How to Open HST Account?

In Canada, nearly every business needs a Harmonized Sales Tax (HST) number in order to recognize their company. The registration procedure saves you from paying penalties and interest. The business owner should go for the calculation and collection of HST on all its supplies acquisitions when a business gets its HST/GST number. But you should know particular terms such as GST/HST and HST/GST number before entering. The following points will help you to Open HST Account and registration process for your HST/GST number. 



About GST/HST number?

The Canada Revenue Agency (CRA) assigns this unique tax identification number that assists throughout your business proceedings. It is quite similar to the business number. A business company requires GST/HST numbers for reporting and collecting Goods and Services Tax (GST) and Harmonized Sales Tax (HST). Though, some real estate services don’t come in the GST/HST tax. 

 

The HST/GST Registration Process:

If your company has taxable sales or supplies of services and goods within Canada, then you have to register for GST/HST. You can charge GST/HST for most of your services when you get registered. You can do the registration of GST/HST through many methods that are discussed below:

 

Online: - Through Business Registration Online, you can Register your GST/HST number online. There are a lot of benefits of doing registration online. You can also register for other CRA program accounts such as payroll corporation income tax, deductions, import-export, and many more. You can go for other registrations that you desire when done with GST/HST registration. 

 

By mail or fax: - Mail or fax is another way to register your GST/HST number. You have to fill out an RC1 form that you can rapidly get online from Publications and Forms in this process. The RC1 record stands for ‘Request for a Business Number and Certain Program Accounts.’ After filling out the form, you can mail it or send it by fax to any nearby tax services offices. 

 

By telephone: - You can get registered for several CRA programs through the telephone. You just need to call on the Business inquiries line. You need to be aware of all the info about the RC1 form since you may get asked many questions about this form and other CRA program accounts that you are going to open.

Open HST Account
Open HST Account

Need To Register For GST/HST Number:

In Canada, there are a lot of businesses that need a GST/HST number. The HST registration number is significant for all the corporations whose total taxable revenues exceed $30,000 in a year. You have to register within 29 days when your business has crossed $30,000. However, if you still do not register, then CRA will not stop you from business proceedings. Besides, it will access your bills, and you will drop 13% of your sales and pay for the penalties. So, individuals prefer to do business with corporations registered for the GST/HST.

 

Final Words

It is essential to register for GST/HST number during starting a new business. It assists you to claim the GST/HST on the items you get for business setup. You need to charge, collect and remit the GST/HST if you do not provide taxable services and fit as a small business supplier and goods. Moreover, if you want to Register GST HST Account, contact Muia consulting.


 

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