Alberta First

GST Records

Your business will also have to keep accurate GST records. As the following example shows, this is simply a matter of keeping track, on a daily basis, of the GST collected and the GST paid.

1. You owe GST

Date	Reference	Cash In	Cash Out	GST Collected	GST Paid
Mar. 2	Antique bath	10700		700
Mar. 4	Heating fuel		321		21
Mar. 6	Reception desk		428		28
Mar. 8	Install shower	1284		84
Mar. 15	Telephone		107		7
Mar. 16	Install plumbing	31200		2100
Mar. 20	Gas trucks		1070		70
Mar. 22	Accounting fees		214		14
Mar. 28	Repair trucks		321		21
Total				2884	161

2. GST refund due

Date	Reference	Cash In	Cash Out	GST Collected	GST Paid
Mar. 2	Antique bath	10700		700
Mar. 4	Heating fuel		321		21
Mar. 6	Reception desk		428		28
Mar. 8	Install shower	1284		84
Mar. 15	Telephone		107		7
Mar. 16	Install plumbing	31200		2100
Mar. 20	Gas trucks		1070		70
Mar. 22	Accounting fees		214		14
Mar. 28	Purchase trucks		53500		3500
Total				2884	3640

In the first example, the amount of GST collected exceeds the amount paid. At the end of the business quarter, the business remits the difference to the government. In the second example, all the transactions are the same, except for a major purchase of two service trucks. Here, the GST paid exceeds that collected, so the business is due a GST refund.

You can also record the GST you collect or pay on your synoptic ledger. As with all tax records, all relevant GST books and records must be kept for six years.