It’s time to talk about the scintillating details of business and the risqué question of whether to be incorporated or unincorporated. Not scintillating or risqué? We were trying to trick you into thinking so. But while there are more exciting issues to occupy a few minutes of your time, this is an incredibly important one for entrepreneurs. The structure of your business will determine issues as diverse as liability, and even ownership. What are the pros and cons for each structure?
The Harmonized Sales Tax… it sounds almost pleasant, doesn’t it? But HST can be anything but. It has been described as “highly complex,” “byzantine,” and by more colourful terms, to be sure. Luckily, for most businesses, HST is relatively straight forward. The HST went into effect in Ontario on July 1 of 2010, and it was meant to replace the GST, or federal goods and services tax, and the PST, provincial sales tax. Currently, the HST in the province is 13 percent, and it applies to most purchases and transactions. This value added tax has replaced Ontario’s previous cascading tax structure. What do businesses need to know about the HST?