The Ontario Ministry of Revenue has announced that payments to eligible small businesses in the province under the Small Business Transition Support program will commence during the last week of October 2010.
The program provides eligible small businesses in the province with payments which are intended to help offset costs incurred in the transition to the harmonized sales tax which was implemented on July 1, 2010. The amount of any support payment receivable by a business will be based on taxable revenue reported to the Canada Revenue Agency for the most recent 12-month period ending on or after January 1, 2009. Payments will range from $300 to $1,000, and no application is required in order to receive the payment.
Details of who is eligible for the transition support payment and how it is calculated are outlined in the provincial government publication Harmonized Sales Tax – Tax Tip 7, which is available on the provincial government Web site at http://www.rev.gov.on.ca/en/taxtips/hst/07.html.