GST/HST Returns may not be as simple as it seems since it requires one to report several important items such as total sales, GST/HST collected or became collectable and GST/HST paid or own. From CRA perspective, it is not enough to just pay the correct GST/HST, one must also show the total sales, the total tax collected and the total tax paid.
In the computer age, there are many commercial off the shelf software are available for calculating GST return; however, it is extremely important for one to know what information needs to be inputted to generate right number — reporting recovery of bad-debt or other adjustments, property purchases, self-assessment of the GST, rebates, if any, etc. As the saying goes, Garbage In, Garbage Out; one can’t completely rely on the software to ensure the GST/HST return is filed completely and accurately.
Free Consultation for GST/HST Return filing.