July 1 GST/HST Drops to 6% from 7%
Filed in archive Taxes on July 2, 2006
On July 1st, 2006, the goods and services tax (GST) rate will be lowered from 7% to 6%. This also means that the harmonized sales tax (HST) rate will be reduced from 15% to 14% in New Brunswick, Nova Scotia and Newfoundland & Labrador.
The CFIB has a downloadable report titled "Is your business ready for the GST/HST Rate Reduction?" that you can get by clicking here. If you have not done so already, you will need need to change your invoices, cash registers, and accounting software to reflect the reduced rate the report includes 13 tips to help you make the transition and an outline of the implementation rules.
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