2016-12-08 00:00:00TaxesEnglishLearn the meaning of the various acronyms that are used to describe the provincial sales taxes across Canada.https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Accountant-Explaining-PST-TVQQST-Client.jpghttps://quickbooks.intuit.com/ca/resources/taxes/what-do-pst-and-tvqqst-stand-for/What Do PST and TVQ/QST Stand for?

What Do PST and TVQ/QST Stand for?

1 min read

The acronym PST refers to the provincial equivalents of the goods and services tax. PST stands for provincial sales tax, which is the applicable tax in the provinces that don’t participate in the harmonized sales tax regime but still have provincial taxes. The provinces with PST are British Columbia, Manitoba, and Saskatchewan.

On July 1st, 2013, the Manitoba government changed the PST rate to 8%. This tax rate remains 8% throughout the 2018 and 2019 tax years.

You need to make sure your small business continues to collect the 8% payment and remit it to the Manitoba tax authority. Here are three ways QuickBooks makes collecting and remitting sales tax as simple as possible for your business:

1. Tracking and Remitting Sales Taxes

QuickBooks simplifies the task of tracking and remitting sales taxes because it tracks the amounts of tax you collect and pay. After tracking the amount of sales tax collected from sales and other taxable items, it then automatically generates GST/HST returns and lets you EFILE them with the CRA. How much easier could it get?

2. Streamlining the Tax Tracking and Filing Process

With QuickBooks, all of your tax information is in one place, streamlining the tax tracking and filing process with minimal effort and time on your part. No more rummaging about hunting for paper invoices or needing to open several spreadsheets and work back and forth between them. You simply upload or enter information when it occurs.

3. Creating Invoices Within QuickBooks

You can invoice directly from within the program. And if you need to, it’s easy to import data from Excel®, Outlook®, and webmail as well. This makes it easier to add in the 8% PST and provides a written record.

If you’re not already using QuickBooks to handle your business’s accounting needs, dealing with tax rates and the amount to remit to the local tax authority is just one more reason to give QuickBooks a try. QuickBooks Online can help you maximize your tax deductions. Keep more of what you earn today.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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