We all know it's on its way, the new HST. We even started talking about it back in October in this blog post. Changing Ontario's current sales tax system, the HST (or harmonized sales tax) comes into place July 1, 2010. So what does this mean for you?

For starters, did you know there's a transition period (launched May 1) that applies the new tax to pre-paid goods or services to be used after the HST comes into effect? Some exceptions are made for services or products to be used before and after the levy is in place, or on specific personal items like magazine subscriptions.

A great couple of webpages to start researching how the HST will affect your business can be found on the Canada Revenue Agency's website or the Ministry of Revenue's site. Ernst & Young is also offering online info about the tax and even have a webcast series on the HST and how you can prepare for its changes.

Lastly, I'd recommend checking out this handy chart that outlines what's taxable under the new HST and what isn't. It's especially helpful for those of you who travel, to understand where there may be an increase in costs.