Reporting HST
Hypha reports HST to the Government of Canada quarterly. Deadlines for submitting HST to the CRA is at the end of the following month after the end of each quarter is completed. This means end of April, July, October and January. The process has three parts. Preparing the HST (this is done by the bookkeeper), filing the HST with CRA and if required payment of the amount owed.
Preparing HST
The bookkeeper will prepare the HST reporting shortly after each quarter is over. They will send an e-mail to the Finance WG that looks like this:
Please file and pay the HST as per following lines:
Line 101 : 10,000.00
Line 105: 2,000.00
Line 108: 1,000.00
109-NET TAX 1000-will be automatically calculated
115- Amount Owing 1000- will be automatically calculated
This will trigger Finance to take action.
Filing HST
To Filing the HST you will need to access the CRA's GST/HST NETFILE website. The website and all relative identifying information can be found in BitWarden.
- Visit the
GST/HST NETFILEwebsite - Press the
Ready to filebutton - Press the
Continuebutton at the bottom of the page - Enter the
Business Numberfrom BitWarden. Note the number does not include spaces. Note that on the site the number is broken into two fields seperated atRT - Enter the
Access Codefrom BitWarden's password field - Enter the first day and last day of the quarter you are reporting for
- Confirm no checkboxes need to be checked (as of September 2021, no checkboxes are required to be checked)
- Press
Next - Enter line
101,105and108from the bookkeeper's email. Make sure you do not have any leading or trailing spaces and only one decimal place - Click
Next - Review summary, and check line
109and114or115for matching values from the bookkeeper's email - Check
Yesregarding payment (if applicable) - Check the box under
Certification - Click
Submit - Click
Save as PDFat the bottom of the page - Rename file in correct format with today's date and last day of quarter
yyyy-mm-dd-hst-ending-20xx-xx-xx-netfile.pdf` - Upload file to Google Drive until
-Backoffice/Finance/HST
Payment of HST
If payment is required for HST, you will need to coordinate with another member that has signing authority at the bank. The payment must be confirmed by the 2nd person within 48 hours.
- Login to Desjardins
- Select the
Paymentsbutton on the right, a pulldown menu will appear - Select
Government remittances - Can-Act - Select
Confirmon the popup - Select
Federal - GST/HST - Select
Payat the top bar - Enter last day of the quarter as
Period Ending - Enter amount from Line 115 as
Amount owing - Confirm right amount displays in
Total paymentfield - Select
Next - Confirm values are correct
- Select
Submit - Confirm message
The transaction is now in Pending Approval status and requires 1 approver(s).Displays at the top - Click
Done