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News and discussion on implementing risk management

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HST

Prepare for harmonized sales tax (HST) rate changes

HST rates are set to increase in three provinces. Businesses based in, or doing business with these provinces should prepare for the changes.

 

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And now an update on HST transitions!

If you’ve been following the story of Quebec’s efforts to harmonize its sales tax (the QST) with the federal Goods and Services Tax, you probably know that it took a bit longer than expected, besides the 19 previous years of semi-harmonization during which nothing really happened. The federal government and the province originally set a deadline of September 15 to reach a deal, but they subsequently extended the period, and as of Friday, the deed is done—kind of.

 

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Moving forward on the HST

We last discussed British Columbia’s and Ontario’s transition to harmonized sales taxes in March, and now they’re here. In fact, as you well know, they’ve been here for more than two months, and not everyone is happy about it. British Columbians in particular are angry, and have called for a referendum on the issue, which will take place next September. Ontarians have once again shown their stoic side as the government tells them what’s best. While many have complained, no one has made a significant attempt to repeal the tax.

 

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Provincial fund to help not-for-profit organizations with infrastructure costs

If you work in the not-for-profit sector, chances are that your organization performs some sort of community service, quite possibly helping disadvantaged persons or designated groups, such as visible minorities, Aboriginals, persons with disabilities or addictions, or women. For this reason alone, not-for-profit organizations are essential to the well-being of our communities and cities. But you already knew that.

 

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RST vendor compensation tax tip

This morning, the First Reference accountant brought me an item that she thinks will be of interest to Ontario businesses: an Ontario Ministry of Revenue tax tip dealing with the transitional rules for retail sales tax vendor compensation.

 

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Hope for the HST

Regardless of your opinion about the new Harmonized Sales Taxes in Ontario and British Columbia, they’re here now and they’re probably here to stay—at least for the foreseeable future. So what do you do with that if you’re unhappy about the new taxes? Do you continue to scream and shout? Or do you try and figure out how you can make the most of the situation?

 

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The cynical blather about HST

You’d think that in tough economic times, political parties might get together to support public policy that is fiscally progressive, good for business and (if the experience of Atlantic Canada is anything to go by) not such a bad deal for consumers. But you’d be wrong.

 

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