Accounting News

The PST in BC will be returning on April 1, 2013. This will involve a significant change in the way businesses that sell goods will compute taxes on those sales. The BC Government has passed legislation that implements the tax in essentially the same format as the previous Social Services Tax. The same exemptions will apply on things like food, most personal services (thank goodness accounting services are still exempt) newspapers etc.

While the legislation has been enacted, the details, which will be included in the regulations are still not complete and are expected to be released in the fall. Businesses will be receiving a letter in December telling them how to register.

The Province has established a website for the transition which has an FAQ section which is fairly good. RHN will be following the transition and will update our clients as we go forward. In the meantime please go to the government site for more information: http://www.hstinbc.ca/moving-forward/faqs/

Please give us a call if there is anything we can do to help our with the transition.

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