GST Instalments

October 31, 2015
by Jared Cross, C.P.A, C.G.A
When your GST net tax owing is over $3,000 for the year, you are required to make quarterly instalments the next year.  Your instalments will be applied against your next year’s GST net tax owing.  
 
These instalments are required by CRA and instalment interest will be charged on late or insufficient payments. However, CRA will calculate and apply contra interest if you make an additional or excess payment. 
 
For assistance calculating your GST instalment amount, visit our services or please contact our office.