PART A - GST Registration Rules
A business that has sale over $30,000 must register GST within 30 days since its sale pass $30,000.
A company can choose a fiscal year-end when register GST#. If fail to choose, can be changed, but must finish the current period GST filing.
How to Register for GST
Online through CRA Business Registration Online system
Mail with Form CRA
By telephone 1-800-959-5525
Effective registration date will only go back to 30 days, must start collect GST on effective registration date and claim ITC.
CRA will assign a reporting period after GST# is registered
Annual reporting: both filing and payment due 3 months after fiscal year-end
Quarterly Reporting: both filing and payment due 1 month after each quarter
Monthly Reporting: both filing and payment due 1 month after each month3.
Individual who has GST#, should pay an installment by April 30th, and file return by June 15th
How to file GST Return: GST/HST Netfile Service
PART B - GST Policies
GST is due on the date invoice is issued to client
GST is collected at the earliest of date payment made by the client
Indigenous People and foreigners don't pay GST
All level of governments don't pay GST
Food and Doctor prescriptions drugs, dental treatment has GST, but that is 0%
Some supplies are GST exempt, such as daycare services, residential leasing
A individual or company didn't register GST should not collect GST from their sales
You are personally liable to CRA for any GST debt even if you operate your business via a company or the company has been closed.
Must keep all invoices issued and expense receipts paid for 7 years after the taxation year
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