During construction, it’s a good idea to file monthly so you can recover the GST you pay on building expenses as soon as possible. When the building is complete, you may opt to file less frequently.

You initially choose your filing period when you register for the GST. Later, you can change your GST reporting period by submitting a GST form 20, Election for GST Reporting Period.

The change can only take effect at the beginning of your fiscal year. The election must be filed no later than two months after the day it is to take effect. For example, let’s assume you currently file annually using a calendar year, so your fiscal year starts January 1. You are planning to start a new housing project in April of the following year, with completion in October, and want to file monthly during construction. You must submit the election form by the end of February in the construction year (two months after your fiscal year starts). To return to annual filing the year after construction, you must submit another request by the end of February the following year.

See page 17 in chapter one of the GST Guide for more information on changing your GST filing frequency.

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