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MONEY TALK Wednesday February 13 Page 11 GST registrants must complete separate form This Is one In series or articles dealing with tax matters The ar ticles are written by and R Block Inc Canadas largest lax service If you are required to collect the GST you must file a GST return in addition to your usual return for income tax purposes The Goods and Services Tax Return for Registrants is a periodic statement In which the amount of tax that you have paid i e your input tax credits the difference is remitted to the government If the input tax credits exceed the tax collected you claim a refund GST COLLECTED How you determine the total GST you have collected will entirely on the method of bookkeeping you use At the end of any reporting period you could simply add up the total sales that are subject to the 7 GST If the GST was not included in your total sales figure then multiply by will determine the GST that is included in your total sales f In addition to the above method Revenue Canada pro vides two simplified methods the quick method and streamlined accounting which can be used for certain types of business operations but only if the appropriate election is filed Alternatively if you have been tracking the GST charged on each sale via a revenue column in your books or via computer soft ware you would only need to add up the totals or extract this in formation from the program CREDITS As a GST registrant you receive for the GST paid on all business purchases to the ex tent they relate to the taxable goods or services you provide to your customers If your business provides both taxable and tax- exempt goods or services you may claim input tax credits only on the portion of purchases used to provide taxable goods or vices In order the maximize your input tax credits you should determine if the same level of business purchase would have been made even if no exempt goods or services were offered FREQUENCY OF FILING The frequency for filing your GST returns is determined by Revenue Canada according to the value of your annual sales volume of taxable goods and servcies that you indicated on your GST registration form Depending on your clr cumstances you may be able to change this predetermined filing frequency but only by making a formal election If your annual sales volume is greater than million no filing option is available The GST return must be Tiled on a monthly basis If your annual sales volume is greater than and not more than million you must file your GST return quarterly However there is a monthly fil ing option available If your annual sales volume is or less your GST returns must be filed quarterly ARE YOU PAYING TOO MUCH TAX Do You Have Questions About The Tax Return Get The Answers TAX RETURNS PREPARED Computerized Fast Accurate for Individuals Farms and Businesses Tax Planning Consultation Accounting Bookkeeping Financial Statement Preparation GST Consultation Advice JOHN A GIBSON CHARTERED ACCOUNTANT 8770807 6CrombiePI Georgetown However if you elect the returns may be filed monthly or annual ly If the annual option is selected you are still obliged to make quarterly instalment payments Farmers and fishermen are en couraged to file on a monthly basis because they will always be in a refund position due to the fact that most of the goods or services they provide are taxable at a rate of e zerorated FILING DEADLINES If you file monthly or quarter ly the return and remittance if any must be submitted by the end of the month follow the resporting period The first GST returns therefore must be filed by February 28 1991 if you are a registrant required or electing to file on a monthly basis In respect of the January reporting period If you have elected to file on an annual basis the return will be due three months after the end of your fiscal year and the quarterly instalments will be due on the last day of each fiscal quarter As with the return for Income tax purposes the GST annual return will reconcile the Instalments with the amount of tax actually owed If you are not sure you are claiming input tax credits to your best advantage or you need help with your first GST return you should consider seeking assistance from a tax specialist WESTMUI The economic success of our community relies on a strong commitment to our independent businessmen and women Thats why we make a special effort to understand and support your small business in every way possible For everything from accounting to longrange financial planning our small business experts are behind you every step of the way Goebelle Alexander Chartered Accountants WITH THREE LOCATIONS TO SERVE YOU GEORGETOWN BRAMPTON Main SI South