2016-12-07 00:00:00 Accounting & Bookkeeping English Learn how often a small business should remit its GST and the consequences for failing to making remittances on time. https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/10/Two-women-in-accounting-office-discuss-GMT-at-office-desk.jpg https://quickbooks.intuit.com/ca/resources/finance-accounting/remitting-gst/ Remitting GST

Remitting GST

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The frequency and moment at which you need to remit GST depends on the volume of your taxable sales. The law provides for a minimum period, but you can always choose to file more frequently.

If your sales are less than $1.5 million, you must file annually but can choose to file monthly or quarterly. If your sales are between $1.5 million and $6 million, you must file quarterly but may choose to file monthly. If your sales are greater than $6 million, you must file monthly.

For monthly and quarterly filers, the GST must be remitted one month after the filing deadline; for annual filers, it must generally be remitted three months after the filing deadline. Failure to remit the GST on time will result in interest and penalties being charged. Corporate directors may also face personal liability.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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