Ontario has issued Tax Tip #7 to help small businesses understand if they are eligible for a small business transition support payment, referred to as the “Small Business Transition Credit” and how this credit will be delivered.
Tax Tip #8 has been issued to assist businesses as they review and modify their accounting and point-of-sale systems in preparation for the implementation of the HST, which will become effective July 1, 2010.
Eligible businesses in Ontario will qualify for a transition support payment of up to $1,000. Ontario will automatically send payments to all eligible businesses, which are expected to commence in late fall of 2010, using information obtained from the Canada Revenue Agency.
ON Tax Tip No 7
ON Tax Tip No 8