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The GST and PST transitional rules apply to transactions that straddle the implementation date of April 1, 2013.
The Goods and Services Tax applies to all goods and Services provided in Canada unless they are exempt or zero rated.
Financial Institutions have special reporting requirements; where one has a reporting period that begins before April 1, 2013, and ends after that date, they will need to prorate their requirement to pay and calculate HST based on the number of days before and after the transition date.
A Mortgage Broker has a permanent establishment in Alberta and BC. The year end of the Mortgage Broker is December 31, 2013. The Mortgage Broker will be subject to special reporting rules for the period before April 1, 2013.
We have inserted the points listed below on Employee Benefits directly from the transitional rules released Friday February 17, 2012:
Public Service Bodies will be able to claim rebates for the provincial part of the HST paid up to March 31, 2013. After the transition date, Public Service Bodies in BC will only be eligible for the Federal portion of the rebates.
The rules surrounding the GST and PST transition are complex. That’s why it is important to work with a professional who can help you understand the rules and set up the proper systems so you can take advantage of all the tax savings. Working closely with you, MNP will perform a diagnostic analysis, establish priorities for necessary systems, process changes and help you minimize cost and cash flow impacts that improve the performance of your business.
For more information or to find out how MNP can help you successfully manage the transition, please contact your local MNP Tax advisor.
Related Topics:GST; PST; HST; Employees; Financial Institutions; Public Sector
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