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 New GST/HST Reporting Requirements and Filing Methods

Beginning July 1, 2010, all GST/HST registrants with annual taxable sales of over $1.5 Million are required to file their GST/HST returns electronically for all reporting periods that end on or after July 1, 2010. It is not a choice anymore, but a compulsion to file electronically. Some special rules apply for builders and charities.

Paper returns filed by GST/HST registrants with over $1.5 million of taxable sales for the period ending July 1, 2010, and thereafter, would be subject to penalties. See the attached document for further details http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/bspsbch/rtrns/rqrmnts/menu-eng.html.

Although the Canada Revenue Agency (CRA) encourages all GST/HST registrants to make payments electronically, they will also accept cheques. All GST/HST payments of $50,000 or more must be paid at your financial institution. The CRA has a new payment method called "My Payment," which will be helpful in making electronic payments http://www.cra-arc.gc.ca/mypayment/.

Please feel free to contact our GST/HST experts if you would like to discuss this Tax Alert further or have questions regarding other GST/HST issues. We can be reached at 416-622-1221