Instructions 1 Please Review Figures 3 To 5 2 Determine The Gst Hst Balance By A Adding The Actual Gst Hst Filings T 1 (93.7 KiB) Viewed 52 times
Instructions 1. Please review Figures 3 to 5. 2. Determine the GST/HST balance by a. Adding the actual GST/HST filings together b. Determine the payments that have been made to CRA. 3. Put in the GST/HST balance that CRA has 4. If there is a difference, try to explain where you think this comes from. Draft Template - modify as necessary GST Return PE 31 Dec 2020 GST Return PE 31 Dec 2021 Payments Expected GST Balance $x $x ($x) $x Outstanding balance per CRA Difference $x $x Figure 3 - Jane's GST Filings Filed by the Firm Jan 1, 2020 to Dec 31, 2020 8/31/22 Jan 1, 2021 to Dec 31, 2021 9/10/22 Reporting Period Filing Date Ln 101 - Sales and other revenues Ln 105 - Total GST Ln 108 - Total ITCS Ln 109 - Net balance Interest Failure to file penalty Result of assessment $5.000.00 $2,500.00 ($150.00) $2,350.00 $100.00 $117.50 $2.567.50 $6,000.00 $3,000.00 ($200.00) $2,800.00 $2,800.00 Not yet assessed Figure 4 - Canada Revenue Agency GST Balances for Jane Outstanding balance $6,070.00 Interim balance $6,150.00 CR Period-end Interim balance Balance
Figure 5 - Canada Revenue Agency GST Transactions for Jane Type Effective date Period-end Transactions Amount Interim balance 3/31/22 12/31/22 Payment ($500.00) Interim balance 6/30/22 12/31/22 Payment ($500.00) Interim balance 8/31/22 12/31/22 Payment ($2,350.00) Interim balance 9/10/22 12/31/22 Payment ($2,800.00) ($6,150.00) Balance 4/30/21 12/31/20 Notional assessment $3,000.00 Balance 4/30/21 12/31/20 Late penalty $150.00 Balance 12/31/21 12/31/20 Interest $50.00 Balance 8/31/22 12/31/20 Reversal of assessment ($3,000.00) Balance 8/31/22 12/31/20 Reversal of penalty & interest ($200.00) Balance 8/31/22 12/31/20 Reassessment $2,350.00 Balance 8/31/22 12/31/20 Late penalty $100.00 Balance 8/31/22 12/31/20 Interest $117.50 Balance 9/15/22 12/31/20 Interest $2.50 $2,570.00 Balance 4/30/21 12/31/21 Notional assessment $3,250.00 Balance 4/30/21 12/31/21 Late penalty $162.50 Balance 12/31/21 12/31/21 Interest $75.00 Balance 9/15/22 12/31/21 Interest $12.50 $3,500.00
You may complete your response in the PDF directly, in word and/or excel or in an email. #1 Notes & Conclusion for Tax Issue(s) #2 Prepare GST/HST reconciliation #3 Other questions
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