What are the details of the GST/HST Remittance Deferral?
Businesses that are registered for GST/HST with the CRA, are required to collect and remit GST/HST for each reporting period, net of input tax credits (the GST/HST paid on allowable business expenses).
Normally, GST/HST remittance and payment are due by the end of the following month of the reporting period. For example, the period ends March 31st, the return and payment are due by April 30th.
The federal government is extending the deadline for payments or remittances that become owing on or after March 27, 2020, and before June 2020. According to the CRA, no interest will apply if you make your payments or remittances by the end of June 2020.
Keep in mind that the filing of the returns, has not changed, and businesses should make every attempt to still file the return on time.
What does this mean for the different filing deadlines?
Businesses filed their GST/HST returns, or make payments, remittances, or instalments, or various schedules, depending on the business itself.
Due June 30th for each type are:
- Monthly: Remit all amounts collected for February, March, and April 2020 reporting periods,
- Quarterly: Remit all amounts collected for January through March 31, 2020 reporting period,
- Annual: The payments or instalments, normally due each quarter for an annual filer on or after March 27, 2020 and before June 2020, may be deferred until June 30, 2020
How to remit GST/HST returns or payments online?
All individuals or businesses that are registered to collect and remit GST/HST are highly encouraged to sign up for a CRA My Business Account. Not only is this a helpful way to monitor or manage details about your business with the CRA, but it allows to file your returns online, with ease.
There are a few ways for filing your GST/HST return online and make payments.
- Sign in to your CRA My Business Account and under your RT details, click on File a Return;
- On the CRA website, go to GST/HST Netfile to file your return using your personalized 4-digit access code that you would have received at the beginning of your fiscal year;
- Use CRA My Payment to pay your balance owing or on filing;
- Use your business bank account’s online banking tax filing service, to file your return and pay any balance owing at the same time, or to just pay any balance owing or instalment.
For more details on income support and other benefits as part of the Federal Government’s Economic Response Plan for COVID-19, click here.
See also our COVID-19: Tax Info Centre, from our TurboTax Support team, answering many FAQs on this topic and more.
Accounting educator, business strategist, and advisor.
Turbo Tax Canada blog editor and writer.
Susan has been an accounting professional for over 20 years, and has been working with businesses and individuals and their taxes for the past 12. Education is a passion for Susan, and when not writing or talking about tax for TurboTax Canada, she can be found speaking at events, teaching at Mohawk College, and working with many businesses and entrepreneurs through her own accounting advisory practice. Susan is known to be approachable but pulls no punches when it comes to the reality of business finance and taxes.