Clothing up 5.9% Footwear up 6.3% Restaurant Meals up 5.2% Hotel/Motel Room up 5.7% Rent up .2% . Drycleaning up 5.3% Hair Styling Services up 5.9% Movie Admission up 5.6% = Annual Magazine Subscription up 5.5% Cab Fare up 4.8% Safety Deposit Box up 6.2% Dance Lesson up 6.4% All-Terrain Bicycle up 6.1% Pain Reliever/Cold Capsules up 2.2% Basic Monthly Home Telephone Service up 5.7% Cache WHAT’S DOWN Basic Groceries down .8% Beer down 1.8% Toothpaste down 1.1% Toiletries and Cosmetics down .4% ~, New Car down 3.5-4.5% 1. Making the decision: Should I Register? Under the GST, most businesses and _ organizations carrying out commer- cial activities will have to register for and collect the GST. You must register if you are an individual, business or organization with sales and revenues of GST-taxable goods and services over $30,000 per year. But many small firms that don’t fall into that category may still find it advantageous to register, in order to If you aren't registered prior to the receive Input Tax Credits. 2. How to register. we Terrace Review — Wednesday, February 13, 1991 B11 “There will be a lot of teething in the first sear oe Yi oe et heaved © Ron Pickerill, President of the Certified Association of B.C. “It’s a complex fax and it can be intimidating when you're confronted by literally stacks of Iiterature on the subject. If you're having trouble under- standing what's of you and your business, consult a CGA. l’s our business to know the GST.” 4. Register before December 31. | registered businesses or organiza- tions will charge the seven per cent” implementation of the GST, you will GST on taxable sales and services lose out on the FST Rebate — a one- and will pay the GST on business Contact your local Certified General time rebate of the federal sales tax purchases. On a monthly, quarterly Accountant or the B.C. Revenue Canada Excise Office. You will receive a registration kit. After your registration form is processed by the federal government, you will be assigned a registration number and sent specialized information pertin- ent to your particular business. 3. Benefits of registration. Once you have registered, you will be able to claim Input Tax Credits registers and computer software designed to deal with the GST will be eligible for a 100 per cent income tax write-off. It's also important to register so that your GST-registered customers are able to claim their own tax credits. Your registration number should be displayed on your sales slips or invoices. Furniture down 1.8% Household Appli down 1% | , ay anal You asked about 5 , ; C)—Banks and trust companies can Bus Fare down 1.2% only charge, Goods & and Services a Ten . ¢ . University Tuition down .1% deposit box fees and ravesten nar ; Golf Clubs down 1.2% agemen services. ec is : charge On eeiey transfers, oF Video Cassette Recorder down 1% 20" Colour TV down 1% Cablevision — included in your inventory of goods or annual basis, you will submit a forresale. GST return, showing the amount of —acredit for GST paid on your tax you charged and the amount business purchases. If your credits you paid. If the amount paid is are more than the GST collected on _ larger, you're eligible to claim a behalf of the gavernment, you will refund. be eligible to claim a refund for the difference. Small businesses that are 6, The pricing dilemma. required to register will be entitled You're not alone if you're having toa Small Business Credit — a one- trouble deciding how to apply the time start-up credit of $300 to GST. The federal government is $1,000. The cr edit will be available giving businesses the option of to registered businesses and including the GST in the sticker organizations with GST-taxable sales price or adding the tax at the cash and revenues under $500,000 in register. Pricing policy is likely to be their first fiscal quarter of 1991 or in- pre-determined if you're a member . any consecutive three month period of a trade association or organiza- beginning in 1990. The cost of cash tion. If you decide to include the 5. How the GST works. GST in the sticker price, you will be When the GST is implemented, required to post a sign to that effect. _..Financial services chequing account administration. For more information on how the GST affects pricing call the GST Con- © sumer Information Office toll free 1-800-668-2122 and ask for a COPY of The Consumer’s Guide to the ST and Prices. down 4.4% .” (NC}—Tuming on and tuning in won't cost as much under the new and Services Tax system. Because the new 7% consumption tax replaces an 11% federal telecommunications and ing tax, your local cable televi- ut on st ; sion is ina ition to and re document ia mee Coane Unt hich | slong a 44 tax saving. Under the ame documented eats the eflect of GST om prices fn IPE _ tax change-over, reaching out and touching someone won't cost as much either. You can expect your long dis- Turn on and reach out for less ' services. Have questions about the GST? Keep this list of telephone numbers tance-bill to fall by 4%, although the handy. 7% GST will, for the first ame, be added to the cost of basic telephone =~ CONSUMER INQUIRIES GST Consumer Information Office: 1-800-668-2122 Hearing Impaired 1-800-465-7735 En Frangais 1-800-668-0999 GST Credit Inquiries: 1-800-267-6620 For more information on how the GST affects prices, call the GST Con- sumer Information Office toll free at 1-800-668-2122 and ask for a of The Consumer’s Guide to the ST and Prices. CARLYLE SHEPHERD & CO. CHARTERED ACCOUNTANTS "The Tax Professionals" e Financial Planning . e Income Tax Planning e Income Tax Returns Prepared ®GST Planning/Recoveries in Terrace, contact: ~ JOHN G. McMYNN, ca ERNIE DUSDAL, ca 2nd floor, . 4544 Lakeise Ave., Terrace Phone 635-6126 "COQUITLAM @ SMITHERS @ KITIMAT @ TERRACE ¢ PRINCE RUPERT @ RICHMOND 5 John G. McMynn, C.A.