![]() ![]() About you – your social insurance number, date of birth, and personal postal code (where you live).Total annual revenue – be sure to not include exempt supplies, financial services, sales of capital property, and goodwill from the sale of the business in this revenue calculation.Fiscal year for GST/HST purposes – this is usually the same as your tax year for income tax purposes (in other words the calendar year).Effective date of registration – this is generally the date you stop being a small supplier and exceed the $30,000 in revenue. ![]() Now if you do qualify as needing a GST/HST number, it’s time to register and you’ll need a few key pieces of information ready: Regardless of your revenue collection amount, even if it’s less than $30,000, you must register for a GST/HST number. Our take is you should, as this allows you to reclaim any GST/HST you’ve paid on business purchases such as office supplies through GST/HST input tax credits.ĭo note however if you’re a taxi or limousine operator, or non-resident performers who sell admission to seminars, performances or other events. Now if you’re earning less than $30,000 in revenue over the past four quarters you can still choose to voluntarily register for a GST/HST number and remit over any GST/HST you’ve collected. ![]() Well, if your business does at least $30,000 in annual revenues or four consecutive calendar quarters, you’ll need to register for a GST/HST number and begin remitting any GST/HST you’ve collected on taxable goods and services to the CRA. GST/HST put simply is the tax consumers pay on goods and services excluding a few items such as basic food staples, public transit, and some real estate services.Īs a result, any business once they cross certain thresholds in annual sales are required to obtain a GST/HST number, begin collecting GST/HST on taxable goods or services they sell, and carry out GST/HST payments to the CRA. In this guide, you’ll understand what is GST/HST, whether you meet the requirements necessary to register for one, and if so, how to go about it. Luckily, it’s not complicated and to help we’ve broken it down for you. It’s the law and there’s no way out of it, unless you fancy good ol’ CRA knocking on your door! This applies regardless of whether you’re a sole proprietor, partnership, or corporation. If you’re operating any sort of business in Canada, at some point you’ll need to register for a GST or HST number if you meet certain requirements. ![]()
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