Tuesday April 13th, 2010 - HST seminar aims to help small businesses transition

Despite promises that HST will lower prices and better B.C.’s economic future, many businesses are still unsure about the tax. New Westminster’s NDP MLA says the party will do everything it can to delay or stop the HST.

Burnaby North’s Liberal MLA, however, says that the tax is misunderstood and will provide better tax rebates.

Products are currently taxed with PST multiple times before becoming available to consumers, and this process will be cut out once HST takes effect in July 2010. HST combines the seven per cent GST and five per cent PST, amounting to twelve per cent that is applicable to goods and services such as restaurant meals, a service that is currently PST-exempt.

For business owners who have questions about HST, Burnaby Board of Trade is holding a seminar on Wednesday, April 14 from 7:30 to 10 a.m. The seminar will be run by a representative of Canada Revenue Agency from the Burnaby-Fraser tax services, and will discuss filing and paying, point-of-sale rebates, collection and reporting, requirement to self-assess and transitional rules.

To ease the transition, the Consumption Tax Rebate and Transition Act was introduced on March 31 at the Legislature. The Act will see out the PST and end on May 1 in advance on the HST.

The seminar will be held at the Executive Hotel at 4201 Lougheed Highway, and tickets are $60 for non-members of the board and $30 for members. E-mail admin@bbot.ca or phone 604-412-0100 to reserve a spot.