If you’ve recently migrated to Canada and are considering starting a business, you’re probably curious about GST/HST registration, tax obligation applications, and how to pay my GST.
The GST (Goods and Services Tax) is a sort of sales tax that applies to a wide range of items, including both goods and services.
Much real property and intangible personal property supplies, such as trademarks, digitized products and patent rights, are also subjected to the GST.
Taxes are levied by most governments and regions, including Canada. Most taxable goods and services are subject to a 5% tax.
Who Should Pay GST?
Depending on the type of sales and the type of supplies you sell, you may be obligated to pay GST on a bigger number of your items.
However, not all items, services, or businesses must charge; there are a few exceptions, such as when GST and Provisional Sales Tax (PST) have an agreement of collecting the tax together.
Get Yourself Register With CRA (Canada Revenue Agency)
You must first register with the Canada Revenue Agency to pay GST. If you manufacture taxable supplies in Canada and want to start a business as a non-resident, you must first register online with BRO (Business Registration Online) to pay your GST.
How To Pay My GST Online?
You can pay your GST either online or in a branch near you. However, the Canada Revenue Agency (CRA) has made it very simple for individuals and businesses to pay their taxes online using an electronic gadget called MY Payment.
Because it simplifies accounting numbers and funds leave your account promptly, it is one of the quickest and easiest ways to make payments online.
You can now make many payments from your home with a single click on your single transaction, eliminating the need to monitor each transaction.
However, credit cards cannot be used to pay your GST. If you wish to use a credit card to pay your GST, you must use PayPal, Interac e-Transfer, or Pay by credit or debit card.
When Do You Have To Pay The GST/HST?
Don’t be concerned if you have an agreement in place to pay your GST and are concerned about the deadline.
The due date for your GST/HST payments fluctuates along with the due date for your GST/HST returns. Your GST/HST payment deadline is determined by your GST/HST filing period.
Even if you have not yet been paid, you must remit (pay) the GST/HST for any invoice you include in your return.
It should be highlighted that
• If you are an annual filer with a fiscal year-end date of December 31 and have business revenue for tax purposes.
- Or, if you are a yearly filer who must pay your GST/HST in instalments
Then keep in mind that your GST/HST payment deadline is different from your filing deadline.
What Are The Requirements To Pay With GST?
If you’re using My Payment to make a payment, make sure you don’t have a credit card. To make a payment using interact, you’ll need an activated debit card with one or more of the following logos on the back to pay with visa debit card or master card.
- You can pay using a visa debit card if it has the logos of these banks and institutions.
- If your card has RBC Royal Bank
- ATB Financial
- Scotiabank
- CIBC
- TD Canada Trust
- If your card has the logo of the following banks use the Interac option to pay.
- Tignish Credit Union
- Toronto Municipal Employees’ Credit Union
- Ukrainian Credit Union
- Unity Credit Union
- Valley Credit Union
- Northern Credit Union
- Northern Savings Credit Union
- North Sydney Credit Union
- OPPA Credit Union
- Interior Savings Credit Union
- Kindred Credit Union
- Kingston Community Credit Union
- LaHave River Credit Union
- Leading Edge Credit Union
- Libro Credit Union
- Blackville Credit Union
- Caisse Populaire de Clare
- Churchbridge Credit Union
- Coastal Community Credit Union
- Coastal Financial Credit Union
- If your card has the logo of the various banks below and the Interac logo, use the Debit Mastercard option to pay.
- BMO
- Servus Credit Union
Time Duration and Availability
Websites, companies, services, or publications are not endorsed by the CRA. They are solely offered for your convenience.
My Payment is available seven days a week, twenty-one hours a day.
The kind of payment methods available is determined by the payment you are making.
The CRA typically processes payments in 1 to 3 working days. Please make sure you pay on time to avoid penalties and interest.
Payment Fees
The good news is that CRA does not charge its customers any fees for using MY payment service.
However, if you’re making online payments with a debit card, Don’t forget to inquire about your transaction cost and any limits that your affiliated financial institution may impose on its customers.
GST Payment and Filing Deadlines
The deadlines for paying your GST vary depending on the filling periods.
- Monthly – for monthly filling, the deadline will be one month after the reporting period has ended.
- Quarterly – for quarterly filling the deadline will be one month after the reporting period has ended.
• Once a year for those who are listed on a financial institution, except those who are listed solely because they have made a Section 150 election – 6 months after the fiscal year.
For example, if the End of the reporting period is October 31, then the Payment deadline will be April 30 and the filing deadline will be April 30.
• Once a year, except for those with a fiscal year-end of December 31 and business income for income tax reasons – 3 months after the fiscal year.
For example, if the end of the reporting period is August 31 then the Payment deadline will be November 30 and Filing deadline will be November 30
• Annually, with the inclusion of people with a fiscal year-end of December 31 and company income for tax purposes
For example if the End of the reporting period is December 31, then the Payment deadline will be April 30 and the Filing deadline will be June 15
However, if you are filling a personalized GST/HST return, then for checking the due date you need to check the top of your GST34-2 for registrants. Please, remember if your due date is Saturday and Sunday, Christmas day or any other holiday recognized by CRA, then your payment will automatically proceed on the next day.
