For Canadian businesses, managing GST/HST (Goods and Services Tax/Harmonized Sales Tax) payments is a crucial part of staying compliant with tax obligations. In 2024, it’s important to be aware of key dates for payments, Netfile deadlines, and filing requirements to avoid penalties.
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GST/HST Payment Dates 2024
The GST/HST payment dates for 2024 are as follows:
Please note that these are the dates for the GST/HST credit. If you are a business that needs to make GST/HST payments, the due dates may be different. Please refer to the Canada Revenue Agency’s website for more information. Sources and related content.
GST/HST Payment Due Dates in 2024
The due dates for GST/HST payments depend on the business’s filing period, which can be annual, quarterly, or monthly. Here are the general guidelines:
- Monthly Filers: Payments are due on the last day of the month following the reporting period. For example, the payment for January 2024 is due by February 29, 2024.
- Quarterly Filers: Payments are due on the last day of the month following the end of each quarter. For instance, the payment for Q1 2024 (January to March) is due by April 30, 2024.
- Annual Filers: Payments are generally due on April 30 of the following year. For the 2024 tax year, this would mean the payment is due by April 30, 2025.
Netfile Deadlines
For businesses using the Canada Revenue Agency (CRA) Netfile service, the deadline for submitting GST/HST returns aligns with the payment due dates:
- Monthly and Quarterly Filers: The return must be filed by the last day of the month following the reporting period.
- Annual Filers: The return must be filed by April 30 of the following year.
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Filing Requirements
The filing requirements for GST/HST returns depend on the business’s total annual revenue:
- Simplified Filing: Businesses with total annual revenues of $1.5 million or less can use the simplified method for reporting GST/HST.
- Regular Filing: Businesses with revenues over $1.5 million must use the regular method, which involves reporting the actual amounts of GST/HST collected and paid.
- Electronic Filing: All businesses with more than $1.5 million in taxable supplies must file their GST/HST returns electronically using the CRA’s Netfile service. Smaller businesses are encouraged to use Netfile for convenience.
Penalties for Late Payments and Filing
Failing to meet the payment and filing deadlines can result in penalties and interest charges:
- Late Payment Penalty: This is typically calculated as a percentage of the amount due, plus interest.
- Late Filing Penalty: If a GST/HST return is filed late, the penalty is a percentage of the amount owing, calculated based on how late the return is filed.
Staying on top of GST/HST payment due dates, Netfile deadlines, and filing requirements is essential for Canadian businesses in 2024. By understanding the schedule and ensuring timely submissions, businesses can avoid penalties and ensure they remain in good standing with the CRA.
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