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.
Colin Braithwaite
First Reference Internal Controls Managing Editor
Colin Braithwaite
Freelance editor at Colin Braithwaite Editorial Services
Colin Braithwaite has more than 20 years experience in writing and publishing. From 2004–2010, Colin was the Managing Editor responsible for the products in the Internal Control Library at First Reference Inc.
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