HST in B.C.
Posted: Wed Jul 14, 2010 3:13 pm
Our church is a registered charity but we are not registered for GST/HST, (we don't sell anything) we recover this 50% GST tax we paid on all our expenses by claiming a PSB rebate once a year. Power Church automatically tracked this for us in the "Accounting Setup Options" by entering the %age of GST to reclaim. Every time I added an invoice, PC prompts me for the amount of tax paid & automatically calculates the 50% and adds a line for the reclaimable tax to the distribution list .
On July 1, 2010, B.C. will now have HSTat the rate of 12%,
5% will represent the Federal part (old name GST) - We are entitled to reclaim 50% of this
7% represents the Provincial part. - We are entitled to reclaim 57% of this
** It will be very important to remember that the HST is composed of a Federal part and a Provincial part for such things as how to calculate the PSB rebate.
I spoke with GST/HST and verified the EXTRA 57% we can claim on our PSB rebate form.
Unfortunately because they have not seen the rebate form yet they can't say if we will have to fill in 2 lines - the 50% claim & the 57% claim. They said if I can change power church's reclaimable tax percentage to 54.08% I would not have to calculate each of the prov & fed portion of the HST on all of our expenses.
I made a new Asset account and plugged in my 54.08% but the screen reads WARNING: Default equity account is not in all funds. We have 2 funds: 01 is General Operating and 02 is Building Reno
I can't figure out how to fix the warning and I'd like to know if anyone is BC can verify that I am doing this HST correctly.
Thanks very much
On July 1, 2010, B.C. will now have HSTat the rate of 12%,
5% will represent the Federal part (old name GST) - We are entitled to reclaim 50% of this
7% represents the Provincial part. - We are entitled to reclaim 57% of this
** It will be very important to remember that the HST is composed of a Federal part and a Provincial part for such things as how to calculate the PSB rebate.
I spoke with GST/HST and verified the EXTRA 57% we can claim on our PSB rebate form.
Unfortunately because they have not seen the rebate form yet they can't say if we will have to fill in 2 lines - the 50% claim & the 57% claim. They said if I can change power church's reclaimable tax percentage to 54.08% I would not have to calculate each of the prov & fed portion of the HST on all of our expenses.
I made a new Asset account and plugged in my 54.08% but the screen reads WARNING: Default equity account is not in all funds. We have 2 funds: 01 is General Operating and 02 is Building Reno
I can't figure out how to fix the warning and I'd like to know if anyone is BC can verify that I am doing this HST correctly.
Thanks very much