On July 1, 2010 the 8% PST and 5% GST was harmonized into a single sales tax, the Harmonized Sales Tax (HST). The full 13% HST will be applied to items which had been PST-exempt.
BIAs will be eligible for a refund of 6.24% (out of 8% PST) component of the 13% HST.
Whereas currently, BIAs apply for a refund of the full 5% GST, BIAs will now be eligible for a refund of 11.24% of the 13% HST. The 11.24% rebate is composed of 5% GST, and 6.24% Ontario PST refund.
BIAs should track the 5% GST rebate and the 6.24% ON (PST) rebate separately in their financial systems.
The process for refunds will otherwise remain the same. Please ensure to use your full board name (Board of Management of xxxxx Business Improvement Area) when filling the Legal name box.
