by DanielleReese | Dec 14, 2021 | CRA Forms, Fact Sheet, GST, Rebate Programs
Public service body (PSB) rebates
Registered PSB rebates
If you are a registered public service body, you can use GST/HST NETFILE or the “File a return” option in My Business Account to electronically file your rebate application with your GST/HST return.
If you file your rebate application electronically, do not mail us a paper copy. If you choose not to file electronically, mail your rebate application form to the applicable tax centre. The tax centre must receive your form on or before the due date of your return.
Non-registered PSB rebates
Non-registered accounts (those that don’t have to file GST/HST returns) can claim their PSB rebates using the PSB rebate web form or the “File a rebate” option in My Business Account.
Adjust a PSB rebate
Public service body rebates can be adjusted electronically through My Business Account. For more information, go to Adjust a GST/HST return or rebate.
Non-profit Organizations – Government funding (Form GST523-1)
Form GST523-1, Non-profit Organizations – Government Funding, can be filed electronically using the Non-profit organizations – government funding web form.
Form GST523-1 can also be filed electronically using the “File a rebate” option in My Business Account.
General Application for Rebate of GST/HST
GST/HST registrants can use GST/HST NETFILE or the “File a return” option in My Business Account to electronically apply for the Ontario First Nations point-of-sale relief (Form GST189, reason code 23) together with their GST/HST return.
For most other reason codes, Form GST189 can be filed electronically using the “File a rebate” option in My Business Account.
Eligible individuals can file Form GST189 using the “File a GST/HST rebate” option in My Account.
If you file your rebate application form electronically, do not mail us a paper copy. If you choose not to file electronically, mail your rebate application form to the Sudbury Tax Centre. The tax centre must receive your form on or before the due date of your return.
GST/HST new housing rebates
GST190
New home builders can file Form GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder (types 1A and 1B), together with their GST/HST return using GST/HST NETFILE or the “File a return” option in My Business Account.
If you overlook a rebate application when filing the applicable return, use the “File a rebate” option in My Business Account to file the rebate application separately from the return.
GST191
Individuals can file Form GST191, New Housing Rebate Application for Owner-Built Houses, and Form GST190, GST/HST New Housing Rebate Application for Houses Purchased from a Builder (types 2, 3, and 5), using the “File a GST/HST rebate” option in My Account.
GST524
Form GST524, GST/HST New Residential Rental Property Rebate Application, can be filed by GST/HST registrants using the “File a rebate” option in My Business Account, or by eligible individuals using the “File a GST/HST rebate” option in My Account.
Rebate Application for Provincial Part of Harmonized Sales Tax
Form GST495, Rebate Application for Provincial Part of Harmonized Sales Tax, can be filed by GST/HST registrants using the “File a rebate” option in My Business Account, or by eligible individuals using the “File a GST/HST rebate” option in My Account.
Federal, provincial, and territorial government rebate
Form GST490, GST/HST Rebate Application for Federal, Provincial, and Territorial Governments, can be filed electronically using our Government rebate web form.
Form GST490 can also be filed electronically using the “File a rebate” option in My Business Account.
Other rebate forms
For all other rebate forms, if applicable, include the rebate amount on your electronic return and mail the rebate application forms to the applicable tax centre. Make sure the tax centre receives the forms on or before the due date of your return.
by DanielleReese | Dec 13, 2021 | Fact Sheet, Incorporations
About Corporations Canada
What is Corporations Canada responsible for?
Corporations Canada is the country’s federal corporate regulator. It administers the laws that allow Canadians to create and maintain a corporation under the federal laws governing corporations in Canada. Note that financial institutions are incorporated by the Office of the Superintendent of Financial Institutions.
What laws does Corporations Canada administer?
Corporations Canada is responsible for the administrating the:
- Canada Business Corporations Act
- Canada Not-for-profit Corporations Act
- Boards of Trade Act
- Canada Cooperatives Act.
It is responsible for compliance activities under these laws, as well as for registering railway deposits and issuing official documents under the Great Seal of Canada.
Annual returns
What is an annual return?
An annual return is a document that all “active” corporations are required to file with Corporations Canada every year under federal legislation. The annual return provides Corporations Canada with up‑to‑date information on the corporation. An “active” corporation is a corporation that is not dissolved, amalgamated with another corporation or continued into another jurisdiction.
