Tax Update: Deferral of GST/HST Payments

    On March 27, 2020, the federal government announced that GST/HST remittances and customs duty payments will be deferred to June 30, 2020. This follows similar announcements from the Provinces regarding provincial sales taxes.

    The extension applies to monthly filers that would have to remit GST or HST amounts collected during the February, March, and April 2020 reporting periods. It also applies to quarterly filers that would have to remit amounts collected during the January 1 to March 31, 2020 reporting period, as well as annual filers whose GST/HST return or any installment is due in March, April, or May 2020.

    Notwithstanding the announcement, it remains unclear whether the requirement to file GST/HST returns is deferred. Indeed, the Canada Border Services Agency confirmed that there is no change to the timeframes for accounting for imported goods. As such, registrants and importers may wish to take caution and maintain their reporting practices, subject to further announcements from the government.

    Source- Lexology.

The post Tax Update: Deferral of GST/HST Payments appeared first on GST Station.

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