GST/HST Remittance Requirements Postponed

There’s more good news for small business owners affected by the pandemic. On March 27, the federal government announced that it’s deferring payments of all GST/HST remittances until June 30, 2020.  Here are the details: 

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.

Knowledge Bureau offers a comprehensive GST Research library in EverGreen Explanatory Notes, offered at no charge with any Knowledge Bureau certificate course.  Or you can subscribe to it on its own for a month or for a year. A free trial is also available.

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