Don’t Forget: GST/HST Remittance Deadline is June 30

June 30 is not typically a tax filing milestone, but this year is an exception as it is the extended GST/HST deadline for businesses. What needs to be filed, and what’s due next week?

This extended GST/HST deadline requires that businesses make net GST/HST remittances on June 30, 2020 based on the following collection periods:    

• Monthly filers: Net GST/HST collections for February, March, April
• Quarterly filers:  Net GST/HST collections for January 1 – March 31, 2020
• Annual filers: Net GST/HST collections for all prior year sales, due June 30, 2020

GST/HST remittances are adjusted in the positive for items like collections on bad debts or in the negative for input tax credits.  The net tax reduced by any instalments paid or GST/HST rebates is then remitted if there is a balance due.

There are some additional dates to remember coming up in the next couple of months, too.

• September 1: Personal income tax returns must be filed, and any balance owing must be paid

After September 1, late filing penalties and interest will apply to any taxpayer who fails to abide by this extended deadline. For those required to make instalment payments, plan accordingly as the September 15 instalment payment date still must be met soon after.

• September 30: re-payment of overpaid benefits

Those who received overpayments for benefits like the Canada Child Benefit (CCB), GST/HST tax credit, or Canada Workers Benefit (CWD) must repay these amounts by September 30.

It’s also important to keep in mind that the CRA is starting to ramp up their audit activity again, after postponing it at the height of the pandemic.

Additional educational resources: Learn an essential service, become a DFA-Tax Services Specialist™, and provide the tax guidance Canadians need now more than ever.

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