HST Installment Payments

HST Installment Payments

GST/HST funds are collected in trust

GST/HST funds are collected in trust

File your GST/HST report on time to avoid late filing penalties

Pay my GST/HST (including instalment payments)
19 Nov 2014 ... Information on making GST/HST payments and instalments.

File your GST/HST report on time to avoid late filing penalties

GST/HST Instalment Requirements - Audit, Tax, Advisory | Collins ...
26 Jul 2011 ... All annual GST/HST return filers who have $3,000 or more in net tax owing on
their returns are required to make quarterly instalment payments ...


Can I pay an installment on a current Q2 HST payable bill rather than the
whole amount?

I have always attached full payment owing to the quarterly return
but I wonder if there are any installment options.

My quarterly bill Q2 for HST is $9,100.

Thanks for your time.


image of fancy scroll lines

Hi Kevin,

As a business owner, when you collect GST/HST, you are doing so in trust for the government.

The net GST/HST collected must be remitted to the government by your assigned deadline to avoid interest and penalty charges.

You can make installments on your account ... but advance installments.

As the trust amounts have increased due to HST, one option you should consider is switching your reporting period to monthly if you meet the annual sales criteria.

If not, as a second option consider making monthly (or weekly) installments in advance of your reporting periods. This way very little, if anything, would actually be due when you submit your quarterly report.

A third option is to open a separate savings account and deposit GST/HST collected to that account. Segregating the funds collected in trust would reduce the temptation to use the funds to cover personal or business expenses.

When GST/HST registrants don't remit the net GST/HST collected, the CRA has the power, through federal legistation, to seize and sell assets, garnishnee your accounts or assess directors personally if you are a corporation.

But ... none of the above options help you out of your current situation.

You may want to speak with CRA.

I don't know all your details or situation but consider filing your return on time to avoid a late filing penalty and paying as much of the $9,100 as you can. Then payoff the remaining amount in installments as quickly as you can ... get a loan if you can.

Once CRA starts ganisheeing your bank accounts, it takes years to get your life back on track. While this wouldn't happen immediately, your amounts owing are unlikely to get smaller.

Talk with your accountant or CRA to see what your options are. Don't ignore this as that won't make it get any better.

P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.

SAles Tax Installments Crossing over years - Small Business ...
28 Mar 2012 ... I'm guessing that you make your instalment payment by doing a Write Cheque, to
the right Tax authority, and use the GST Instalment Item.


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