Beat The HST
Effective July 1, 2010, Ontario will combine its eight per cent RST (Retail Sales Tax) with the five per cent Federal GST (Good and Service tax) to create a new
“harmonized” total tax of 13 per cent. This new tax will be applicable to many SC services which hitherto only had GST applied.
If you, as a GST/HST registrant, pay HST, you will get it back in the form of input tax credit. You do not have to register for GST/HST if you are a small supplier with less than $30,000 in GST taxable income annually. However, you can register voluntarily in order to recover the taxes you paid.
If you are not registered for a GST/HST number, you may want to pay for the following SC services prior to July 1 in order to reduce the taxes:
- Horse Eligibilities
- Transfers
- Foal Registrations
You will not save much to apply for the early renewal of membership and licence as HST applies to any amount that relates to the portion of the membership period that is on or after July 1, 2010.
For tax advice, your accountant is your ally. Get his or her take on the tax change and how it may affect your business.
Just wondering if stable
Just wondering if stable fees could be paid in advance....
Just wondering if anyone has
Just wondering if anyone has any insight on how the HST will affect claiming prices.Will it be waived or will we need to tack on 13%?If so is the total amount recoverable somehow?Thanks for the response in advance.
In reply to Just wondering if anyone has by Probowler
The 13% HST is applicable to
The 13% HST is applicable to horses claimed in Ontario on or after July 1st, 2010. If you have been registered for GST purposes, you will be able to recover the HST by filing the GST/HST return. If not, you may want to open a GST/HST account with Canada Revenue Agency. You can call 1-800-959-5525 to apply for a GST/HST number.