Information about HST Instalments

Did you know that if you owe more than $3000 in HST you will be required to make instalment payments going forward?

For an annual filer with HST tax owing $3,000 or more for your previous fiscal year, you will need to pay quarterly instalments in the current fiscal year.

For businesses with branches or divisions that file separate returns, the $3,000 threshold limit applies to the total net tax for the whole business, including all branches and divisions.

Instalment payments are due within one month after the end of each fiscal quarter. The instalment payment due dates will be as follows: April 30th, July 31st, October 31st, and January 31st, 2024.

Please make sure that the instalment payments are applied to 2023 tax year.

If you do not make these instalment payments and you have a balance owing for your 2023 HST Return, the CRA will charge you “instalment interest”.

To make your HST instalment payments, there are a few options:

  • You can use Form RC160, Remittance Voucher – Interim Payments. This form is only available in paper format due to technical requirements. For more information on how to request this form, please click HERE.
  • You can make instalments electronically through your financial institute’s online or telephone banking. You do not need the remittance voucher to pay online.
  • You can also make instalments electronically by using My Payment, which allows you to make payments online from your account at participating Canadian financial institutions.
  • You can authorize the CRA to withdraw a pre-determined amount from your bank on specific dates. To authorize this, please use My Business Account.

Source: CRA website

Please click HERE for more information.

Have questions? Give us a call at 905-571-2665 or email us here at [email protected]. We’ve got you covered!

Shaelene McInnis

Shaelene’s Tax Tip of the Week – May 10th

Are you or do you know a contractor?

Did you know that you should never pay sub-contractors in cash if you cannot provide them with a receipt? This is otherwise known as an under-the-table transaction. This goes the same for the person purchasing the contract.

The risk simply isn’t worth it. This may seem like an obvious tip, but you would be surprised just how many people are unaware of the tax implications of these sorts of decisions. You cannot ever qualify for a deduction for an expense you have incurred if you cannot provide a receipt. If the contract costs $20,000 in expenses, the person who paid it will be on the hook for all $20,000.

Have questions?

Give us a call at 905-571-2665 (BOOK)! We’ve got you covered!

Shaelene’s Tax Tip of the Week – April 12th

Did you know?

Did you know you can use childcare expenses to lower your taxable income? Examples of childcare expenses include daycares, summer camps, overnight boarding schools and in-home providers like nannies. The government allows you to claim up to $8,000 for kids under age 7 and up to $5,000 for children aged 7 to 16.

Have questions?

Give us a call at 905-571-2665 (BOOK)!

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