I am a US citizen, with my own company, who is working for a client in Ontario. I have registered for and have a CRA number, and charge them GST (5%) soon to change to HST (13%), as I was instructed to do. The CRA presently requires me to make a deposit of 1/2 of my expected GST for the year, which is 6.5% of the gross that I will earn for the year (next year). Even God waits until I earn it before He asks me for my 10%.
Are there any options to waive the GST deposit that Americans have to make to the CRA? Is there an option perhaps to pay the GST to the CRA monthly, as I receive it from the customer - which would be fine - instead of having to pay half of it up front?
Thanks,
Erik
GST/HST Deposit
Moderator: Mark T Serbinski CA CPA