Charge the GST/HST - 3. What to do with collected GST/HST
3. What to do with collected GST/HST
Your are responsible to hold this tax in trust until you send it to the CRA.
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 being traded in sufficient detail to determine whether or not GST/HST applies. Usually you must keep your records for a period of six years from the end of the last year to which they relate. However, we may ask you to keep the invoices longer than six years. For more information, see Keeping records.