GST/HST Return

A business remits the GST/ HST collected to the federal government through the  Canada Revenue Agency by filing GST/ HST returns.

How often to file GST /HST  returns depends on the length of  reporting period, which is based on the  amount of  business’s annual taxable supplies.

Usually when register  for GST/HST, a business will be assigned a reporting period and the Canada  Revenue Agency will mail a personalized GST/HST Return for Registrants at the  appropriate time.

On the GST/HST return, a business declares the amount of  GST/ HST collected from various customers and deduct the Input Tax Credits  (ITCs) a business credited with to determine GST/HST net tax. This net tax is  either a positive amount – (an amount that a business will have to pay the  federal government), or a negative one – (the amount of the refund the federal  government will send to a business).

Note that if a business is a GST/HST  registrant, it must file GST/ HST returns on schedule, even if there is nothing  to report (as it didn’t collect any GST HST during that reporting period).