August marks the first month of HST filing for monthly filers reporting for the period July 1 to July 31, 2010.
A few points to keep in mind:
The new electronic filing rules begin for the July 1st filing. Presumably, all monthly filers would be over the threshold requiring electronic filing. There are several ways to electronically file, as detailed in the April 7th HST blast which can be found on the RLB.ca website.
The Ontario HST collected in May and June for payments related to services to be rendered or goods to be delivered after June 30th should be included and remitted in the first HST filing.
This is the first month for the restricted Ontario ITCs.
- For companies/partnerships with > $10 taxable supplies in last fiscal year prior to June 30
- Schedule B on the electronic return is to be completed
- When clearing the GST accounts collect and paid accounts, the restricted ITC becomes an expense
Although Ontario Retail Sales tax will not have been charged in July, a return may still be required for items invoiced in July or returns made in July.
