Goods And Services Tax (GST) Rate Relief

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And Speaking of Canada Revenue Agency …

What’s New” on Canada Revenue Agency website ?

Reduction in the Rate of the GST/HST – Questions and Answers

May 2, 2006

The Excise Tax Act (the ETA) imposes the goods and services tax/harmonized sales tax (GST/HST) on most goods and services consumed in Canada, at the rate of 7%, and in the participating provinces of Nova Scotia, New Brunswick, and Newfoundland and Labrador, at the rate of 15%. These rates of tax are proposed to be reduced to 6% and 14%, effective July 1, 2006.

We are providing the following questions and answers to assist you in understanding how the reduction in these rates will apply.

Should you require further information please call 1-866-959-7797 from 8:15 a.m. to 8:00 p.m.

You can also visit the CRA Web site at www.cra-arc.gc.ca

I remember 5% being mentioned during election rants .. but, oh well – at least it’s going the right way! Down.

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