Winding down the Retail Sales Tax (RST)
Effective July 1, 2010 the RST will generally cease to apply to:
- A sale of RST taxable goods where the goods are delivered and ownership of the goods is transferred to the purchaser on or after July 1, 2010.
- A sale of RST taxable services to the extent the services are performed on or after July 1, 2010. However, RST will apply where all or substantially all of the service is provided before July 2010.
- A supply of RST taxable goods by way of lease, licence or similar arrangement for the part of the lease or licence interval that is on or after July 1, 2010. However, the RST will apply if the lease interval begins before July 2010 and ends before July 31, 2010.
Final RST returns
Final RST returns will generally be required to be filed on or before July 23, 2010. Where an amount of RST is collected or becomes payable after June 2010, the vendor will be required to account for that amount in a supplemental RST return to be filed no later than the 23rd day of the following month. All supplementary returns would be required to be filed no later than November 23, 2010.
RST refunds and rebates
Generally, refunds and rebates would remain in place until the existing time limited for claiming them have expired for the transactions to which they relate, or June 30, 2014, whichever is earlier.
Assessments, objects, appeals and Enforcement
Assessments, objects, appeals and Enforcement provision under the RST act would generally apply to past transactions where applicable limitation periods have not expired.
Vendors RST compensation
Under the RST system, Ontario compensated vendors for collecting and remitting the tax. With the elimination of the RST, vendor compensation will end as part of the transition to the HST. Vendor compensation will continue to apply for RST returns filed up to and including those filed for period ending March 31, 2010.
- Introduction of the Harmonized Sales Tax (HST) in Ontario
- Transitional rules for HST
- Winding down the Retail Sales Tax (RST)
- Temporary ITC Restrictions for Large Business
- Harmonized Sales Tax Checklist
- Retail Sales Tax Clearance Certificates
- Retail Sales Tax – Final, Supplemental and Amended Returns
- Retail Sales Tax Transitional Tax Rebate
- Contact Us
Articles on HST from our Accounting Blog
ITC Restrictions and Production Proxy
Special Report on Harmonized Sales Tax (HST) in Ontario
You're viewing our special report on the introduction of Harmonized Sales Tax (HST) in Ontario. We've prepared this report to help you understand how this change will affect your taxes and how you do business.
For an in depth consultation on how we can help you adjust to the new HST on July 1, 2010, please contact us.