Filing Your GST/HST in a Timely Manner
Greetings! This is the first in a series of general accounting observations related to your business. Let’s start by looking at your GST/HST claims. With the introduction of the HST in BC and Ontario, you should be seeing a slightly larger rebate on your quarterly or annual returns, mainly because of the PST which is now included in the HST amount rather than being part of prorate.
Even though truckers, being zero rated for GST/HST, almost always receive a rebate, CRA has stepped up their activity and we are receiving more calls to ensure that returns are filed sooner rather than later. In fact, CRA has recently assessed a number of drivers who have ignored their pleas. These assessments have been based on their gross revenue, not their previous returns. So rather than receiving a refund, some have received assessments in the range of $70,000. The better choice is to file in a timely manner and avoid the extra hassle and scrutiny.
If you need to get your paperwork straightened out we are always here to help you manage your numbers. Cheers, John.
J L Jackson Accounting Corp.