May 25, 2016
HST Rates are Changing
If you ship goods to another Province you must charge the GST or HST or QST in the Province which you ship too.
Thus, running a business requires you to know the rates and when they change.
As of July 1, 2016 the HST rates are going up as follows;
New Brunswick 15% (currently 13%)
Newfoundland/Labrador 15% (currently 13%)
October 1, 2016 the HST reate is going up in PEI
PEI 15% (current rate 14%).
Thus, as of October 1, 2015 all the Maritime Provinces will be at 15%.
Ontario is at 13% and will remain at this rate for the time being.
So this will require the transitional rules to be followed and all invoices issued on the effiective date need to have the new HST rate. Thus, your software or billings will require a change to be made on your first invoice after these key dates.
If any questions or comments arise, please let me know.
Notice to Reader - Warning and Disclaimer
This monthly update was prepared on May 25, 2016
When considering any of ideas from this article, please contact the writer Peter Wiesner CPA, CA directly before acting on them. This will ensure that any information has been updated.
Without contacting the writer before implementing any of these items you will bear all the responsibility for any tax assessments and or business issues that may arise from this information.
Copyright @ 2016