Prime Minister rings in new year with GST cut
Prime Minister Stephen Harper today announced that starting tomorrow, January 1, 2008, the Goods and Services Tax will fall by another percentage point.
Effective January 1, 2008, the rate of the GST and the federal component of the HST are reduced from 6% to 5%. The provincial component of the HST will remain at 8%. This means that the rate of HST is reduced from 14% to 13%. Please note that the HST applies only to purchases made in or imported into New Brunswick, Nova Scotia, and Newfoundland and Labrador and the GST applies to supplies in the rest of Canada.
