Question
Bartholomew Anderson has been operating Bastian Brook Restaurant in Alberta (Albertas GST rate is 5%) for the past several years. Based on the information that
Bartholomew Anderson has been operating Bastian Brook Restaurant in Alberta (Albertas GST rate is 5%) for the past several years. Based on the information that Bartholomews accountant filed with the CRA during the prior year, Bastian Brook Restaurant must make monthly GST payments of $1,120 this year. (Hint: this means he will pay this value every month) Bartholomew must complete the Goods and Services Tax/Harmonized Sales Tax (GST/HST) Return for Registrants online, and then make his payment. He has asked his accountant for instructions on how to do this, and was provided with this explanation: Line 101 reports amount of GST/HST taxable revenues excludes the HST portion Line 103 reports amount of GST/HST collected Line 106 reports amount of GST/HST paid Line 109 reports amount of net GST/HST payable to the CRA Line 110 reports amount of GST/HST payments already made to the CRA this year Line 112 /113 reports amount of balance to be paid or to be refunded When Bartholomew checked his accounting records, he found the following information for the current fiscal year: HST-taxable revenue of $559,778 (Hint: This value excludes the HST portion) Purchases of $270,849 (Hint: This value excludes the HST portion) Referring to the form in the excel file, help Bartholomew determine the balance of HST to be paid or to be received by calculating each line of this simplified GST/HST return.
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