GST/HST/QST Reporting
In Canada, businesses frequently navigate the complexities of GST/HST/QST submissions, a task that can be daunting and time-intensive. The administration alone almost necessitates its own set of procedures. We work closely with you to provide timely solutions to your challenges, along with guidance on registration, accounting, appeals, enquiries, and disputes for GST/HST/QST.
After submitting your return, the Canada Revenue Agency (CRA) provides a brief period for payment.
Errors in your return or missing deadlines can lead to penalties or even a CRA audit, further diverting time from your business.
Finding the Right GST/HST/QST Method for You
Originally, managing GST/HST/QST was straightforward—if you supplied taxable goods or services, you simply added the tax to the customer’s bill and remitted the difference to the CRA, after deducting the tax you paid on your purchases.
after deducting the tax you paid on your purchases. Over time, the CRA has introduced various method to benefit different types of businesses, aiming to aid cash flow and reduce administrative burdens.
GST/HST/QST Accounting Method
Standard Accounting Method:
You remit GST/HST/QST based on invoiced amounts, regardless of payment receipt, but can claim input tax credits even if you haven’t paid your suppliers. Unpaid invoices can be written off as bad debts, subject to conditions.Flat Rate Method:
Suitable for businesses with expected turnover below a certain threshold, simplifying GST/HST/QST payments by applying a flat rate to gross income, with limited input tax credit claims.
How We Support Your GST/HST/QST Filings
A successful loan application can be transformative for your business.
With Delta Accounting Group's Business Loan Application Service, you're not just applying for a loan; you're laying the groundwork for future success and stability.
.svg)
.svg)
Registration and Deregistration Advisory
Determining whether you need to register for GST/HST/QST, or possibly deregister, is the first step.
We guide you through the registration process and advise on the most beneficial method for your business, using straightforward language without jargon.
.svg)
.svg)
Filing Accuracy and Tax Position Optimization
Our services include managing your filings, ensuring accuracy and timeliness to prevent penalties.
This encompasses evaluating the GST/HST/QST on your sales and purchases and optimizing your tax position.
Other Tax Reporting Services
