In an effort to prepare Squamish area business owners for the 12 per cent Harmonized Sales Tax (HST) that will replace the PST and GST on July 1, 2010, the Canada Revenue Agency will be hosting an information seminar in town.
Canada Revenue Agency communications manager Dave Morgan said the seminar would be useful for any business that currently charges PST or GST.
"We're offering the free seminars to help local businesses make a smooth transition to the Harmonized Sales Tax."
The HST will combine the Provincial Sales Tax (PST) and Goods and Services Tax (GST) to help prevent consumers from paying the tax several times for one item. For example, under the current tax system a restaurant owners pays PST on the refrigerator and transfers part of the incurred cost -including the tax- to the customer who then pays for the cost of the stove - and it's tax- as well as an additional PST on the service as a whole.
With the HST, sometimes will be tax-exempt base on who purchases them and for which use, ensuring consumers aren't left tax more than their fair share of provincial tax.
Under the HST businesses will be able to save $2 billion a year in taxes which the government says will be passed along to consumers.
Some critics have argued the HST will place a heavy financial burden on lower income families, but the federal government insists with credits and rebates in place, that will not be the case.
Find out about rebates, tax credits and how the HST interacts with additional taxes such as the tobacco tax, the property transfer tax or the carbon tax at the information seminar in Squamish.
"Basically they'll learn what steps they need to take to prepare for the changeover and how the HST will affect their business," Morgan said.
The information session will be held at the Sea to Sky Hotel at 40330 Tantalus Way on Thursday March 18 from 9 a.m. to 11:30 a.m. and from 1:30 p.m. to 4 p.m. Pre-registration is required because seating is limited. To register for the seminar call 1-888-691-4501 or email [email protected] and leave your name, phone number, the number of participants and which seminar you wish to attend.
For additional information on the BC HST visit www.cra-arc.gc.ca/harmonization/.
