Ronika Khanna shows how to pay GST-QST instalments through TD EasyWeb. You'll need your QST account number, form FPZ558, and to calculate instalments as roughly one-quarter of last year's total. The payment clears in one to two business days.
Questions this video answers
Form FPZ558.
Typically ends with TQ0001 (or TQ0002 or TQ0003 variants).
One quarter (1/4) of the previous year's total payable.
Generally within one to two business days.
Start December 1, 2023 and end November 30, 2024.
Chapters
Hello. Today we're going to look at how to pay your GST and QST installments using online business banking. So every bank account has a different interface. I'm currently in td. This is the interface for td, rbc, bmo, cibc. All of them will look slightly differently and they might have different names to make it extra confusing. So what you want to do is look for, generally speaking, the pay bills section of your banking interface. Click on that and within that you will see a tax payment and filing service. This will only be available if you have a business bank account, if you're a sole proprietorship or a corporation. So click on that.
And it will take you to a separate section for tax payment and filing. If this is your first time, there will be an agreement here that you have to read and agree to and it'll then it should set it up right away. There are generally fees involved, but in my opinion those are worth it rather than having to submit this by mail and check. It takes time. You have to pay for the postage, all of that. So I'd much rather use online banking to file my business tax returns, my business tax payments rather, and pay the fees which are generally not significant. Okay, so I will click on this, make a tax payment and filing and here you'll see I have a bunch of payment types set up already. If you've never used this before, you would simply go in and add the payment type that you're looking for. In our case, we are going to be paying the installments and the installments for GST and Q go on to this Quebec Combined GST QST installment. It's very important that you use this form FPZ558 and not the remittance form, because the remittance form actually requires that you enter all of the boxes and complete the filing of the tax return. This is simply the installments are simply a down payment towards what you will eventually owe or on your GST and qst. So if you don't already have this, you would go to add payment type. You would go and look for the Quebec.
Combined GST installment here, click on that and then you click on Next it'll ask you for your QST account number. This is available on any of the information, any of the documents that you have from Revenue Quebec. It is your identification number and generally ends in TQ0001 or that it could be 0,02 or 3.
So I'm just going to cancel this and select the one that I have already set up and click on pay.
So here you want to select the account from which you want the funds to be withdrawn. Once you do this, the payment will be made generally within one or two business days. But you must make sure that you have the funds available in your account the period covered by the installment. This is a little murky. You could put the three months or I generally like to put the full year pertaining to my year end. My year end is November 30th so that means I am going to choose December 1st, 2023. This is very important and then it will end November 30th, 2024. It probably doesn't matter that much, but you have to make sure that whatever this is, whether it's a quarter or that you use or the full year end that it's within the period that you are intending to pay. Now you calculate your GSTHST installments. This is generally the required amount is generally 14 of what your total amount payable was for the previous year. In my case I had approximately $4,000 of GST HST owing so I am going to put $1,000. The exact same rule applies for QST and in this case because I have less QST than GST I owed approximately $6000 in 2023 I will take a quarter of that. That is $1500 and you'll see it gives me a total of 2,500. Again, I want to make sure that I have $2500 in my account down pay this. The payment date will automatically revert to the next business day. There's nothing you can do about this, but you can future date it and this is quite useful if you want to set them all up now to take from your account in three or six months from now. Once again, just make sure that you have the funds in the account. So you click on Next. It gives you a summary of what you've just done done. So make sure all of these details is going from the right account. The QST account to pay.
We'll have the number, the amounts are good and the payment date in my case will just be tomorrow which is the next business day. Then I'm going to click Submit.
And once I've submitted it I always like to save this as a PDF into my accounting form so that I have a reference of it for the future.
So I'm going to do that.
Save.
And then I can return to easyweb. This is for TD or whatever option you have and you can click on Done.
Will take you back to this screen in case you have to make other payments, you can just click on that and go through the same process. So that's how to make a GST QST installment using business online banking. I hope this was useful. Don't hesitate to leave a comment if you have any questions and please subscribe.
