GST/HST Payment Dates for Entrepreneurs

When are the GST/HST filing deadlines for self-employment taxes?

Each business will have its own filing and payment deadlines (also known as payment periods or reporting periods) based on their revenues. Below are the options: 

• Monthly
• Quarterly
• Annually: without a December 31 fiscal year-end date
• Annually: with a December 31 fiscal year-end date

Which reporting period applies to your business?

If your business has an annual revenue of:

• Less than $1,500,000, your assigned reporting period is annually. You also have the option of selecting a more frequent reporting period, such as quarterly or monthly.
• Between $1,500,000 and $6,000,000, your assigned reporting period is quarterly. You also have the option of reporting monthly.
• More than $6,000,000, you’re required to report monthly.

How do I file my return?

You can submit your GST/HST return using GST/HST NETFILE by selecting the “File a return” option in the CRA’s My Business Account.

Your GST/HST return (Form GST34-2) will show your due date at the top of the form. Keep in mind that even if you have no transactions and no net tax to submit, you still need to file a GST/HST return. If the due date lands on a weekend (Saturday or Sunday) or a public holiday, then your payment will be considered on time if it is received by the following business day.

GST/HST filing and payment deadlines

The following tables illustrate the GST/HST filing and payment deadlines for the different reporting periods.

Monthly: You have one month after your reporting period ends to file your GST/HST return and remit your taxes.Below are examples of the deadlines for the monthly reporting periods from January to March. The remainder of the months will follow the same timeline.

Quarterly:You have one month after your reporting period ends to file your GST/HST return and remit your taxes.

Annually (without a December 31 fiscal year-end date): You have three months after your fiscal year ends to file your GST/HST return and remit your taxes.

Annually (with a December 31 fiscal year-end date): You have until June 15 after your reporting period ends to file your GST/HST return. However, you will need to remit your taxes by April 30.

Should your business make instalment payments?

Another important rule to know is that if your business files annually and your net tax for your previous fiscal year is $3,000 or higher, you are required to pay quarterly instalments in the current fiscal year (even though you may have rebates that will reduce your taxes to less than $3,000). You may incur penalties and interest if you don’t remit your quarterly instalments.

To view your instalment due dates online, you can use the instalment payment calculator service at the CRA’S My Business Account.

What happens if you pay less than the actual amount you owe?

If you pay less than the amount you should’ve paid, the CRA will charge instalment interest on the difference. So, it’s important to be as accurate as possible when estimating your instalment payments for your current year. 

For example, if you estimate that you owe $4,000 in taxes this year, each quarter you’ll pay $1,000. However, if at the end of the year, you end up owing $4,500, then the CRA will charge you interest on the balance of $500 ($4,500 – $4,000 = $500).

Will your refunds be put on hold if you file your GST/HST late? 

If you don’t file your taxes, any GST/HST refund or rebate that you’re supposed to receive will be put on hold until you’ve filed all your tax returns. If you’re a sole proprietor or partnership, your personal income tax refund will also be put on hold. 

Plus, the CRA can charge you interest and penalties for any amounts or returns not submitted by the deadline (all the more reason to file on time!). Remember, if you’re closing a GST/HST account, you still need to file a final GST/HST return. 

Mark your calendar for filing and payment deadlines

Now you know what to expect when filing your GST/HST return and the importance of submitting your payments on time. For smooth sailing throughout the course of the year, create reminders in your calendar so you don’t forget key dates.