The Canadian Revenue Agency (CRA) expects you to return the GST/HST you collect on purchases. You must first deduct the ITCs received on your tax. If your filing results in a balance owing, Tax Accountant Toronto team listed various payment options for that amount.
The Canada Revenue Agency provides an electronic payment service that allows small companies to settle their tax obligations. This solution permits business owners to send money from their online account using Interac Online. Look for “My Payment” on the CRA’s website to discover how to use this electronic payment service.
Tax Accountant Toronto team state that you may also make a GST/HST payment through your bank’s or credit union’s internet or phone banking services. The majority of banks and credit unions enable their customers to pay their taxes using their services.
You can create online accounts for your business using the CRA. You may authorize the CRA to take money from your HST/GST account on a certain date using the “My Business Account” service.
You can pay your HST/GST using the RC158 form or the GST/HST Netfile/Telefile Remittance Voucher at any financial institution that accepts it.
Tax accountant Toronto team state that when you get a personalized GST return, include the remittance voucher with a cheque or money order for payment. Simply make sure to write your company number on the back of the cheque or money order.
For payments over $50,000, you must either transmit them electronically or through a financial institution.
The Canadian Revenue Agency (CRA) just introduced a new regulation that requires certain sorts of businesses to submit their GST/HST electronically. If your company has more than $1.5 million in taxable supplies, for example, you must submit your returns electronically. Tax Accountant Toronto team affirms that registers in Ontario and British Columbia who are required to recoup ITCs must also submit electronic returns.
The CRA has made available a variety of ways for taxpayers to submit their tax returns electronically: