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What is a GST/HST number, and what does it mean?

The Canada Revenue Agency assigns your firm a Goods and Services Tax (GST) number, which is a unique tax identity number (CRA). It's also known as your company number (BN), and it's what you'll use to collect, record, and submit GST and HST to the Canada Revenue Agency (CRA). It's also utilized to track down any other CRA-related business activity, including payroll deductions or corporate income tax.


You must register for a GST/HST account, charge it, collect it, and send it to the CRA if you have sales or income of $30,000 for four consecutive quarters. You are a small supplier if you have less than $30,000 in sales or revenue. You have to register for a GST/HST account, but you can do so voluntarily unless you are in the taxi or limousine sector, for example, where registration is compulsory from the start of the business. As a registrant, you are entitled to a refund of the GST/HST paid on purchases and other business expenses.


When do I have to submit my GST/HST return?


The Canada Revenue Agency (CRA) expects you to file a GST/HST return once a year. You can choose to submit on a more frequent basis if you choose, although most small firms are required to register once a year.


The CRA will issue you a customized GST or HST return form after you've registered for your GST/HST number, which will specify the deadline for filing your return.


If you're a sole owner, the date for completing your GST/HST return and making any outstanding payments normally coincides with your personal income tax return deadline. The deadline for filing your personal income tax return will be confirmed on your personal income tax return form.


For both income tax and GST/HST purposes, corporations usually have the same fiscal year-end. If a business wants to use a different GST/HST fiscal year-end, it must first obtain CRA approval.


Your GST/HST return must be filed by June 15th of the following year, and your payment must be made by April 30th of the following year if your corporation has a calendar fiscal year-end (i.e., December 31st).


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