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Harmonized Sales Tax (HST)

Tax Alert

Lisa Garland on December 8, 2015 in Advice for Business Owners

The federal government introduced changes regarding the GST/HST “Closely related election” which impose a filing deadline of December 31, 2015. This election allows certain closely related corporations and partnerships that are registrants engaged exclusively in commercial activities and that are members of a qualifying group, to not charge GST/HST on taxable supplies made to group … Continued



Update on the Impact of HST on Insurance Premiums in Ontario

Richard Weber on November 23, 2015 in Harmonized Sales Tax (HST)

Pre-Harmonized Sales Tax (HST) rules Before the implementation of the HST, Ontario Retail Sales Tax (RST) applied at a rate of 8 percent to a broad range of goods and selected services. It also applied to premiums for certain types of insurance, including group insurance and contributions paid into funded plans. Automobile insurance premiums were … Continued



Update on Verification of Suppliers’ GST/HST Numbers for ITC Claims

Richard Weber on November 13, 2015 in Advice for Business Owners

Section 169(4) of the Excise Tax Act requires a purchaser to substantiate its input tax credit (ITC) claim by obtaining information from the supplier, including the name of the supplier and the GST/HST registration number assigned to it. This information is typically obtained from the invoice provided by the supplier. Beware: Invalid information such as … Continued



Tax Implications for Businesses When Phasing out the Penny

Mustafa Dossajee on March 6, 2013 in Advice for Business Owners

Retail cash transactions will be affected when phasing out the penny and we would like to offer some advice—provided by the Canada Revenue Agency (CRA)—to help you through this process. Do you charge GST/HST before/after rounding out the penny? Since the GST/HST is calculated on the amount charged for taxable supplies, the rounding should occur … Continued



Legitimate Business Expenses to Deduct on Your Income Taxes

Richard Weber on February 6, 2013 in Advice for Business Owners

Before you start preparing for your 2012 income tax return, it is wise to familiarize yourself with all the business expenses you may legitimately deduct from your income taxes. Income tax mistakes can be costly – hence the need to prepare ahead of time. We are here to advise, shoulder the workload, and to cut … Continued



Retail Sales Tax Refund and Rebate Application - Approaching Deadline

Richard Weber on October 10, 2012 in Harmonized Sales Tax (HST)

All applications for a rebate or refund of RST paid MUST be received by the Ministry of Finance by December 31, 2012 to be considered. The December 31, 2012 deadline will not apply to applications for refunds or rebates of RST paid in respect of insurance premiums and for private transfers of used vehicles.  The … Continued



B.C. Transition Back to PST

Richard Weber on September 26, 2012 in Advice for Business Owners

Effective April 1, 2013, B.C. will be returning to the PST regime. The PST rates will include: 7% for taxable goods and services 10% for liquor 8%-10% on accommodation 12% for private sales of vehicles, boats or aircraft Rates varying from 8%-10% for motor vehicles where the purchase/lease value is $55,000 or more Registering for … Continued



Fate of HST in British Columbia

Richard Weber on August 17, 2011 in Advice for Business Owners

If you do business in British Columbia, read this: Recently a tax referendum was held in the province of BC, whereby British Columbians had to vote whether they were in favour of removing the harmonized sales tax (HST) that was introduced on July 1, 2010  and reinstate the goods and service tax (GST) and the … Continued



HST Refund for First Nations

Richard Weber on January 19, 2011 in Harmonized Sales Tax (HST)

Similar to the GST rules, HST will not apply to goods acquired on a reserve in Ontario or on goods bought off a reserve but delivered by the vendor to a reserve. On June 17, 2010 the Ontario government announced that the Retail Sales Tax exemptions for First Nations will continue for qualifying off-reserve property … Continued



Verification of Suppliers’ GST/HST numbers for ITC claims is imperative

Richard Weber on September 29, 2010 in Advice for Business Owners

Click here to read the 2015 Update! Section 169(4) of the Excise Tax Act requires a purchaser to substantiate its input tax credit (ITC) claim by obtaining information from the supplier, including the name of the supplier and the GST/HST registration number assigned to it. This information is typically obtained from the invoice provided by the … Continued