Time to transition from HST

With the transition from HST to PST completed Monday, more than 100,000 businesses need to register to make the transition.

With the transition from HST to PST completed Monday, the B.C. government says more than 100,000 businesses will need to register to make the transition.

To help ease the transition, the government has provided online instructions at bgov.bc.ca/etaxbc/register.

The PST and GST tax rates will be five and seven per cent, respectively.

“The new PST is being implemented under a more modern and streamlined Provincial Sales Tax Act that is, for technical taxation legislation, clearer, easier to understand and comply with, easier to administer, and which better reflects modern technology and business practices,” the government website states.

Canada Revenue Agency has provided a question and answer catalogue which you can download at www.cra-arc.gc.ca/E/pub/gi/notice270/notice270-e.pdf.

The following are a few of the questions answered in the catalogue:

Q: I invoice a customer before April 1. The customer pays the invoice on or after April 1. What rate of tax do I charge on this sale?

A: Since the GST/HST became payable on the date of the invoice and this is before April 1, you would charge the customer the 12 per cent HST.

Q: What rate of tax would apply to a magazine subscription renewal if it is accepted and paid by the customer before April 1 but the magazines would be provided to the customer on or after April 1?

A: If the magazine subscription renewal payment is made before April 1, or becomes due before April 1, the amount would be subject to 12 per cent HST, even though the magazines would be provided on or after April 1.

Q: How do I calculate the new rate of tax on a tax-included invoice?
A: The invoice or receipt should show the rate of GST/HST that has been charged. The amount of the GST on a tax-included amount of consideration is 5/105 of the amount. To calculate the amount of consideration payable on the invoice excluding the GST, multiply the tax-included amount by 100/105.

Just Posted

VIDEO: École Puntledge Park Elementary celebrates winter solstice

The event was a part of the school’s Indigenous education curriculum

Valley company reaching out to women near and far

Three Comox Valley business women know firsthand what good menstrual products can… Continue reading

B.C. storm totals $37M in insured damages

The December storm wreaked havoc on B.C.’s south coast

Miniature horses visit Glacier View residents

Glacier View Lodge residents had a couple of special visitors on Wednesday… Continue reading

Annual women’s march in Courtenay Saturday

The Women’s March was a worldwide protest on Jan. 21, 2017, to… Continue reading

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

Overworked and understaffed: More than 300 vacancies in Vancouver Island nursing

Tentative deal with province includes ‘working short premium’ to encourage hiring

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

RCMP’s use of force in arrest of Island man not excessive, judge rules

Campbell River man high on cocaine led high speed chase through city’s downtown

Most Read