Steps to take in order to successfully register your business with a GST/HST number
When do you need to register for GST/HST?
The rules are that, as soon as you know you will breach the $30k revenue mark for a year, you need to register for GST. But you can register right away, which is sometimes the best thing to do – people are used to paying GST, and from an accounting perspective, they’d technically have to make a separate account on their Chart of Accounts thats specifically for Non-GST vendors. Also, if you have any start-up costs or big purchases to make, you want to be registered for GST before you make those purchases, because you can get the GST back.To register for GST, you can follow this link: https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/registering-your-business/bro-register.html
Once you have clicked the link, click on "Register now" (Screenshot below)
Information you'll need to have when you apply:
- know your fiscal year — Usually, your fiscal year for GST/HST purposes is the same as your tax year for income tax purposes. Generally, the tax year of the following persons is a calendar year:
www.canada.ca - Know the SIN number and date of birth of all the owners
- Know your line of business — As an example, know if you are working in marketing, consulting, technology etc. If your line of business is marketing, put Marketing as 100% of your revenue. If you’re only going to be working with Canadian businesses, then just put $30k as estimated Gross Domestic, and worldwide revenue/sales.
- Know your mailing and physical address
- Know your Business name and Business number (9 digit number received when you incorporate)
- Know how Frequent you want to file — monthly, quarterly or annually (If unsure, always choose annually)
- Know your estimated annual sales — both in Canada and worldwide sales. These will be the same if you only sell in Canada. (If you are unsure, just put $30,000)
- Know your GST Year-end date (Always match to your corporate year-end date)
You can also call 1-800-959-5525 and they will register you over the phone. You might want to have your tax return in front of you when you call.