Are you ready for the GST change
on July 1, 2006?
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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.
Canada Revenue Agency (CRA) is providing questions and answers on their Web site to assist you in understanding how the reduction in these rates will apply. Check out the following for more information:
http://www.cra-arc.gc.ca/agency/budget/2006/gstrateqa-e.html
See also: July goods and services tax/harmonized sales tax (GST/HST) credit payments
Should you require further information, CRA invites you to call them at 1-866-959-7797 from 8:15 a.m. to 8:00 p.m.
Accounting software vendors are also providing updates, instructions and checklists related to the GST change, as follows:
Simply Accounting
QuickBooks
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