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ARE YOU READY FOR THE HST?

Friday, May 21st, 2010

On July 1st, the harmonized sales tax (HST) comes into effect, replacing the PST and GST.

If you are currently registered for the goods and services tax (GST) you will be required to collect the HST and will report the HST according to your current GST filing frequency. You should begin to upgrade your point-of-sale, cost and accounting systems as early as possible to ensure that you meet the implementation date of July 1, 2010.

Please visit our GST/HST Publications page for more detailed information on the transition to HST.

Posted in GST/HST News Comments Off on ARE YOU READY FOR THE HST?

PST COMPENSATION SCHEDULED TO END JUNE 30, 2010

Monday, May 17th, 2010

Important information regarding claiming PST compensation for periods ending after March 31, 2010

General PST vendor compensation will end as the PST is wound down in the transition to the HST. 

All PST returns mailed to vendors for periods ending after March 31, 2010 will indicate AT LIMIT in the compensation box at line 5. To claim compensation, vendors must determine their total tax collected on sales during the reporting period and then deduct from that amount the eligible compensation. The result of this calculation must be entered on line 2 of the RST return. Vendors are required to maintain accounting records to substantiate their tax filings.

PST vendors can claim an amount for compensation of up to $375.00 for the shortened collection period of April 1 to June 30, 2010. Compensation limits for this period are as follows – If PST charged in the filing period is:

  •  $20.00 or less, claim the amount charged 
  •  More than $20.00 and less than $400.00, claim $20.00, and
  •  $400.00 or more, claim 5 per cent of the amount (maximum of $375.00)

Posted in GST/HST News, Tax News Comments Off on PST COMPENSATION SCHEDULED TO END JUNE 30, 2010

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