Do you know your GST/HST filing period?
As a GST/HST registrant, you must complete a GST/HST return for every filing period, even if you have no business transactions to report or GST/HST to pay. Depending on your business’s total annual sales, you may have monthly, quarterly, or annual filing periods. It’s important to know your filing period – it determines your filing and payment deadlines.
If you fall behind on your filing and payment deadlines, the Canada Revenue Agency (CRA) may assess your tax payable for any outstanding GST/HST returns under section 299 of the Excise Tax Act (ETA). These assessments estimate the amount of GST/HST a registrant is required to pay to the CRA. They do not, however, release a registrant from their obligation to file their outstanding returns.
Additionally, if you do not file your GST/HST returns, any refunds or rebates you are entitled to will be held until the CRA receives them. This includes your T2 corporation income tax refund if you are a corporation, and your T1 personal income tax refund if you are a sole proprietor or partnership.
If the CRA assesses your tax payable under section 299 of the ETA, you will need to:
- file your outstanding GST/HST return(s); and
- pay the reported amount owing, including any accumulated penalties and interest.
After you file your GST/HST return, the CRA will reverse the estimated amount owing in the assessment, and replace it with the reported amount owing, subject to review by the CRA as applicable.
For details on your GST/HST account(s), including balances, log in to My Business Account.