30k in 4 consecutive quarters).
  • You are a self-employed taxi driver or commercial ride-sharing driver even if the sale is less than $30k in 4 consecutive quarters.

DEADLINES FOR FILING RETURN

  • Monthly: One month after the end of the month for payment and return submission
  • Quarterly: One month after the end of the quarter for payment and return submission
  • Annually: Three months after the end of the fiscal year.
  • For Individual (Annually): The Payment deadline is April 30, and the deadline for filing the return is June 15

Registration for GST would allow the business to claim the input tax credit. However, the business would have to charge GST on the sale of goods and services.

You can make an election by using Form GST74E or by using CRA online services to use the quick method. The Quick method of election cannot be revoked unless it has been in effect for at least one year. Election to revoke GST/HST must be made before the due date of filing the return for the last reporting period. The Election can be revoked by using Form GST74E or by using CRA online services.

  • Service Business – 3.6%
  • Retailers and wholesales – 1.8%

You are eligible for 1% credit on the first $30k of your eligible supply at the time of calculating the net tax payable in each fiscal year.