How to Complete a Canadian PST Return

Step-by-Step Guide

1. 1

   Step 1: The CRA will send PST filing forms on a regular basis

   Review the form to ensure the business name, number and address are correct.
   
   Make note of the due date and reporting period as listed in the top right corner.
2. 2

   Step 2: based on whether you file annually

   , Investigate any discrepancies. ,, This amount should match your actual PST collected amount. , Line 2
   - Total PST collected.
   
   Line 3
   - Total PST amount payable used by your business.
   
   Line 4
   - Current penalty.
   
   If you file past the deadline listed on the form, the penalty is 10% on line 2 and 5% of line
   3.
   
   Line 5
   - Compensation (Rebate amount) calculated based on amount on line
   2.
   
   If amount is $20.00 or less, line 5 equals line
   2.
   
   If $20.01-$400.00, line 5 equals $20.00.
   
   If $400.01 or more, line 5 equals 5% of line 2, up to a maximum of $1500 for the year.
   
   Line 6
   - Total of line 2 + line 3 + line 4
   - line
   5.
   
   This is total amount payable. ,
3. 3

   Step 3: semi-annually

4. 4

   Step 4: or monthly.

5. 5

   Step 5: Print a trial balance for the reporting period.

6. 6

   Step 6: Check any balance forward amounts match the ending amounts from the trial balance used in your last return.

7. 7

   Step 7: Calculate your total revenue from sales.

8. 8

   Step 8: Calculate the expected PST amount collected as the Total Sales Revenue x current PST rate.

9. 9

   Step 9: Complete the working copy of the PST form: Line 1 - Total Sales rounded to the nearest dollar.

10. 10

    Step 10: Complete the remittance portion of the PST form and submit to the provincial Ministry of Revenue with the cheque.

Detailed Guide

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