(MPP Yasir Naqvi; Barb Scott, President of the South Dundas Chamber of Commerce; Cam Martel, past President)
HST Benefits Small Business
South Dundas ON – The annual general meeting for the South Dundas Chamber of Commerce was held on this past Wednesday night, 7th April 2010. As in previous years the chamber invited a guest speaker to present a topic of interest as the last item on the evenings agenda.
This year the speaker was Yasir Naqvi, MPP for Ottawa Centre and the Parliamentary Assistant to the Minister of Revenue among other Parliamentary appointments. The topic of interest was how the new HST will benefit small business.
Aside from the administrative simplicity for small business, Mr. Naqvi pointed out some of the more tangible benefits of the HST. One benefit which will affect all small businesses is the refunding of what is now the PST. Currently whatever PST that the small business person pays is not reclaimable. Under the new tax the entire 13% combined sales taxes can be reclaimed in the same way as the current GST.
Mr Naqvi also stated that additional changes to the taxation of small businesses will also include the reduction of small business corporate taxes from 5 ½% to 4 1/2%, the elimination of small business deduction surtax and the capital tax on income. More information on how the HST will benefit small businesses can be obtained on the internet at www.ontario.ca/taxchange .
The MPP also stress the need to prepare for the taxation change now. If you wait to the last minute it may end up costing you unnecessary fees to your accountant or financial service company to become fully compliant.
For more information about Yasir Naqvi, MPP, please visit his web site at www.yasirnaqvimpp.ca .
Story and Photos courtesy of Reg Coffey.
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