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I normally try to leave my clients out of this blog .. but something happened today that, in my opinion, makes a good learning example of what NOT to do - when filing Goods and Services Tax (GST) Returns. In my client’s case, the company is a monthly filer.

For monthly GST filers, the return for the current month has to be filed by the end of the following month. It’s pretty much the same for quarterly GST filers, where the return for the 3 months of the last fiscal quarter is due by the end of the following month. Canada Revenue sends GST registrants preprinted forms with the preprinted period dates and due date usually, just prior to the end of the current month - so you will have the form to use for the next month when it is due.

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Listen .. trust your HART …

If you don’t have the money to pay your income taxes, you should still make an effort to file your income tax return ON TIME. This way, it’s only a “collection issue” and you will only be subject to interest on the arrears balances owing. If you file late or after the due date (April 30th for most individuals and June 15th for self-employed individuals), you will have to pay a flat percentage penalty of the balance you owe plus a flat percentage penalty of the balance owing is added for every month you are late. If you’re not only late, but there was a request from Canada Revenue Agency to file your tax return .. generally these penalty rates are doubled!

Some guy once said “The difference between tax avoidance and tax evasion is the thickness of a prison wall.”. There are legal ways to minimize your income tax bill with planning and advice of your professional accountant or income tax preparer .. but keep in mind that there are also laws in place to prevent the avoidance of income taxes. Now, evasion - is much worse than being a deadbeat, because in addition to the penalties and interest that you will be charged (if caught) .. it’s also a criminal offense.

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I received this in my In-Box October 26, 2005 … it’s that time of year again, for us preparers to register with Canada Revenue Agency to renew our participation online.

Thank you for using our electronic services to file your client’s individual and corporation income tax returns.

To maintain your access to our electronic services for the coming year, you have to renew your participation online. This will allow you to use the following electronic services:

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