HST Transition Period – May 1st
Thursday, April 29th, 2010Everyone in Canada, especially in Ontario and BC, is aware (unless you have been living under a rock) that effective July 1, 2010, the taxes will be harmonized into 1 tax and must be reflected that way in our books. For those that have always sold products and charged PST, it may be just a matter of combining them into one tax. However, for those that only charged GST in the past, they will have to now charge the equivalent of the PST combined with the GST to make up the HST (I know… totally confusing and some would argue, absolutely unnecessary).
But… did you know that there is a transition period where some will have to start charging HST effective May 1st if they plan to deliver after July 1st? (still more confusion). (more…)

