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HST Implementation Checklist

Submitted by HOBB & COMPANY, Chartered Accountants & Tax Specialists
Businesses may want to consider delaying the purchase of goods and services that are subject to PST until after July 1, 2010 to take advantage of eligible ITC’s, for example, office equipment and furnishings. As the 8% provincial component of the HST may be recoverable, overall operating costs will be lower. Some consumers will be expecting to see cost adjustments to lower their costs. Consider the impact of HST on your pricing competitiveness.

HST Implementation Checklist

Harmonized Sales Tax: Overview of the Ontario HST presented by Cathie Rogan, CGA, Hobb & Company

  • Amend automated system-generated entries (monthly rent charges or management fees) to reflect the HST amount.
  • Amend software and tax codes used for invoicing customers to accommodate the various tax rates (0%, 5%, 12%, 13% and 15%)
  • Ensure that systems are in place if you are required to collect or pay HST before July 1, 2010 and that the Ontario component of the HST collected or paid is reported in the GST/HST that includes July 1, 2010
  • Ensure your accounting system is able to account for both GST and HST on the same invoice if necessary
  • System to account for recaptured input tax credits
  • Modify pre-printed price lists or Internet websites containing sales tax information
  • Update tax tables/codes for accounts payable systems that automatically record input tax credits based on embedded taxes.
  • Update point-of-sale terminal or cash-register software
  • Modify tax tables for Internet websites.  As GST registrants you are automatically registered to collect Ontario HST and BC HST as well as HST in the province of NS, NB and NFLD.
  • Do you meet the mandatory electronic filing requirements for July 1, 2010


Hobb & Company can be reached at 1748 Baseline Road West, Suite 200, Courtice, Ontario L1E 2T1, 905-579-5659 or visit www.hobb.ca