GST/HST - The Nuts & Bolts
For all GST registrants, both quick & long methods:
- List all GST taxable revenues
- List all Non-GST taxable revenues
- List all GST that you charged
- Bring copies of all the GST returns that you filed (Quarterly filers only!)
- Bring a list of payments to and refunds from GST
(not including the personal rebate cheques)
For Quick Method Registrants:
- List your new assets with the GST noted and factored out
For Long Method Registrants: (Do this and save yourself $50!!)
- Also total your expenses for each category excluding GST (factor it out!)
- And total your GST for each category of expenses
- And bring to your appointment all three lists of totals
- Grand Total for each category
- GST Total for each category
- Net Total (expenses without GST) for each category
- NOTE: It is this Net Total that we need for the preparation of your tax return
There are some useful formulas you can use to help you pull the GST out of a bill when the actual amount of GST is not stated. The formula depends on how much provincial tax is levied.
| Historical Percentages | GST Rate | Quick Method |
|---|---|---|
| 1991 - June 30, 2006 | 7% | 5% |
| 1991 - June 30, 2006 - Dec 31, 2007 | 6% | 4.3% |
| Jan 2008 - June 30, 2010 | 5% | 3.6% |
| July 1, 2010 - Present | 13% | 8.8% |
Return to: Previous GST/HST Page
Download a printable copy: 'GST - The Nuts & Bolts'
(PDF version - Includes 'GST/HST Methods')
Download a printable copy: 'GST/HST Methods' (Excel)
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