Harmonized Sales Tax/Goods and Services Tax
Are you required to register for and collect HST for your business? Do you know how to track your HST and file your returns? Do you know when you should be filing your returns?
The Harmonized Sales Tax (HST) was introduced into Ontario in July 2010 replacing the federal Goods and Services Tax (GST) and Provincial Sales Tax (PST). The HST is a tax that applies to the supply of most property and services in Canada and you are required to register for the HST when your worldwide taxable sales exceed $30,000. However, due to the ability to claim back the HST paid out on business expenses, voluntarily registering for the HST early may be beneficial.
The HST collected is required to be remitted to the Canada Revenue Agency based on a pre-determined filing period as established by the CRA. The balance owing is reduced by the HST paid or payable on expenses incurred through the business.
Although the above may appear simple, the HST rules are in fact very complex and if misapplied, could result in significant penalties and interest being levied that actually exceed the initial tax.
HST and Other Tax Assistance
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