As of July 2017, all Lyft, Uber and other self-employed individuals who transport people and collect a fare must register for GST/HST and than collect and report to the CRA.
The definition of Taxi Business has since changed. Previously, it was limited to “a business carried on in Canada of transporting passengers by taxi for fares regulated under the laws of Canada or a province”. After July of 2017 the definition has changed to “a business carried on in Canada by a person transporting passengers for fares by motor vehicle…within a particular municipality and its environs if the transportation is arranged or coordinated through an electronic platform” This new definition now includes Uber and Lyft drivers.
You are required to register for a GST/HST number 30 days after you start charging GST/HST on your sales. The CRA will than back date your registration 30 days to account for all collected.
To register for GST/HST you may do so online, by mail, by fax or by phone. Once registered all invoices must state the tax charged. The rate will vary based on the province in which the service was provided.
Reporting your GST/HST can be done either quarterly, monthly, or annually. This depends on which you chose when you opened your GST/HST account with the CRA. If you report quarterly or monthly, you have 30 days after your due date to submit your return. If you file annually, you have to report by June 15 of the following year but any payments due are to be paid by April 30th of that year.
The best way to report your GST/HST is to do so online through your business account. It is the quickest and simplest method. If you chose not to do so, you may file in person at your financial institution or mail your paper return to the CRA.
Making payment is the same as reporting. You can make a payment online through your business account or make a payment at your financial institution.
The most important thing you can do is to keep all your receipts for expenses as well as all invoices for charges. This will allow you or your accountant to properly prepare your GST/HST return.
This is general comment, and you should contact Tax Partners for any questions by sending an email to [email protected] or (905) 836-8755.
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