The HST and you.

On July 1, 2010 the Canadian government will implement the Harmonized Sales Tax(how can you use the word harmony with tax) anyway its coming and in fact its already here in some places.  In my role as a entrepreneur I have to keep up on my taxes and how it will affect my ventures. I was doing some reading this morning and thought I would post a little something to inform my readers.

The HST is 13%.

One thing I find funny is that there is no tax on junk food under a certain price but gym memberships are taxed…kinda defeating isn’t it, I think it should be the other way around.

What’s Exempt From HST
Consumers will not have to pay HST on items that are currently exempt from PST such as groceries, child care, tutoring, prescription drugs and most financial services.

Nor will consumers have to pay the provincial portion of the HST tax on goods such as books (including audio books), feminine hygiene products, and children’s clothing, including footwear.

For more details visit the Ontario Tax Benefits for Consumers site.

http://www.rev.gov.on.ca/en/taxchange/consumers.html

HST and SMB
The Small Supplier Exception Continues
Ontario is leaving the Small Supplier exception in place, so if you are operating a small business that makes $30,000 or less annually, you are not required to register for or collect Ontario HST. However, you may voluntarily register your small business, enabling you to claim Input Tax Credits.

As a Small Supplier even though you may not do not have a legal obligation to register to collect GST/HST you can still choose to register voluntarily. The incentive here is that because you will be charging GST/HST on your services you will be able to “claim Input Tax Credits (ITC) for the GST/HST you paid or owe on purchases related to your business.

Magnitude 7 earthquake or higher has hit Haiti.

A major earthquake of magnitude 7 or higher has hit Haiti. The island nation has be devastated, numbers of wounded, dead or dislodged are not yet available.  The Red Cross believes at least 3 million people are directly affected by this event. The Prime Minister of Haiti has announced that there are possibly a HUNDRED THOUSAND dead and dieing but I believe that any official real numbers will not come for sometime, maybe days. If those numbers are real this is very tragic. From earlier report I’ve heard that the airport was not functioning and in others that it was completely destroyed however new reports say that the airport is not damaged which is vital for foreign aide to access Haiti and bring in support.

DART(Disaster Assistance Response Team) is on the ground in Haiti.

I was in shock as I watched the feeds coming in from my social networks and Television news reports.  The epicentre of the quake was located inland, just 16 kilometres from the capital, Port-au-Prince, and was a shallow 10km deep, intensifying its impact.  If you look at the image from google maps of the capital and how congested and tight packed in they city is and you keep in mind the poor construction of the buildings you can imaging the possible devastation if you consider these builds follow no code and thus most aconstructed with no reebars.

View Larger Map

Ways to find loved ones in Haiti:

CNN:
http://www.ireport.com/ir-topic-stories.jspa?topicId=381628

FACEBOOK GROUP:

Earthquake Haiti
http://www.facebook.com/search/?q=earthquake+haiti&init=quick#/group.php?gid=252988675717&ref=search&sid=699735577.786451225..1

There is not much more to say right now as the news coming out is all repetitive since the little infrastructure that exist in Haiti has been completely destroyed.  As western media head down and more information comes out you can look to the internet to do what it does best and spread the news with its gruesome pictures and details.

Americans Donate to Wyclef Organization Yele

If your in Canada you donate here:

Canadians Donate to the Haiti Earthquake