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I have a non-resident corporation. Do I also need to open a HST account and why? - Madan CA

I have a non-resident corporation. Do I also need to open a HST account and why?

Allan Madan, CA
 Jan 9, 2013
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In Canada, it is required for a corporation to register a GST/HST account if you anticipate your sales to be more than $30,000 CAD.

GST/HST is a sales tax that Canadian consumers must pay at the time of purchase on most products and services.  As a corporation, it is your responsibility to collect GST/HST from your customers and remit the GST/HST collected to the government.  

In order to do that, you would have to file a HST return either on a quarterly or yearly basis to remit any resulting net tax owing. The net tax owing is the difference between the GST/HST collected and the GST/HST your corporation paid on business expenses and capital assets.

Disclaimer

The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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