HST is a 13% tax on the sale of services and goods. HST was created by the Ontario Government to streamline two previous different sales taxs which were known as GST (5%) and PST (8%). It is simply easier to pay one sales tax of 13%.

Canadian businesses that do not expect to have at least 30,000 in annual sales are not required to have an HST number, although you can register for one anyway.

If your HST accountant balance is zero or negative there are no penalties for late filing. But if there is a balance owing you may be subject to penalties. To understand where you stand contact Peter Lemmond for full details.

One huge benefit for your business is that you are able to claim input tax credits for the amount of HST you may have paid on your business expenses. This would mean that any sales tax you have paid on qualifying business expenses does not represent real costs to your business. But, if you do not register. you will lose that benefit. 

Before Peter opened his accounting services business he had worked for the CRA for 15 years. He has a full understanding of how to correctly file your HST and where to save you money.