Everything Businesses Need To Know About The BC HST Repeal

bc hst repealOver the past three weeks we have been releasing articles focusing on the upcoming BC HST repeal on April 1, 2013 and what business owners in the province of British Columbia need to start thinking about beforehand. I am very grateful to have Mike Boven, commodities tax expert from BDO Canada, lending his expertise to help the various types of businesses make sense of the confusion that comes along with this process.

Each point below has a full length article to explain some of the most important factors impacting businesses during the BC HST repeal process. Not every article will apply to you personally so review the titles below and click to read the full article for the topics that apply to your specific business.

1. How To Register For PST

Obviously the most significant change during the BC HST repeal is reverting to our old PST system, requiring businesses to get registered prior to April 1.

READ ARTICLE: How To Register Your Business For PST

2. What About Retail?

Retail stores need to be ready once the clock strikes midnight to be printing receipts that reflect the change in tax. Although retailers do have it hard with needing to reprogram their tills, once that is done so is most of the hard work.

READ ARTICLE: What Every Retail Store In BC Must Do Before April 1st

3. Saving On Expenses Prior To April 1st

Certain products and services will be subject to an additional 7% tax after April 1st so it’s important to know what is affected so you can purchase accordingly. Depending on your industry and equipment needs, this could result in a significant savings that should not be missed.

READ ARTICLE: BC Businesses Should Buy Equipment Prior To April 1st

4. The Rules For Average Small Businesses

The average small business will need to be acutely aware of the rules for invoices issued around certain dates prior to and after the BC HST repeal. There are a list of transitional and anti-avoidance rules in place to prevent foul play so make sure you know them before you start invoicing around those dates!

READ ARTICLE: What Every Small Biz Must Know About The BC HST Repeal

5. Special Rules For The Construction Industry

Unfortunately the BC HST repeal does create some additional hurdles for businesses operating in the construction industry, specifically surrounding the subject of materials and who pays the taxes. This article is an essential resource for anyone in the BC construction industry.

READ ARTICLE: BC HST Repeal Rules For The Construction Industry

6. BC HST Repeal: A Short History

This is the first article in the BC HST repeal article series that helps give you an idea of what happened in the past 4 years and what it means. If you have been living under a rock for the past two years, I would recommend starting here to educate yourself a bit.

READ ARTICLE: A Short History On The BC HST Repeal

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