If you are living in Canada and you are a small business owner or an accountant, then often you will face some problems related to the HST Payment Date because the protocols change now and then. In this article, we will remove this problem of yours and give you information related to HST filing and payment. Would like to tell you that if you have not made your HST payment on time, then you may also be charged an extra penalty.
HST Payment Date
Every small business and large business accountant faces HST-related problems and often keeps checking the Canada Revenue Agency website for new guidelines and protocols to know when they have to deposit HST payment and how much according to the revenue. How to calculate how much HST payment. For those who do not know the full form of HST, we would like to tell them that it means Harmonized Sales Tax. This tax system is applicable in 5 states in Canada.
If you run a business in which you sell some type of general service, you charge HST tax to your customers and then remit this HST tax to the Canada Revenue Agency. At the end of every year, business owners have to report their revenue, profits, and taxes to the Canada Revenue Agency. There is also a protocol and a fixed date for depositing this payment, which is very important to follow, otherwise a penalty can be imposed on you.
HST Payment Date Overview
| Article | HST Payment Date |
| Full Form | Harmonized Sales Tax |
| Tax Payees | Customer |
| Taxed On | Goods |
| Country | Canada |
| Year | 2023 |
| website | canada.ca |
Business With No HST Payment
In the guidelines issued by the Revenue Agency in Canada, there is mention of some such businesses, if you do them then you do not have to file any kind of text HST payment. The main businesses we know of are those that are not subject to HST: Businesses where we sell zero-rated HST products, including medical supplies, exports, and certain specialty grocery items. Businesses that generate revenue of less than $30,000 in a quarter. Hope you have understood about Business With No HST Payment.
Important HST Payment Dates
Mainly all businesses submit their HST-related information and payments only at the end of the year. According to the guidelines of the Canada Revenue Agency, there are four types of important HST Payment Dates which include:
- Monthly: 1 month after the period ends.
- Quarterly: 1 month after the period ends.
- Annually (Dec 31st year-end): The filing deadline is June 15th, and the payment deadline is June 30th.
- Annually (other year-end): 3 months after fiscal year-end.
HST Payment Deadlines
HST Payment Deadlines are a specific date for every business. If this day falls on Saturday or Sunday, you have to deposit your HST payment on the next business day. If you do not do this, it will be considered that you have deposited the payment after the deadline and then some kind of penalty can also be charged on you. This penalty will increase day by day. Small business owners and all accountants should be aware of their HST payments, filings, and payment dates.
HST Payment Penalty
If you have not paid any amount of your HST payment, or if you have deposited your payment days after your deadline, you will be subject to HST Payment Deadlines, which are calculated using the following formula:
A + (B x C)
The penalty for overdue returns is calculated as A + B * C, where A is 1% of the amount owing, B is 25% of A, and C is the number of months the return is overdue, up to a maximum of 12. months.
How To Pay HST
Making HST payments may seem like a daunting task to many Canadians, but it may be easier said than done. You just have to follow the below-mentioned steps carefully:
- You can pay your HST using your credit card, debit card, or net banking facility.
- If you want, you can also get an automatic payment setup done between the Canada Revenue Agency and your bank.
- You can also pay in person by visiting the Canada Revenue Agency office.
- You can also send your HST payment details and check via money order or mail.
Online HST Payment Filing
Today’s era has gone completely online but all the work can be done with the help of the internet and that’s why you can do HST payment filing for your small businesses without firing any accountant sitting at home. For this, you have to go to the Online HST Payment Filing Portal of the Canada Revenue Agency and fill out the application. While filling out the application, keep in mind that you have to enter all the information correctly. You will also be able to make the payment with the help of your mobile payment app.
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FAQs on HST Payment Date
What is the Full Form of HST?
Harmonized Sales Tax.
Which Country follows it?
Canada.