Information Notice
63
Published: March 2008
Content last reviewed: August 2010
ISBN:
978-1-4249-5722-4 (Print), 978-1-4249-5724-8 (PDF), 978-1-4249-5723-1 (HTML)
Notice to the reader: For Retail Sales Tax (RST) – On July 1, 2010 the 13 per cent Harmonized Sales Tax (HST) took effect in Ontario replacing the existing provincial Retail Sales Tax (RST) and combining it with the federal Goods and Services Tax (GST). As a result, RST provisions described on this page and in other publications ended on June 30, 2010.
Effective July 1, 2010 this publication was archived for RST purposes only. Use caution when you refer to it, since it reflects the law in force for RST at the time it was released and may no longer apply.
1. Account Balance
Shows the balance owing on your RST account on the day the statement was issued. Statements are issued the first business day of each month to accounts that have a balance owing.
2. Tax Period End
Only tax periods that have a balance owing are listed on the statement. Tax periods that are paid in full do not appear on the statement.
3. Assessment
Provides a short description of why there is a balance owing on your account for this tax period. Also shows returns that have not been filed (i.e., In Default). For further information on your balance owing please refer to your Notice(s) of Assessment.
4. Tax Owed
Shows the amount of tax reported on your return for this tax period. It can also include other amounts assessed in this period.
5. Penalty/Fee
Shows the amount of any late filing penalty, short paid penalty or other penalties for this tax period. Fees for payments not honoured by a financial institution, such as cheques returned for non-sufficient funds, are also included. For more information, please refer to RST Guide 205 - Penalties.
6. Interest
Shows the total amount of interest charged for this tax period. Overdue balances are subject to interest charges that are compounded daily.
7. Credits/Payments
The total amount of all payments or credits (including unclaimed compensation) for this tax period.
8. Balance
Shows the total balance owing for this tax period end.
9. Balance Due
This is the total amount owing on your RST account on the day the statement was issued. If payment is received on or before the due date, no further interest will be charged. A tear-off voucher is provided for easy payment.
10. More Information
For more information about your RST Statement of Account please phone the number on your statement or visit any Ontario Ministry of Finance tax office. You can also find additional information about Retail Sales Tax on our website at: ontario.ca/finance.
