Reasons for Registering for GST Tax Returns in the GTA
Many people register for the GST tax returns in the GTA when they are first setting up their businesses in the GTA. For retail businesses in particular, getting all the tax registrations done as part of startup procedures can simplify accounting as you won’t have to make changes to already established systems later if your status of GST tax returns in the GTA changes.
If you have chosen to start your business operations as a small supplier in the GTA, you basically lose your small supplier status and have to register for GST tax returns in the GTA when your revenue before expenses exceeds $30,000. This rule of GST Tax returns in the GTA holds for sole proprietors, partnerships and corporations. Also if your revenue tops $30,000 in one calendar quarter, the Canada Revenue Agency considers you a GST registrant and there by you have to do the following:
- Collect GST Tax returns in the GTA on the supply that made your revenue go over $30,000
- Have to register for GST Tax returns in the GTA within 29 days of the day that you made the supply that made your revenue go over $30,000
However if your revenue does not top $30,000 in one calendar quarter in the GTA but does exceed $30,000 over four consecutive calendar quarters, you are considered to be a small supplier over that time and for one month after those four quarters.
Having known the reasons for registering for GST tax returns in the GTA you can go for GST registration which is quick and easy and can be completed either online or over the phone by calling the Canada Revenue Agency.