Quick Method – the annual taxable sales threshold at or below which eligible businesses can elect to use this method is $400,000 of GST/HST-included taxable sales; and
Streamlined Input Tax Credit Method – the annual taxable sales and taxable purchases thresholds at or below which eligible businesses or public service bodies (PSB’s) can elect to use this method is:
- $1,000,000 of taxable sales, and
- $4,000,000 of taxable purchases
If your net Goods and Services Tax payable in a fiscal year is $3,000 or more, you are required to make equal quarterly installment payments in the following fiscal year.
The due date on the GST return is the date the GST returns have to be received by CRA, not the “to be mailed by” date. In order to meet these filing deadlines, please allow us to assist you by having your paperwork into our office by the middle of the month following the end of the GST reporting period. This will ensure that the return will be filed as required to avoid the assessment of interest or penalty charges.