GST/HST

GST/HST Bookkeeping Checklist for Small Businesses

What to keep organized before preparing a GST/HST return.

GST/HST bookkeeping becomes much easier when sales tax is reviewed throughout the reporting period.

Track tax collected on sales

Keep invoices or sales-system reports that show taxable sales and the GST/HST charged.

Track tax paid on purchases

Preserve supplier invoices and receipts showing the tax paid. Not every amount paid is automatically an eligible input tax credit, so keep the supporting details.

Separate non-tax and mixed transactions

Transfers, loan proceeds, owner contributions and some other transactions may not belong in sales-tax totals.

Reconcile before filing

Compare the GST/HST report with bookkeeping records and investigate large or unusual items before preparing the return.

Official sources