How to File Your GST/HST Return Using CRA My Business Account
As of January 1, 2024 Revenue Canada will require all business (except for a handful of exceptions such as some financial institutions and charities) to file their returns electronically. This means that you can no longer use the paper form. The good news is that it is quite easy to file the return online and, in most cases, probably saves you time since you don’t have to put it in an envelope, affix a stamp and take a walk to a mailbox.
In this post, I will be reviewing how to do it via CRA My Business Account. Please note that this tutorial is for simple GST/HST returns. If you have more complex transactions, that I don’t discuss here and you are not sure, I recommend speaking to an accountant.
What is the Difference Between Zero Rated, Out of Scope and Exempt and how do you choose in QBO?
In QuickBooks Online (QBO), the terms "Zero Rated," "Out of Scope," and "Exempt" refer to different classifications of transactions for GST/HST and QST (in Quebec). Each one of these transactions results in $0 tax being added to the transaction, and if you use them interchangeably it is probably not a huge problem. That being said, there are a couple of reasons you might want to ensure that you get this right:
ensure accuracy in their books
avoid the small possibility that an a government (Revenue Canada) auditor might nitpick at it or
make your sales reports more accurate
The differences between the three classifications, which despite their somewhat technical names, are actually not that complicated.