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This version of the form is not currently in use and is provided for reference only. Download this version of
Form GST70
for the current year.
Form GST70 Election or Revocation of an Election to Change a Gst / Hst Fiscal Year - Canada
Form GST70 Election or Revocation of an Election to Change a GST/HST Fiscal Year in Canada is used to either elect or revoke an election to change the fiscal year for reporting Goods and Services Tax/Harmonized Sales Tax (GST/HST) in Canada.
The business or organization that wishes to change their GST/HST fiscal year files the Form GST70 - Election or Revocation of an Election to Change a GST/HST Fiscal Year in Canada.
FAQ
Q: What is GST70?
A: GST70 is the form used in Canada to elect or revoke an election to change the GST/HST fiscal year.
Q: What is a GST/HST fiscal year?
A: A GST/HST fiscal year is the 12-month period for which a business calculates and reports its GST/HST.
Q: When should I use GST70?
A: You should use GST70 if you want to change your GST/HST fiscal year or revoke a previously made election.
Q: What information is required on GST70?
A: GST70 requires information about your business, including the current GST/HST fiscal year and the proposed new fiscal year.
Q: What are the deadlines for filing GST70?
A: The deadline for filing GST70 to elect or revoke a GST/HST fiscal year is the same as the deadline for filing your GST/HST return for that fiscal year.
Q: Can I change my GST/HST fiscal year more than once?
A: Yes, you can change your GST/HST fiscal year multiple times, but there are restrictions and requirements for doing so.
Q: What are the consequences of changing my GST/HST fiscal year?
A: Changing your GST/HST fiscal year may affect your reporting obligations and the timing of when you collect and remit GST/HST.
Q: Can I cancel a previously made election to change my GST/HST fiscal year?
A: Yes, you can cancel a previously made election by using the GST70 form to revoke the election.
Q: Do I need to consult with a tax professional before filing GST70?
A: While it is not mandatory, consulting with a tax professional can be helpful in understanding the implications and requirements of changing your GST/HST fiscal year.
Download Form GST70 Election or Revocation of an Election to Change a Gst / Hst Fiscal Year - Canada
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