O. Reg. 318/10: SMALL BUSINESS TRANSITION SUPPORT


Published: 2010-08-13

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ONTARIO REGULATION 318/10

made under the

RETAIL SALES TAX ACT

Made: August 11, 2010
Filed: August 13, 2010
Published on e-Laws: August 17, 2010
Printed in The Ontario Gazette: August 28, 2010


SMALL BUSINESS TRANSITION SUPPORT

Eligible business

1. (1) For the purposes of clause 14.1 (2) (d) of the Act, the prescribed 12-month period for which the taxable revenue of an individual, corporation, partnership, trust or other entity must be less than $2 million is the most recent 12-month period ending on or after January 1, 2009 for which adequate information is available to the Minister of Revenue to determine the taxable revenue of the individual, corporation, partnership, trust or entity.

(2) For the purposes of clause 14.1 (2) (e) of the Act, the following are prescribed as conditions that must be satisfied for an individual, corporation, partnership, trust or other entity to be an eligible business:

1. The individual, corporation, partnership, trust or other entity has a premises in Ontario where it conducts its business.

Amount of payment

2. For the purposes of subsection 14.1 (3) of the Act, the following are prescribed as the rules for determining the amount of a small business transition support payment that the Minister may pay to an eligible business:

1. If the taxable revenue of the eligible business for the 12-month period referred to in subsection 1 (1) is $60,000 or less, the amount is $300.

2. If the taxable revenue of the eligible business for the 12-month period referred to in subsection 1 (1) is greater than $60,000 but no greater than $200,000, the amount is 0.5 per cent of the taxable revenue for that period.

3. If the taxable revenue of the eligible business for the 12-month period referred to in subsection 1 (1) is greater than $200,000 but less than $2,000,000, the amount is $1,000.

“Taxable revenue”

3. For the purposes of the definition of “taxable revenue” in subsection 14.1 (7) of the Act, the following are prescribed as the rules for determining the amount of taxable revenue in respect of an eligible business:

1. The taxable revenue of an eligible business for a 12-month period is the amount that can reasonably be considered to be the amount of its sales and other revenue for that period for the purposes of the Excise Tax Act (Canada).

Commencement

4. This Regulation comes into force on the day it is filed.

Made by:

Dwight Douglas Duncan

Minister of Finance

Date made: August 11, 2010.

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