Charge and collect the tax – What to do with collected GST/HST
What to do with collected GST/HST
You are responsible to hold the GST/HST in trust until you send it to the Canada Revenue Agency (CRA). This includes the collectible tax that you charged and have not collected yet.
At the end of each reporting period, you need to:
Keep accurate records
You must keep the records that will support the information you provide on your GST/HST returns. Your records must allow you to calculate:
- the amount of GST/HST you collected
- the amount of GST/HST paid and payable on your eligible business purchases and expenses
- the amount of tax to be refunded, rebated, or deducted from your net tax
Your records must describe the goods and services in enough detail to determine whether or not GST/HST applies. Usually, you must keep your records for six years from the end of the last year to which they relate. However, the CRA may ask you to keep the invoices longer than six years.
You have to provide specific information when you make a claim. For more information, see Records you need to support your claim.
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