CAMCO Construction Inc

The 2009 Ontario Budget proposed a comprehensive package of tax changes. Central to this tax package is the proposed Harmonized Sales Tax (HST) in Ontario which, subject to legislative approval, would come into effect on July 1, 2010. The proposed HST rate for Ontario would be 13 per cent - combining the existing 5 per cent Goods and Services Tax (GST) with an 8 per cent Ontario component. The HST would be administered by the Canada Revenue Agency.

The province is providing details of proposed measures that would build on the comprehensive tax package and help consumers and businesses transition to the HST. These measures are described in the Information Notice: General Transitional Rules for Ontario HST, dated October 14, 2009.

The transitional rules set out which tax would apply - the current Retail Sales Tax (RST) or the Ontario portion of the HST - for transactions that straddle July 1, 2010.

Key dates:

• July 1, 2010 - Implementation of the HST in Ontario:
  • May 1, 2010 - The HST would apply to amounts that are paid or payable on or after this date for goods or services provided on or after July 1, 2010.
  • October 14, 2009 - Certain businesses and public service bodies may be required to self-assess the Ontario component of the HST on amounts paid or payable after this date and before May 2010 for goods or services provided on or after July 1, 2010.
• October 31, 2010 - This is the date on which any outstanding RST would become payable under the transitional rules to ensure an efficient wind down of the RST.

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