Ontario Harmonized Sales Tax

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HST • HST for Ontario Introduced in the 2009 Ontario Budget on March 29, 2009 • December 9, 2009 HST legislation passes in the House of Commons with support of the Liberals, Conservatives, & Bloc Quebecois • December 9, 2009 HST legislation passes in the Provincial Legislature • In the agreement between the Province and the Federal Governments the HST cannot be repealed or amended for 2 years 5
HST – Why? • Remove PST as a hidden sales tax • Remove multiple taxation • Save companies administrative & compliance costs • Save the Provincial Government administration costs • Reduce the effective tax rate on established businesses and new business investments • Make Ontario more competitive Internationally • Remove embedded taxes on exports out of Ontario • The Province will also receive $4.3bn as part of the agreement 6
Page 1 and 2: Ontario Harmonized Sales Tax Matthe
Page 3 and 4: Agenda • Overview • Transitiona
Page 5: Current Regimes Goods and Services
Page 9 and 10: HST • Advantaged ‣ Manufacturer
Page 11 and 12: Key Dates Certain organizations may
Page 13 and 14: Goods (Pre) • Sale of goods where
Page 15 and 16: Goods (Period 1) • Consideration
Page 17 and 18: Goods (Period 2) • Sale of goods
Page 19 and 20: Goods (Period 2) • Example A busi
Page 21 and 22: Services (Pre) • Supply of servic
Page 23 and 24: Services (Period 1) • Considerati
Page 25 and 26: Services (Period 2) • Considerati
Page 27 and 28: Services (Post) Post October 14, 20
Page 29 and 30: Other Transitional Rules • Leases
Page 31 and 32: Exempt Service Providers • Includ
Page 33 and 34: Retail - Point of Sales Rebates •
Page 35 and 36: Retail - Other • Aboriginals - at
Page 37 and 38: Heavy Construction • Benefit unde
Page 39 and 40: Residential Housing - Construction
Page 45 and 46: Public Services Bodies • Appears
Page 47 and 48: Public Services Bodies Public Servi
Page 49 and 50: Credits • Small Business Transiti
Page 51 and 52: Temporary Restrictions - Large Busi
Page 57 and 58:
GST/HST E-Filing • Businesses wit
Page 59 and 60:
Prices • In most industries HST w
Page 61 and 62:
Economic Trends • Businesses Sell
Page 63 and 64:
Misc. GST/HST items • The small b
Page 65 and 66:
Winding Down the PST • General ru
Page 67 and 68:
PST Audits • The Province can con
Page 69 and 70:
The 5 P’s to Consider in Transiti
Page 71 and 72:
Paper • Review contracts, invoice
Page 73 and 74:
Pricing • Consider effect on pric
Page 75 and 76:
Individuals
Page 77 and 78:
Transition Payments to Individuals
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Ontario Harmonized Sales Tax

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