5 GST/HST Filing Tips That Save Time and Money

1. File on Time

The late-filing penalty is 1% of the amount owing plus 0.25% of it for each full month the return is late, up to 12 months, and interest runs on any unpaid balance. Set reminders for your filing deadlines.

2. Choose the Right Filing Frequency

Filing frequency depends on your annual taxable supplies. At $1.5 million or less you are assigned annual filing (you can choose quarterly or monthly). Over $1.5 million up to $6 million you are assigned quarterly filing (you can choose monthly). Over $6 million you must file monthly.

3. Use the Quick Method

If your annual worldwide taxable supplies, including GST/HST and those of associated businesses, are $400,000 or less, you can elect the Quick Method, which simplifies GST/HST remittance calculations. Lawyers, accountants, bookkeepers and some other professionals cannot use it.

4. Track All Eligible ITCs

Don't leave money on the table — claim every eligible Input Tax Credit. MapleExpense's AI categorization ensures no deductible expense is missed.

5. Reconcile Regularly

Don't wait until filing time. Monthly reconciliation catches errors early and makes filing painless.