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PST is returning to BC, Know the Facts

pst is returning to bc know the facts
Included in the transition process will be the implementation of a new registration, compliance, and reporting system that will effectively reduce costs and offer a more efficient process. Roughly 100,000 businesses will be registered into the new system as “Tax Collectors;” then they will receive information pertaining to the new compliance and reporting rules, collection procedures and applications, and will be offered training with regard to PST. Additional information will be available on the PST in BC website as well as in online seminars and videos. As more information is confirmed by the provincial government it will be published on these websites, seminars, and videos.

In terms of your business you will need to have the electronic and manual systems and processes in place before the PST is implemented. These systems will be required to assess, collect, report, and pay GST & PST to the government. Most of the same rules will apply to goods and services as they did prior to the HST, including all previous PST exemptions:

  • Basic groceries and prepared food
  • Personal services such as dry cleaning and haircuts
  • Admissions and memberships
  • Bicycles
  • Print media

In addition, PST will be payable upon the acquisition of taxable goods or services, including:

  • Purchase or lease of new or used goods
  • Goods brought into BC for use in BC
  • Servicing of goods
  • Telecommunication services
  • Legal services

At this time the Provincial Government is working with the Federal Government developing many of the transitional rules that will be implemented. Stay up to date and find dates for outreach and education opportunities by bookmarking these links below.

www.pstinbc.ca

www.pstinbc.ca/moving-forward/

 

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Posted in tax tips