With the implementation of the HST in Prince Edward Island, effective on April 1, 2013, new specified percentages are required for the streamlined accounting methods available for the calculation and remittance of GST/HST. The proposed new percentages are provided in the tables included in the newly released Revenue Tax Guide, RTG 187, “Streamlined Accounting Methods.”
The proposed percentages will be applicable for the purpose of determining the net tax of a registrant for reporting periods ending on or after April 1, 2013. However, if the reporting period of the registrant includes April 1, 2013, the specified percentages that would have applied before the proposed changes apply in respect of a supply, where consideration for the supply is paid or becomes due before that day.
For more information on the proposed percentages, see RTG 187