GST/HST basics every small business should review

Most small businesses in Ontario must register for GST/HST once worldwide taxable sales exceed $30,000 over four consecutive calendar quarters. Registration is mandatory at the threshold — but businesses can also register voluntarily before reaching it to recover input tax credits on startup costs.

Input tax credits (ITCs) are the part of the system that small businesses most often under-claim. With proper documentation, the HST you pay on business expenses — equipment, software, professional fees, rent — is generally recoverable against the HST you collect.

Filing frequency (annual, quarterly or monthly) is assigned by the CRA based on your revenue but can sometimes be changed to match your cash flow better. Missing a GST/HST filing or payment deadline triggers penalties and interest, so the due dates deserve a place on the same calendar as your payroll and corporate deadlines.

Ford & Associates helps small businesses register, file and stay compliant with GST/HST, payroll remittances and corporate obligations — and can review your accounts to make sure credits you are entitled to are actually being claimed.