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"after HST", "plus GST", "plus HST", etc...
I would think most of that tax information is irrelevant for most PowerSellers who are registered with GST/HST and get back ALL the GST/HST paid on their purchases, expenses and postage as ITCs (Input Tax Credits). 🙂
I would think most of that tax information is irrelevant for most PowerSellers who are registered with GST/HST and get back ALL the GST/HST paid on their purchases, expenses and postage as ITCs (Input Tax Credits). 🙂
Everything you use in your business.
That is the big advantage over the old PST where sellers had to absorb the provincial tax on "stuff" we consume such as postage, office and shipping supplies, equipment, paper, envelopes, internet connection, etc...
ALL of it is now eligible tor ITC (as long as it is used in the business)
That is the big advantage over the old PST where sellers had to absorb the provincial tax on "stuff" we consume such as postage, office and shipping supplies, equipment, paper, envelopes, internet connection, etc...
ALL of it is now eligible tor ITC (as long as it is used in the business)
Saskatchewan may have different rules. I do not know.
For the rest of us, in Ontario, until June 30th 2010, whatever provincial tax was paid at time of purchase for goods used in the business but not resold, could NOT be refunded by the provincial government. Office supplies and equipment are the perfect example.
In fact. if a seller with a Vendor Permit purchased goods under PST exemption, tax had to be paid at time of preparing the provincial tax return for goods used in the business for which no PST had been paid at time of purchase.
For the rest of us, in Ontario, until June 30th 2010, whatever provincial tax was paid at time of purchase for goods used in the business but not resold, could NOT be refunded by the provincial government. Office supplies and equipment are the perfect example.
In fact. if a seller with a Vendor Permit purchased goods under PST exemption, tax had to be paid at time of preparing the provincial tax return for goods used in the business for which no PST had been paid at time of purchase.
Have you talked to your accountant about it?
At first sight, it appears the laws in Saskatchewan are very similar to wjhat we had in Ontario until HST took effect; For example:
Tax on Consumption
A penalty of 10% of the amount assessed, with no maximum, is applied to audit assessments for goods or services that were taken from inventory or purchased from a supplier who did not charge the tax, where the tax should have been self assessed, but was not.
"You may not purchase goods or services tax-exempt for your personal use or for use in operating your business by quoting your vendor's licence number."
http://www.finance.gov.sk.ca/Default.aspx?DN=e5f80742-9ab3-416c-88c4-f9aa1da73998
At first sight, it appears the laws in Saskatchewan are very similar to wjhat we had in Ontario until HST took effect; For example:
Tax on Consumption
A penalty of 10% of the amount assessed, with no maximum, is applied to audit assessments for goods or services that were taken from inventory or purchased from a supplier who did not charge the tax, where the tax should have been self assessed, but was not.
"You may not purchase goods or services tax-exempt for your personal use or for use in operating your business by quoting your vendor's licence number."
http://www.finance.gov.sk.ca/Default.aspx?DN=e5f80742-9ab3-416c-88c4-f9aa1da73998
Quebec has its own HST. It has been there for many years.
The comment I made related to Saskatchewan.
The comment I made related to Saskatchewan.
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