Tax Tips - Business Tips: HST & Provincial Sales Tax

<body topmargin=0 leftmargin=0 marginheight=0 marginwidth=0> <table cellpadding=0 cellspacing=0 border=0><tr> <td valign="top" colspan=2 height=90 BGCOLOR="#C0DCC0" TEXT="#080000" bgproperties="fixed" background="0c060961excgdu.jpg"> <div> <B>STOROSZKO & ASSOCIATES</B><FONT SIZE="1" COLOR="#000000" FACE="Arial" >   |   </FONT><FONT SIZE="1" COLOR="#FFCC33" FACE="Arial" >  </FONT><FONT SIZE="2" COLOR="#FFCC33" FACE="Arial" ><A HREF="index.htm" TARGET="_top" TITLE="STOROSZKO ASSOCIATES">HOME</A></FONT></div> </td> </tr><tr> <td valign="top" width=195 BGCOLOR="#C0DCC0" TEXT="#080000" background="0bf12163.jpg"> <div> <A HREF="tax_tips.htm" TARGET="_top" TITLE="STOROSZKO ASSOCIATES Tax Tips">Tax Tips Home</A></div> <div> <A HREF="income.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Income">Income</A></div> <div> <A HREF="deductions.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Deductio">Deductions</A></div> <div> <A HREF="tax_credits.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Tax Cred">Tax Credits</A></div> <div> <A HREF="filing.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Installm">Filing</A></div> <div> <A HREF="tax_planning_and_filing_deadlines.htm" TARGET="_top" TITLE="Tax Tips Tax Planning and Filing Deadli">Tax Planning and Filing Deadlines</A></div> <div> <A HREF="rrsp_tips.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: RRSP Ti">RRSP Tips</A></div> <div> <A HREF="capital_gains.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Capital ">Capital Gains</A></div> <div> <A HREF="tax_benefits.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Tax Bene">Tax Benefits</A></div> <div> <A HREF="pensioners.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Pensione">Pensioners</A></div> <div> <A HREF="united_states.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: United S">United States</A></div> <div> <A HREF="investing.htm" TARGET="_top" TITLE="Tax Tips Personal Tax Returns: Investin">Investing</A></div> <div> <A HREF="business_tips.htm" TARGET="_top" TITLE="Tax Tips Business Tips: General Busines">Business Tips</A></div> <div> <B>HST</B></div> <div> <A HREF="gst.htm" TARGET="_top" TITLE="Tax Tips Business Tips: Goods Services">GST</A></div> <div> <A HREF="payroll.htm" TARGET="_top" TITLE="Tax Tips Business Tips: Payroll">Payroll</A></div> <div> <A HREF="new_tax_items.htm" TARGET="_top" TITLE="Tax Tips New Tax Items">New Tax Items</A></div> <div> <A HREF="tax_jokes.htm" TARGET="_top" TITLE="Tax Tips Tax Jokes">Tax Jokes</A></div> <div> <A HREF="tax_records.htm" TARGET="_top" TITLE="Tax Tips How Long Should I Keep My Tax ">Tax Records</A></div> <div> <A HREF="should_you_file_a_tax_return_.htm" TARGET="_top" TITLE="Tax Tips Should You File a Tax Return?">Should You File a Tax Return?</A></div> <bR> <bR> <div> The tax tips presented, and the rates provided, are only applicable to the dates the tax tips are presented and updated and they may change at any time.  Please use the tips for general information only and obtain professional advice and updates from Storoszko & Associates at 647 367-3477 or your professional tax advisor.</div> <bR> </td> <td valign="top" height=390 width="100%" BGCOLOR="#FFFFFF" TEXT="#080000"> <div> <I>Tax Tips - Business Tips: HST & Provincial Sales Tax</I></div> <bR> <div> <B>Harmonised Goods and Services Tax</B></div> <div> Effective July 1, 2010 Harmonised Sales Tax replaced Provincial Sales Tax in Ontario and is charged at 13% of the selling price of specified goods with the exception that on certain goods, including food consumables, books and real property, the provincial portion of HST (8%) tax is not chargeable.  As with GST, HST follows indentical rules for reporting and filing.</div> <bR> <div> <B>Provincial Sales Tax</B></div> <div> Provincial (Ontario) Sales Tax is charged at  8% of the selling price of specified goods.  It is a Provincial tax and is levied on new goods sold to the destination consumer and used goods sold to the destination consumer.  Tax is netted on automobile trade-ins.  On certain goods, including food consumables, books and real property, tax is not chargeable.  Tax is also not chargeable on pure services.</div> </td> </tr></table></body>