How We Helped a Retail Business in Brampton Manage Accurate GST/HST Filings and Avoid CRA Penalties
A brick-and-mortar retail business in Brampton approached Gondaliya CPA after facing ongoing issues with GST/HST calculations and filing deadlines. With frequent sales transactions and supplier purchases, the business needed professional support to ensure accurate tax reporting and full compliance with CRA requirements.
About the Client
- Business Type: Retail store
- Location: Brampton, Ontario, Canada
- Previous Setup: Sales and tax tracking managed manually using spreadsheets
- Main Challenges:
- Incorrect GST/HST charged on customer invoices
- Missed filing deadlines leading to CRA notices
- Uncertainty around eligible input tax credits (ITCs)
Client Objectives
- Ensure GST/HST is calculated and reported correctly
- File all GST/HST returns on time
- Claim eligible input tax credits accurately
What We Did
1. GST/HST Compliance Review
We reviewed sales records, supplier invoices, and prior GST/HST filings to identify errors, missed filings, and unclaimed input tax credits.
2. Return Preparation & CRA Filing
Our team prepared and filed outstanding and current GST/HST returns, ensuring accurate net tax calculations and compliance with CRA deadlines.
3. Ongoing GST/HST Process Setup
We implemented a structured GST/HST tracking process and provided guidance on proper invoicing, record-keeping, and monthly reconciliation.
Results
- All GST/HST returns filed accurately and on time
- CRA notices resolved and penalty risk eliminated
- Improved cash flow through recovered input tax credits
- Clear GST/HST filing process established for future periods
- Reduced administrative workload for the business owner
Summary:
For retail businesses in Brampton, Gondaliya CPA provides expert GST/HST filing and compliance services to ensure accuracy, minimize CRA risk, and simplify tax management.