White River businesses learn about HST

by Karina Hunter 

Monday, April 26^th a group of approximately 10 people, representing White River businesses and service organizations attended an HST Information Seminar at the Township offices.

 Ken Kemp, an auditor with the Thunder Bay Tax Services Office (Canada Revenue Agency) reviewed HST pros and cons with the attendees; elaborating how the new Harmonized Sales Tax will affect them and providing real-world examples of how the transition from G.S.T.+ P.S.T. to H.S.T. should be dealt with vis-à-vis sales which span the transition beginning this Saturday (May 1^st,  James Bernardi, White River Economic Development Officer, believes the H.S.T. will prove to be quite beneficial to businesses “There are three main ways businesses will benefit from the HST implementation; reduction of compliance costs and embedded taxes in supplier prices as well many businesses will receive input tax credits for sales tax they pay on many of their business inputs and capital investments” said Bernardi adding that “it is significantly simplifying the process with one set of forms, one payment and one point of contact for audits, appeals and taxpayer services.” In fact predictions are that businesses will save in excess of $500 million in administrative and compliance costs through the HST implementation and the elimination of the many complex RST rules that vendors currently faced will result in further direct benefits as well.

 If you are a business owner or interested resident who was unable to attend either the White River seminar or the similar information session which had been held in Marathon earlier in April, contact the Thunder Bay Tax Services Office for details regarding future HST information sessions at 807-625-8068.