Ontario Harmonized Sales Tax

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General Consumer • Inputs currently only subject to GST (5%) will have additional 8% ‣ Examples: utilities, gas, internet, personal services (hair cuts, dry cleaning), memberships, shoes under $30 • To offset additional costs the <strong>Ontario</strong> government has: ‣ Cut the personal income tax rate on the first $36,848 of taxable income by 1% ‣ Introduced a sales tax credit for low income taxpayers of $260 (similar to annual GST rebate) ‣ Provided some point of sale rebates ‣ Introduced a transition payment 75
Transition Payments to Individuals Single Individuals Single Parents or Couples Payment Month Maximum Benefit Phase-out Range Maximum Benefit Phase-out Range June 2010 $100 $80K - $82K $330 $160K - $166.6K December 2010 $100 $80K - $82K $335 $160K - $166.7K June 2011 $100 $80K - $82K $335 $160K - $166.7K Total $300 $1,000 • Benefit reduced by 5% of income over the threshold • To receive the benefit the 2009 & 2010 personal tax returns must be filed 76
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Ontario Harmonized Sales Tax Matthe
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Agenda • Overview • Transitiona
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Current Regimes Goods and Services
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HST - Why? • Remove PST as a hidd
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HST • Advantaged ‣ Manufacturer
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Key Dates Certain organizations may
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Goods (Pre) • Sale of goods where
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Goods (Period 1) • Consideration
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Goods (Period 2) • Sale of goods
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Goods (Period 2) • Example A busi
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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: Individuals
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Ontario Harmonized Sales Tax

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