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Harmonized Sales Tax

2009-08-27

As you're well aware, the Harmonized Sales Tax will be coming into effect for Ontario and British Columbia in less than a years' time, July 1, 2010, to be
precise.

The introduction of HST will present new and different challenges, as well as new tax recovery opportunities. However, in the interim it is imperative that all
organizations currently paying BCSST and ORST ensure that no PST recovery opportunities under the existing tax regime go uncollected.

Our Consultants recommend that PST tax reviews in BC and ON should be undertaken while several viable and material tax recovery opportunities still remain on the table. The four year period for retroactive gains will start "shrinking" soon enough.

We would like the opportunity to help your organization maximize recoverable taxes, and to implement solid accounting practices for the future.

Our contact information is as follows:

Bryan Pratt (Sales Manager)
sales@fairtax.ca
(604) 731.9090 Ext. 312

Untitled Document

FAIRTAX GLOSSARY :	Commodity Tax Every private business and public sector entity pays Commodity Taxes. Even 'tax exempt' firms can't avoid these taxes as virtually every purchase of a service or product attracts some form of provincial and/or federal commodity tax. They include, but are not limited to, the following; sales taxes - both federal and provincial, fuel taxes, excise taxes, customs and duties and payroll taxes. \| Retroactivity periods The period for which a client is entitled to claim back overpaid or incorrectly paid taxes. There are variances, but the period for claiming back GST/HST, and most PST, is typically 4 years. Variances exist according to the tax concerned, or by province of jurisdiction, and/or by the nature of the business concerned. \| Incentive programs At both Federal and Provincial levels incentive programs may be offered to particular industries, businesses or public sector bodies that offer relief or a "holiday" from current commodity taxes in order to encourage businesses to act in a certain manner. An examples was the provision for relief of EI deductions for New Hires in order to encourage additional employment. \| Legislative interpretation - issues Interpretation by the taxing authorities of existing legislation is an extremely complex procedure. Frequently, interpretation of the relevant ministry's legislation does not relate to commonly accepted business practices as applied at the taxpayer level and creates a potential tax recovery issue.
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