October 31 Filings: Good-bye Retail Sales Tax
October 31, 2010 is an important date for Ontario and British Columbia businesses that have now converted from the Retail Sales Tax System to the HST system. It is the last date that these business can file with their respective Ministries of Finance for adjustments, refunds or rebates for RST adjustments that occurred after June 30, 2010. Under the transition provisions, Ontario and BC businesses are required to;
- file RST returns for any outstanding work that required RST remittances prior to July 1, 2010 even if an invoice has not yet been issued.
- Claim any rebates of RST due to refunds of sales after July 1st where RST was applied
As of November 1, 2010 any claims for refunds or adjustments relating to RST must be made directly by the consumer to the respective Ministry. The Vendor no longer will have any authority to act on behalf of the Provincial Ministry.
While vendors will no longer need to deal with the Ministries of Finance and Provincial sales tax issues, it is important to note that businesses must retain all records from July 1, 2007 through to June 30, 2014 for audit and verification purposes. This is an extension of the normal three year period to allow Provincial Ministries to audit past the statutory time frames.
For complete details on vendor requirements and transitioning rules, please visit the respective Ministry of Finance websites for your province.
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