How To Squeeze a Dollar Out of 13 Percents (HST) @WALLCPA explains @QuickBooksCA
How To Squeeze a Dollar Out of 13 Percents...
There is often confusion around HST. Many small business owners don’t know when they should register for it, what method they should use or when to file. In this blog post I will attempt to provide some clarity on this topic. Let’s start with some basics. GST/HST or Harmonized Sales Tax is the harmonization of Provincial Sales Tax (PST) and Goods and Services Tax (GST). In Ontario the harmonized rate is 13%. This is the tax that is applied to most goods and services that you purchase in Ontario. The exception to this is zero-rated and exempt supplies. I won’t explain this in detail now but will post a more in-depth explanation in a future blog. In addition to paying HST on goods and services, you are also required to collect HST once...Read Moreaccountantvip
