Toronto, 14 February 2023: Every business owner in Canada is required to declare business income on their annual tax return, and many of these business owners are also required to collect and remit sales tax on these earnings. Owners of businesses, whether they are corporations, partnerships, or sole proprietorships, must open a GST/HST account in order to do this. A business owner may not be needed to open a GST/HST account under certain circumstances, and as a result, they are not obligated to (and may not) charge GST/HST. You can also assess whether you need to register a GST/HST account by consulting Small Suppliers and Suppliers of Tax Exempt Goods and Services.
Words from the marketing team head, “Three pieces of information must be present before you can register for a GST/HST account:
1) Effective date of registration:
• If you have to register, this is often the day you stop being a small supplier (having annual sales of less
• If you voluntarily register, this is the day you do so or a maximum of 30 days beforehand.
2) The end of the fiscal year for GST/HST purposes is December 31 for the majority of enterprises.
3) Total yearly revenue.
After acquiring this data, you have two options for registering:
About Muia Consulting
The professionals at Muia Consulting have years of experience and can cut down on the time you spend on bookkeeping and accounting so you can concentrate on growing and managing your business. We also offer a broad range of services, such as virtual CFO, bookkeeping, payroll, tax services, and technological advisors. Our staff members also speak English, Portuguese, and Italian well. And we provide all of our services in full transparency and without any additional fees.
Website URL: https://www.muiaconsulting.com/services/corporate-tax/