RST (Retail Sales Tax) and PST (Provincial Sales Tax) are the same thing. Businesses with taxable sales and services are required to register with the Manitoba Taxation Division and collect and remit RST. Generally, RST is applicable on all goods or services unless there is an exemption. One notable exemption is on a rollover of assets between related parties. This means that if you are forming a corporation and meet certain criteria, you can transfer your vehicles into the corporate name without paying PST on the value of those vehicles. Timing is critical in order to take advantage of this exemption. If you are considering forming a corporation and rolling existing farm or business assets into it, our corporate lawyers would be pleased to work with you and your accountants to set it up in the most beneficial way.
Corporate