- HST applies to Ontario, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador.
- GST applies to Alberta, British Columbia, Manitoba, Northwest Territories, Nunavut, Quebec, Saskatchewan, and Yukon.
- Businesses earning more than $30,000 in four consecutive quarters must register for HST or GST.
- Businesses with annual revenue under $400,000 can use the quick method for GST.
- GST rate is 5% in Alberta, Northwest Territories, Nunavut, and Yukon.
- HST rate is 13-15% in Ontario, New Brunswick, Newfoundland and Labrador, Nova Scotia, and PEI.
- GST + PST is filed separately in British Columbia, Saskatchewan, and Manitoba.
- Filing frequency depends on annual revenue: under $1.5 million
- annual filing, $1.5 million to $6 million
- quarterly filing, over $6 million
- monthly filing.
- Registered businesses can recover HST or GST paid on eligible business expenses.
- Starting January 1, 2024, most businesses are required to file their GST or HST returns electronically.
- Common mistakes include late filings, late payments, charging the wrong tax rate, and poor record-keeping.
Source: kwbllp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
