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GST and QST tax declaration
In Quebec, most goods and services sold are taxed by the federal and provincial governments through the Goods and Services Tax (GST) and the Quebec Sales Tax (QST). When a person registers for GST and QST, they are required to complete a GST return and a QST return.
These returns are a government obligation and must be filed even if there is no balance to pay or refund to receive from the government.
EB Conseil Fiscal Inc. can take care of filing these returns, regardless of whether your accounting needs are monthly, quarterly or annual.
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GST and QST Return
Who Should Register for the GST and QST Return?
Registration for GST and QST is done with Revenu Québec. Any person carrying out a taxable activity (at the rate of 5%) in Canada and in Quebec (at the rate of 9.975%, a commercial activity or any person whose taxable activities exceed $30,000 must register the files.
A person whose taxable activities do not exceed $30,000 may still register in order to benefit from certain tax advantages.
If necessary, EB Conseil Fiscal Inc. will take care of your registration.
How to Make Your Declaration
Here are the four main steps to consider when registering for the GST and QST return:
- Register your business for GST and QST.
- Collect sales taxes from your customers.
- Calculate your input tax credits (ITC) and input tax refunds (ITR).
- File the GST and QST returns for each reporting period.
Wondering how to calculate the 2 consumption taxes in Quebec? Remember that the rate charged by Canada on taxable supplies is 5%, and in Quebec, it is 9.975%.
What Is Needed to Make a Declaration?
If you are a registrant, you are obligated to charge the taxes requested on the sale of goods or services, in addition to indicating your tax number on invoices. When you charge taxes, you are automatically considered a collector of the government and therefore, you are responsible for remitting these taxes to the tax authorities.
EB Conseil Fiscal Inc. can both complete your GST-QST return and take care of remittance on scheduled dates.
The frequency of filing and the due date of the tax refund are chosen according to your preferences. When you register, you can choose between monthly, quarterly, or annual GST-QST rebates.
Our team will be pleased to advise you on the best choice for your company and assist you with your GST-QST calculation.
When Do You Have to Pay Taxes?
For example, a monthly or quarterly tax return frequency implies a QST and GST refund no later than one month after the last day of the return period. If your reporting frequency is annual, the QST-GST payment must be made no later than three months after the last day of the reporting period.
Installments
Like taxes, you may have to pay QST and GST in installments. Also known as quarterly installments, you simply need to pay your taxes to the government every three months. If you have chosen an annual frequency for your refund and the amount of your estimated GST or QST return is greater than $3,000, you must make 4 tax payments through your financial institution at fixed dates.
At EB Conseil Fiscal Inc. we analyze our clients’ situations in order to put in place strategies that will allow them to maximize their input tax refunds.
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QST and GST Return at EB Conseil Fiscal Inc.
It is common to see companies that neglect or simply forget to submit their declarations. Indeed, these returns require time and precise information. Avoid complications with EB Conseil Fiscal Inc.
Our team will guide you through the entire GST-QST return process, from business analysis to refund calculations and consultation. Do not hesitate to contact us for more information.