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GST/HST ISSUES Ray Munich Director, Financial Services Telephone: (604) 827-5018 Fax: (604) 822-1837 Email: Munich finance.UBC.ca Prepared for the University of British Columbia by KPMG QUESTION SUBJECT:

How to fill out gst66

How to fill out gst66:

1. Start by gathering all the necessary information. This includes your business details, such as your business name, contact information, and business number. You will also need to have your sales figures and tax amounts ready.
2. Fill out the top section of the gst66 form. This includes entering your business name and contact information. Make sure to double-check that all the information is accurate and up to date.
3. Enter your business number in the designated field. This is a unique identifier for your business and is essential for proper identification.
4. Next, you will need to provide the reporting period for which you are filing the gst66 form. This could be monthly, quarterly, or annually, depending on your business's specific requirements.
5. Moving on to the main section of the form, enter the appropriate sales figures for each category as required. This may include taxable sales, zero-rated sales, and exempt sales. It's crucial to accurately categorize your sales to ensure proper tax calculations.
6. Calculate the tax amount for each category. This is typically done by multiplying the sales figures by the applicable tax rate for that category. Ensure all calculations are accurate and double-check for any errors.
7. Add up all the tax amounts to determine your total tax liability for the reporting period. This figure will be entered in the designated field on the gst66 form.
8. Finally, sign and date the form to certify its accuracy. It's essential to provide your complete and legible signature, as this signifies your agreement with the reported information.

Who needs gst66:

1. Any business that is registered for the Goods and Services Tax (GST) in Canada needs to fill out the gst66 form. This includes both small and large businesses, as long as they meet the eligibility criteria for GST registration.
2. Businesses that have exceeded the threshold for annual taxable supplies or those engaged in certain types of activities, such as property rentals or online sales, are required to register for and file GST returns using the gst66 form.
3. It is also important to note that businesses that are not registered for GST are not required to fill out the gst66 form. However, they may need to consider registering if they meet the eligibility criteria or if it provides them with certain benefits, such as input tax credits or the ability to recover GST paid on business expenses.

In summary, anyone registered for GST in Canada needs to fill out the gst66 form. It is crucial to accurately complete the form by providing all required information, categorizing sales correctly, and performing accurate tax calculations. By doing so, businesses can ensure compliance with GST regulations and effectively manage their tax obligations.

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What is gst66?

GST66 is a form used to report the GST/HST collected, and the GST/HST paid or payable on purchases.

Who is required to file gst66?

Businesses and individuals who are registered for the Goods and Services Tax/Harmonized Sales Tax (GST/HST) are required to file GST66.

How to fill out gst66?

GST66 can be filled out electronically through the Canada Revenue Agency's website or manually by entering the required information such as GST/HST collected, GST/HST paid on purchases, and other relevant details.

What is the purpose of gst66?

The purpose of GST66 is to report the amount of GST/HST collected, GST/HST paid on purchases, and to reconcile any differences.

What information must be reported on gst66?

The information that must be reported on GST66 includes the total GST/HST collected, the total GST/HST paid or payable on purchases, and any adjustments or corrections.