An annual return is not the same thing as a tax return, which must be filed with the Canada Revenue Agency.
An annual return must be filed within 60 days of the anniversary date of the corporation — the date on which the corporation was incorporated, amalgamated with another corporation or continued into an act administered by Corporations Canada.
What is the anniversary date of a corporation?
The anniversary date of a corporation is the date on which the corporation was incorporated, amalgamated with another corporation or continued into an act administered by Corporations Canada. An active corporation must file its annual return within 60 days of its anniversary date. Corporations can sign up to receive annual return reminder emails.
Corporations Canada has the power to dissolve a corporation that has not filed its annual returns. Dissolution can have serious repercussions on corporations, including not having the legal capacity to conduct business and losing their charitable status.
You can find the anniversary date of a corporation on Search for a Federal Corporation.
What is an “active” corporation?
An “active” corporation means that the corporation is not dissolved, amalgamated with another corporation or continued into another jurisdiction. Corporations can sign up to receive annual return reminder emails.
Corporations Canada has the power to dissolve a corporation that has not filed its annual returns. Dissolution can have serious repercussions on corporations, including not having the legal capacity to conduct business and losing their charitable status.
You can find the status of a corporation (active, inactive, etc.) on Search for a Federal Corporation.
Business corporations
If a company incorporates at the federal level, does it need to register anything with the provinces?
Federal corporations will likely have to register in any province or territory where they carry on business. Registration is different from incorporation. A corporation may incorporate only once, but it can register to carry on business in any number of jurisdictions.
For more information, see Completing provincial and territorial registration and other requirements.
Not-for-profit corporations
Is an NFP Act corporation automatically considered a registered charity or a non-profit organization under the Income Tax Act?
No, incorporating under the NFP Act does not automatically mean that the corporation will be exempt from taxation under the Income Tax Act. For more information, see Are all not-for-profit corporations the same?.
Where can I find information on registering as a charity or non-profit organization under the Income Tax Act?
For information on registering a charity, see Charities and giving. For information on registering a non-profit organization, see Non-profit organizations.
If a not-for-profit corporation incorporates at the federal level, does it need to register anything with the provinces?
Federal corporations will likely have to register in any province or territory where they carry on their activities. Registration is different from incorporation. A corporation may incorporate only once, but it can register to carry on activities in any number of jurisdictions.
For more information, see Provincial and territorial registrations.
Certificate issuance
The effective date of a certificate of incorporation, amalgamation, continuance or amendment is the date on which Corporations Canada receives your completed application, or, any later date you request. To ensure you receive a specific effective date on your certificate, submit your completed application in advance. An application submitted on a specific date does not guarantee that date. An application is complete when:
- it includes all necessary documents
- the forms are completed and signed, and
- any applicable filing fee has been processed.
If any of these requirements are missing, your application will be considered incomplete.
by DanielleReese | Oct 21, 2021 | Accounting, Bookkeeping, Fact Sheet
Did you know we do both!
–Bookkeeping vs. Accounting–
If you’re a small business owner, you might be wondering if you need to get a bookkeeper or an accountant – or both.
And now that you understand the need for bookkeeping, you’re might be wondering, “How does it differ from accounting?”
Good question.
The words “bookkeeper” and “accountant” are often used interchangeably. However, there are some key differences that determine the main responsibilities of each role.
–Bookkeeping is a Subset of Accounting–
An accountant, professional bookkeeper, or an employee of the business can do your bookkeeping.
If you’ve just started a business, chances are you’ll be doing the bookkeeping yourself.
This is no bad thing. When launching a new business venture, it’s crucial that you have an intimate grasp of your financial situation. What better way than to do the bookkeeping yourself?
Essentially, bookkeepers take care of the day-to-day financial work.
They keep detailed and accurate financial accounts and use this financial clarity to help make informed business decisions.
–Accountants are Financial Experts–
Accountants are usually qualified, registered members of a statutory association. So they often have titles like CPA (Certified Public Accountant) or CA (Chartered Accountants).
That’s how they can charge the big bucks.
These experts will use the accounts provided by the bookkeeper. They focus on analyzing the transactions to provide financial advice.
They’ll also use the information in the accounts to file tax returns and other reports.
Whereas bookkeepers handle the day-to-day financial tasks, accountants often step in on a quarterly basis to provide advice and make adjustments.
