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Please find below a short summary of the B.C. Budget Update released September 1, 2009:
Harmonized Sales Tax (HST)
The budget also expands on how the harmonized sales tax effective July
1, 2010 will help the B.C. economy in many ways including; increased
competitiveness for B.C. businesses in that they will no longer have
the PST imbedded in their costs, this efficiency will allow businesses
to expand. The compliance cost in dealing with one sales tax versus two
will be very significant not only in direct costs in complying, but
also additional costs related to audits.
The rate will be 12% - the lowest in Canada. Rebates announced to date include:
The government also announced they will have an HST credit for low income families that will be paid when British Columbians file their tax returns.
There will also be a temporary delay for certain businesses with taxable sales in excess of $10 million dollars to claim input tax credits.
The federal government will also be providing the province with $1.6 billion in transitional funding to assist with the implementation of the HST.
For more information on the B.C. budget updates, please feel free to contact me, or your local MNP advisor.
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