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The New Ontario HST|
Effective July 1, 2010, Ontario (and B.C. as well) has introduced the 8% Harmonized Sales Tax (HST). This tax already exists in many other provinces. In Ontario, it replaces the 8% PST which was assessed on most physical products but not services. Since the new HST is assessed on both physical products and services, it has a wider scope and represents a net tax increase to consumers. However, for businesses it is a refundable tax like GST, and is filed together with the 5% GST return on a monthly, quarterly or annual basis depending on the filing status of the individual company. Businesses therefore pay a combined total of 13% on their purchases of goods and services in Ontario, but can claim this back in full when filing their periodic return. Contact Simkover and Associates today to see how we can lead you and your money into the future.