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As you know, after just 13 months, the HST was voted out in B.C. Businesses in the province must transition back to collecting and paying PST and GST—a process that will have its own complexities that need to be carefully managed. The good news is that the transition may also benefit you.
Until the PST is re-instated, we still have the HST in B.C. This may provide you with some tax advantages.
For example, if you needed to upgrade your company vehicles and you did so while we still have HST, you could recover the full 12% tax paid. Once we are back to a PST and GST system, it is expected that the luxury tax on vehicles over $55,000 will be reinstated. This tax, like the PST, is not recoverable so becomes part of the cost.
There are other opportunities for businesses that are looking to expand or upgrade their equipment or premises. But the time in which you can reap these advantages is limited, so businesses must act quickly to determine whether they can benefit and develop a strategy for doing so.
Our team of Indirect Tax professionals can help you understand the rules, set up the proper systems, and take advantage of all the tax savings related to the HST transition. By working closely with you, MNP can perform a diagnostic analysis, establish priorities for necessary systems, process changes and help you minimize cost and cash-flow impacts.
Our experienced advisors helped many B.C. businesses plan for, prepare for and manage the transition to HST. We look forward to helping you handle this transition process just as effectively and efficiently.
For more information or to find out how MNP can help you successfully manage the transition, visit mnp.ca/hstinbc and subscribe for HST in BC updates from MNP's Indirect Tax team.
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