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Death, Taxes, and HST

5/12/2010 at 10:20 am by

Death, taxes, and HSTLife has no guarantees. Well almost no guarantees, we’ve all paid our share of taxes (taxes aren’t going anywhere) and we’re all on course to certainly face our final resting place — unless you’ve figured out immortality– but after watching the Hollywood classic Highlander, I’m not really sure if it’s a blessing or a curse.

Tax-based business strategies are ever more prevalent in small-to-mid-sized businesses today. I don’t want to sound grim, so let’s try to look at the brighter side of taxes.  Understanding “tax implications” goes far beyond the sole responsibility of our resident CPA or CA. It’s impact has an effect on us as business owners, suppliers, vendors, and customers.

One recent change that is taking shape in Canada is the introduction of the Harmonized Sales Tax, commonly referred to as HST. Although the acronym is simple, the impact of these changes present opportunities and barriers for business.  Ontario and British Columbia recently announced their intention to combine each province’s provincial sales tax with the federal goods and service tax to create a harmonized sales tax (HST). The HST will take effect July 1, 2010 and will result in a combined rate for supplies made in Ontario and British Columbia.

HST in many respects is designed to be a stimulus; creating new jobs, increasing competitiveness within the market, eliminate hidden costs embedded, encourage increased investment to the province, and a seemingly simpler compliance.

How has tax changes impacted your business? Were you able to capitalize on opportunities due to the changes? One ERP consulting firm referenced these changes as a second coming of Y2K. A great opportunity to re-engage clients and make necessary changes to their financial suites.

Learn more about HST, transitional rules, and general implications by visiting the Canadian Revenue Agency (CRA).

photo credit: alancleaver_2000

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About the Author

Imran brings a wealth of experience to business management and marketing. His focus combines strategic and tactical experience. Currently he is a marketing manager for one of the largest software companies in North America within the Sage Channel.

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