July 1, 2010

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For reporting periods that end on or after July 1, 2010, there is a new mandatory electronic filing requirement for GST/HST returns. GST/HST registrants (excluding charities) with annual taxable supplies greater than $1.5 million will be required to electronically file their GST/HST returns using one of the following four options:

  1. GST/HST Netfile
  2. GST/HST Telefile
  3. GST/HST EDI filing and remitting
  4. Internet File Transfer

Registrants who fail to file an electronic GST/HST return when required will be subject to penalties. Payments can be made:

  • online, through the CRA’s My Payment option;
  • electronically through most Canadian financial institutions;
  • at most physical financial institutions, or;
  • by mail.

As a result of the HST transition rules, there will also be two additional schedules for GST/HST returns for periods that end on or after July 1, 2010. Schedule A may be applicable if you are a builder of residential real property. Schedule B may be applicable if you are a large business. A large business (i.e. annual taxable supplies of the business or associated entities are greater than $10 million) will have certain input tax credits restricted. These recaptured input tax credits (“RITC”) will be required to be reported on Schedule B.

If you have any questions regarding Electronic Filing Requirements, contact your Smythe Ratcliffe Partner.

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