We have all heard about the HST coming into effect on July 1, 2010. What is it? The simple explanation is that the HST combines the existing 8 per cent PST and the 5 per cent federal GST into a single 13 per cent sales tax. This comes into effect July 1, 2010. To help ease the transition to the HST, some transition rules take effect May 1.

Not all of us are prepared for this transition and the more proactive you are the more prepared you are to navigate through this new tax structure. As a business, you should be aware of the impact it has on you. How it affects:

Purchases of goods and services	Your remittances to the CRA
Costing of your inventories	Your ability to leverage this to your purchasing advantage

Call the HST Expert, Alison Wright and get prepared, get trained and get in front of this tax monster!

HST Training

HST Consultation

HST Business assessment

HST Submissions

As of May 1, if you pre-pay for something that you're going to use on or after July 1, the HST will generally apply. You will not be charged HST for any goods received or services performed before July 1. Businesses in Ontario that are registered for the goods and services tax (GST) will be required to collect the HST and will report their HST according to their current GST filing frequency. Retailers and service-providers should begin to upgrade their point-of-sale, cost and accounting systems as early as possible to ensure that they meet the implementation date of July 1, 2010. Are your systems ready for the transition from GST-PST to HST? Factoids: Did you know? No PST now, no HST after July 1, 2010. There are some other items now that have no sales tax on them, such as basic groceries, municipal transit and prescription drugs. On July 1, 2010, there will still be no HST charged on these items. 6.6 million families and individuals in Ontario will receive sales tax transition benefits in three instalments over one year beginning in June 2010. 93 per cent of all homes sold in Ontario, on average, will not be subject to an additional tax amount under HST. The comprehensive tax package provides Ontarians with $11.8 billion in tax relief over three years Approximately 2.8 million families and individuals would benefit from the proposed Ontario Energy and Property Tax Credit, which would provide over $1.2 billion annually in energy and property tax relief. In Atlantic Canada, investment in machinery and equipment rose by more than 12 per cent following the move to a harmonized sales tax.