This morning, the First Reference accountant brought me an item that she thinks will be of interest to Ontario businesses: an Ontario Ministry of Revenue tax tip dealing with the transitional rules for retail sales tax vendor compensation.
RST vendor compensation is disappearing with the introduction of the Harmonized Sales Tax, but, because it’s coordinated with the government’s fiscal year—April 1 to March 31—the HST in force date of July 1 creates a stub period from April 1 to June 30. The tax tip instructs businesses how to apply for compensation (up to $375) for this stub period.
First Reference Internal Controls Managing Editor
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