Do I have to make payments on sales tax?
Allan Madan, CA
If on your last year’s HST return, you had a balance owing of $3,000 or more, you would have to make equal quarterly installment payments starting next fiscal year. Find below a sample installment schedule if your HST reporting period has a calendar year end.
Fiscal quarters Installment due dates January 1 – March 31, April 30, April 1 – June 30, July 31, July 1 – September 30, October 31, October 1 – December 31, January 31. Note that the installment payments are due within one month after the end of each of your fiscal quarters.
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.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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