This is so exciting (NOT) - It is August 2010 and this means that some businesses that are in a net refund position (that is, their input tax credits exceed their GST/HST collected) may be filing their GST/HST returns for the month of July 2010. The businesses that would file their GST/HST returns early would most likely be monthly filers. Some examples are builders of multi-unit residential complexes, persons who made a large purchase of equipment in July 2010 due to the recoverability of HST, exporters and exempt entities.
July 2010 has now ended (months seem to come and go so much more quickly). Businesses will be working on their records and filing their GST/HST returns (many must now file electronically).
The first GST/HST return must include HST collected during the transition period - please do not forget. All HST must be remitted to the Receiver General of Canada - do not send it to the ontario Ministry of Finance.
When calculating input tax credits, please include all GST/HST paid or payable before August 1, 2010. If you are a large business, do not offset the recaptured ITCs against the ITCs collected number - it has its own line on the GST/HST return.