I've been asked a lot lately and it got brought up again at the Kingston Arts Council workshop on Thursday night how the HST will work. Here's the simple low-down on how you will have to deal with taxes in 6 months time.
Basically it will be just like GST and no PST for business owners. If you currently are required to register for GST (revenue of more than $30,000 in the year) than you will be required to collect and remit HST. If you currently aren't required to and haven't registered for GST you will not have to.
PST will no longer be. You will not have a vendors permit, therefore you will not be tax exempt when you purchase supplies for resale, the tax amount will just become part of the regular expense of the item. You will not collect PST from your customers and therefore you will not remit anything to the government. So for a lot of artists this means that our prices will go down a bit in the eye of the customer! Yeah.
Sorry for the somewhat boring post today - we'll get back to more fun later this week.
Feb 6, 2010
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1 comments:
I did wonder about this! glad to be out of the PST and in my wildess dreams will never reach the $30,000. :)
so, for me, not a boring post at all.
Ruth
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