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TOP FIVE CLIENT HST QUESTIONS

Top Five KD Wray Client HST Questions

1.  Why is my HST payment so large?

  • The main reason for the increase in your HST/GST remittance is that the rate has increased from 5% to 13%.  If you previously charged PST on your sales then you are not actually paying any more than you were before.  However, you have not remitted the PST balance since July 1 when the HST came into effect and your HST remittances now include the PST amounts.      

2.  Is my HST remittance reasonable?

  • One quick check you could do if you think your HST/GST payment is too high is a reasonability test.  One method would be to take your average remittance for the last couple of periods and divide the amount by 5% then multiply by 13%.  This will give you an estimate of what your HST/GST payment should be if you have consistent remittance amounts.

3.  How can I better manage cash flow for HST/GST?

  • If you are a quarterly or annual filer then you may be having trouble managing cash flow with the increase in the HST/GST rate.  One method for managing cash flow would be to monitor your sales monthly and set aside a percentage of your sales based on previous remittances.  You may even want to consider sending in HST/GST installments monthly to spread out the cost.  Another major problem with cash flow is that you are now required to remit a higher rate but you may not have collected the money yet.  Reviewing and updating your collection procedure for accounts receivable may help you collect these funds in a more timely manner to help cover you HST/GST remittance.

4. Where are my HST/GST forms?

  • If you have previously remitted your HST/GST returns electronically then you are most likely no longer receiving your remittance forms in the mail.  Instead, you have received a letter from the government which includes a Netfile access code.  DO NOT THROW THIS OUT!  You will need this number in order to file your HST/GST return.  A working copy of the GST return is provided when you log on to Netfile your return or you can click here to access a non-personalized working copy.

5. How do I calculate HST when it is included in the price?

  • The simplest way to calculate the HST portion that is included in an amount is to multiply the total amount by 13/113. 

This entry was posted on Monday, November 1st, 2010 at 5:49 pm and is filed under GST/HST News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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