Completing your GST Return

[Regular method]

Line 101 - Sales and other revenue

Enter the total amount of supplies of goods and services, including zero-rated supplies and other revenue, shown in your records [including tax exempt revenue]. If you file annually, enter the total sales from your financial statements or equivalent. Do not include provincial sales tax, GST, HST, and any amounts you reported on a previous return. Round off the amount to the nearest dollar.

Line 103 - GST/HST collected or collectible

Enter all GST/HST you charged on goods and services for which you have to charge 7% GST and 15% HST (including the GST/HST you charged on the sale of taxable real property, if applicable, or capital assets).

For each reporting period, include the amount of GST/HST you charged on both paid and unpaid invoices.

Line 104 - Adjustments

Complete line 104 only if you have to make adjustments to increase the amount of your net tax for the reporting period. Enter the total of all adjustments. For example, reversal of previously written off bad debts, lease payments for passanger vehicles > $800, 50% addback for meals and entertainment, etc.

Line 106 - Input tax credits (ITCs)

This amount reflects the GST/HST you paid or owe on the total value of goods and services you acquired, imported, or brought into a participating province to use, consume, or resell in the course of your commercial activities. Enter the total of all ITCs for the reporting period, and any ITCs you did not claim in an earlier reporting period, provided the time limit for claiming the ITCs has not expired.

Line 107 - Adjustments

Complete line 107 if you have to make adjustments to decrease the amount of your net tax for the reporting period. Enter the total of all adjustments. For example, you can claim the amount of any GST/HST in bad debts you write off if you have previously accounted for the full amount of GST/HST on the supplies that resulted in those debts, and remitted any net tax owing.

Reconciliation to Finacial Statements

When completing a GST return, it is prudent to reconcile the return to (a) your GST GL accounts and (b) your monthly, quarterly, or annual financial statements.

The total GST due or refundable should reconcile to your GL account as at the filing date.  Line 101 on the return should be reconciled to your income statement sales for the period.  Line 106 should be reconciled to the expenses for the period excluding those upon which no ITC has been claimed.